South African President Cyril Ramaphosa says the county’s electricity crisis has severely damaged its mining industry, a key pillar of the economy. Ramaphosa made the comment while addressing Investing in African Mining Indaba, the world’s largest mining investment conference. The Minerals Council South Africa, which represents mining companies, estimates that total mining volumes were down by 6%, or $1.8 billion last year. In his address, Ramaphosa admitted that the ongoing power cuts implemented on 200 days in 2022 contributed to the slump. Ramaphosa said the fact that government is now allowing mining companies to generate their own electricity without any restrictions is going to make a huge difference. Minerals Council South Africa chief economist Henk Langenhoven said the president’s speech hit all the right notes in terms of what action is being put in place to solve the problems.
SOURCE: VOA