Yesterday’s South Africa’s GDP data for the second quarter revealed that The mining and quarrying industry decreased by 73.1 per cent as the demand for mineral products fell as global markets entered into strict COVID-19 lock-downs; contributing to decreased production in platinum , gold and other metals. However we are seeing a glimpse of recovery for South African miners as they are posting above average results and production increases. Peter Major, Mining Director at Mergence Corporate Solutions joins CNBC Africa for more.
Glencore wrote off the value of Mopani by $1.144 billion in its half-year earnings report earlier this month, saying the estimated recoverable value was $704 million, including tax receivables.
In May, Mopani said it would resume mining operations for 90 days but still expected to go into care and maintenance - a term for a temporary production halt during which a mine site is maintained ahead of an eventual restart.
An Implats spokesman said the court did not provide details on why the charges had been dropped.
Experts said miners had not placed as much importance on tailings management, with little prestige attached to the unglamorous work of trekking to remote mine waste dams, where engineers analyze the consistency of the slurry and verify the integrity of the structure.
Amplats said the possibility of further COVID-19 shutdowns, repairs at its plant and power outages could impact its ability to meet year end guidance of 3.1 to 3.6 million PGM ounces.
ABUJA (Reuters) - Nigeria hopes changes it has made to gold mining regulation will earn the government $500 million a year in royalties and taxes and create 250,000 jobs, President...
South Africa’s GDP for the first quarter of 2020 decreased by 2 per cent. The two biggest negative contributors to growth in GDP for the first quarter were the mining and manufacturing industries. Isaah Mhlanga, Chief Economist at Alexander Forbes joins CNBC Africa for more.