South Africa’s gold industry output has dwindled to a fifth of its 1970s’ peak as ever-deepening shafts and higher costs take their toll. The coronavirus may pose an even bigger threat.
Gold mining companies had an increase of 35% in revenue. Revenue for the ‘other mining’ segments increased by 7%. The impact of the COVID-19 pandemic was evident from April 2020 with reductions in revenue being seen across the industry. South African PGMs and gold are mainly mined in deep-level underground mines and were therefore hardest hit.
Over 50% of all gold reserves are found in South Africa with the Witwatersrand Basin remaining the largest gold resource in the world.. In 1975 South Africa was responsible for producing 40% of the gold ever mined. By 2010 however China affirmed its status as the world’s largest gold producer with production of 324 tonnes of gold followed by Australia 222.8 tonnes and South Africa
Bill Whitaker: Gold and gold mining seem to be in the DNA of South Africa. Bernard Swanepoel: South African gold mining especially has always been at the center of all political and other
The rock was found to contain both gold and diamonds—a rare combination similar to that found in the world’s richest gold deposit in South Africa. Image courtesy of the University of Alberta .
We take a look at a few highlights/low lights of South Africa& 39;s mining industry as published by Statistics South Africa Exactly a week after delegates closed the 26 th Investing in African Mining Indaba Stats SA released data on the performance of the mining industry in 2019. The level of production was 13% lower in 2019 than 2018 which in turn was 21% lower than 2017.