Mining industry turbulent in 2017
Friday, December 22, 2017
Having experienced effects of the domestic economic contraction, the industry was dealt a severe blow by the closure of the BCL Mine in October of the prior year.
According to the 2017 budget speech, the negative growth of the economy was mainly due to weak performance of the mining sector, as a result of the reduction in diamond and copper production.
While the political shift brings hope for change, it also places immense pressure on the new administration to deliver on its election promises in the face of serious economic challenges.On another level, newly appointed Finance Minister Ndaba Gaolathe’s grim assessment of the country’s finances adds urgency to the moment. The budget deficit, expected to be P8.7 billion, is now anticipated to be even higher due to underperforming diamond...