- Write by:
-
Thursday, October 5, 2023 - 16:55:39
-
256 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
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that ...
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
Gold took a tumble as haven demand waned after geopolitical tensions eased in the Middle East.
The four largest indigenous communities in Chile’s Atacama salt flat suspended dialogue with state-run copper giant ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
Representatives from the Peñas Negras Indigenous community, in northwestern Argentina, clashed with heavily armed police ...
No comments have been posted yet ...