- Write by:
-
Thursday, October 5, 2023 - 16:55:39
-
265 Visit
-
Print
Mining News Pro - South African mining company profits have plunged by almost half this year, dropping almost 100 billion rand ($5.2 billion) because of the blows from lower commodity prices, crippling power cuts, rail network constraints and rising costs, Fin24 said, citing a report by PwC.
An analysis of 29 domestic mining companies showed that combined net income slumped to 108 billion rand in their latest financial years, from a record 206 billion rand, the online financial news service said, citing PwC’s annual South Africa Mine report.
Transnet Freight Rail’s poor performance, particularly on the export coal line, has been a major challenge, according to the report. Despite the decline in earnings, the industry’s profitability is still more favorable than the 32 billion rand recorded in 2019 or the loss in 2018.
The mining sector’s woes will affect the government, which has benefited from windfall taxes and royalties in the past two years. The sector’s reported tax expense declined by 34%.
The industry continues to play a key role in balancing the national trading account, with mined materials accounting for around 58% of total exports in the first six months of 2023 at 575 billion rand, Fin24 said, citing South African Revenue Service figures.
Short Link:
https://www.miningnews.ir/En/News/627474
Oxford Economics Australia has released data showing mine maintenance spending may be hitting its peak. But what does it ...
South African diversified miner Sibanye Stillwater is discussing with lenders to temporarily lift limits on borrowings, ...
Anglo American’s key South African shareholders are open to a takeover offer from BHP, with some advocating for an ...
Anglo American’s key South African shareholders are open to a takeover offer from BHP, with some advocating for an ...
Africa-focused Montage Gold announced Thursday it has received a ministerial order granting all environmental approvals ...
Newmont Corp. has no plans to expedite a decision on its $2.5 billion Yanacocha Sulfides project, dashing the Peruvian ...
China’s central bank added 60,000 troy ounces of gold to its reserves in April, official data showed on Tuesday, ...
BHP’s plan to divest the South African assets of its target Anglo American are key to the strategy behind the proposed ...
Gold rose after mixed signals from the US, where optimism is growing the economy is on target for a soft landing as the ...
No comments have been posted yet ...