Eskom tariff hikes will nuke gold industry, warns Minerals Council
SA could lose all but one of its gold mines and shed 150,000 jobs if Eskom is allowed to charge a 15%/year tariff increase over three years
31 January 2019 - 05:10
byALLAN SECCOMBE
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SA’s gold industry will be destroyed if Eskom gets the green light for annual increases of 15% over the next three years, says the Minerals Council SA.
Once the largest source of the world’s gold, SA would be down to a single gold mine from the 21 held by listed companies, with production falling to just 20 tons a year from 140 tons in 2018, council executives said on Wednesday. The council declined to name the mine.
Three-quarters of SA’s platinum mines — the world’s largest source of the metal — would be made marginal or unprofitable — up from 52% now.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Eskom tariff hikes will nuke gold industry, warns Minerals Council
SA could lose all but one of its gold mines and shed 150,000 jobs if Eskom is allowed to charge a 15%/year tariff increase over three years
SA’s gold industry will be destroyed if Eskom gets the green light for annual increases of 15% over the next three years, says the Minerals Council SA.
Once the largest source of the world’s gold, SA would be down to a single gold mine from the 21 held by listed companies, with production falling to just 20 tons a year from 140 tons in 2018, council executives said on Wednesday. The council declined to name the mine.
Three-quarters of SA’s platinum mines — the world’s largest source of the metal — would be made marginal or unprofitable — up from 52% now.
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