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Picture: REUTERS
Picture: REUTERS

SA’s terms of trade was a key positive factor in 2021. It provided an important underpin to the rand and remains at historically elevated levels, which bodes well for the fiscus, even though it is now more than 17% off recent highs.

Key export commodities such as iron ore and platinum group metals have remained relatively firm as was coal, though the latter continues to be hampered by problems at Transnet.

With this in mind, Michael Avery discusses the year ahead with Rene Hochreiter, mining analyst at Noah Capital; Dale Hutcheson, co-manager of the Absa Prime Equity Fund; and David Jollie, head of sales and market insights at Anglo American Platinum

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