Mining production up by 4.1%

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Figures released by Statistics South Africa show that Mining production increased by 4.1% in July 2021 compared with June 2021. The largest positive contribution to the increase came from iron ore, platinum group metals, chromium ore and gold.    

The latest Mining Census report indicates that coal is still the largest contributor to total mining sales, while platinum group metals remain the largest employer in the sector.  

The report indicates that mining exports accounted for 61% of earnings in 2019.   

Itani Magwaba of Stats SA says, “We export a lot of our coal. Iron Ore is the second and in terms of rand value, Ore is R56 billion. Gold, we earn about R43 billion from our gold exports. R42 billion or 13% from our platinum exports. 10% or R31 billion from our manganese exports, and R30 billion or 9% from our palladium exports.” 

Meanwhile, Zambia’s newly-appointed mines minister Paul Kabuswe says the government will ensure stability and predictability in the mining sector, seeking to allay fears of royalty hikes.

Kabuswe also says the government must root out corruption in mining, which is the engine of Zambia’s economy. He also says he may not do everything in the coming budget but has assured to bring back sanity in the mining sector before 2026.

Kabuswe has also promised to stabilise the economy. – additional reporting by Reuters