Anglo American’s 2023 profits plunged 94%, mainly due to weak platinum group metals and diamond sales. As such, the company will cut costs by R19 billion. Amplats and Kumba, its subsidiaries, will lay off employees in South Africa [Eskom’s chair, Mteto Nyati, stated that private sector investment is needed in South Africa’s power sector as Eskom deals with debt and constructs new infrastructure. However, Nyati is firm that Eskom will not be privatized.
The industry is already facing various challenges, such as illicit trade, a weak economy, a port crisis, and blackouts. [Finance Minister Enoch Godongwana was speaking to economists on Thursday, where he said that “one of the things we should not do in dealing with the Transnet issue is not repeat the Eskom template… It’s a bad template – we put money into Eskom right through, hoping that by fixing Eskom, we are fixing the electricity problem.
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