JOHANNESBURG - South Africa’s gold and platinum mines will shed around 90,000 jobs in the next three years as above-inflation electricity price increases by power utility Eskom add to already soaring operating costs, an industry body said on Monday.
Job cuts are politically sensitive in the South African economy where a quarter of the labor force is unemployed, while power outages and steep price increases by Eskom are set to hurt an already fragile growth outlook. Energy regulator Nersa said in early March Eskom could hike tariffs by 9.41% in the 2019, 8.10% in 2020 and 5.2% in 2021, far less than Eskom’s request for increases above 15% in each of the three years.
Once the largest contributor to South Africa’s gross domestic product, mining has shrunk steadily over the last decade with hard-to-reach deposits, high wage settlements and uncertainty over ownership laws deterring investors against a backdrop of slack global demand.
CyrilRamaphosa Numsa_Media ......
There will probably be more.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nersa increase places 90 000 mining jobs at risk | Business | M&GInitially, when Eskom made its tariff application the council estimated that it would cause 150 000 job losses while hastening the demise of the gold sector and severely impacting the platinum sector. All part of the plan. Close some mines and smelters. Need less electricity, blackout averted, pressure off. Blame mine management, demand they pay higher wages and give away their meagre profit. Reserve margin restored, go beg another bailout from nonexistent taxpayer. SARS a y s
Source: mailandguardian - 🏆 2. / 92 Read more »
IFP TURNS 44: Buthelezi lauded at 90 as party launches manifesto in SowetoOn Human Rights Day the IFP celebrated its 44th birthday by launching its Gauteng manifesto in Soweto. While the party’s age counts in its favour, the same might not be true for its 90-year-old leader, Mangosuthu Buthelezi.
Source: dailymaverick - 🏆 3. / 84 Read more »
Mozambique city of Beira '90% damaged or destroyed' by cycloneCyclone Idai leaves a trail of destruction in neighbouring Mozambique and Zimbabwe.
Source: eNCA - 🏆 49. / 51 Read more »
Mozambique city of Beira '90% damaged or destroyed' by cycloneCyclone Idai leaves a trail of destruction in neighbouring Mozambique and Zimbabwe.
Source: eNCA - 🏆 49. / 51 Read more »
Eskom gives SA more Stage 4 for Human Rights DayEskom announced on Wednesday night that there would be another day of Stage 4 load shedding for most of Thursday, despite it being a public holiday.
Source: TheCitizen_News - 🏆 6. / 75 Read more »
BRICS bank to lend Eskom billions to alleviate pressure on SA gridThe New Development Bank plans to lend as much as R11.2bn ($780 million) at current exchange rates to Eskom for infrastructure projects this year as the ailing South African power utility battles to keep power supply steady. Fin24 Haha if they only knew Penxenxe Fin24 Loan on top of Loan... Fin24 Please dont it will work for 6 months only and the rest will make a 🦆
Source: News24 - 🏆 4. / 80 Read more »
Eskom in urgent talks with Petro SA to speed up delivery of critical diesel shipmentPetro SA - Christ, they in shit as well, aren't they. Gonna be blind leading the blind, me thinks. Was there No engineer,financial director,procurement officer or even a security guard at Eskom that could've planned Anything in advance?,..besides stealing.. Petro SA first to decide who will get the commision kickback money as the 'facilitator' for the deal- Price should be around R22 a liter then the BEE guy that delivers it-Another say R2 a liter on top.This is how BBBEE ticks sucking blood from Host
Source: News24 - 🏆 4. / 80 Read more »
Eskom mess could dump SA back into recession this yearWe will face another recession by year’s end if the Eskom load shedding debacle isn’t remedied, according to forecasts by Bank of America Merrill Lynch.
Source: TheCitizen_News - 🏆 6. / 75 Read more »
‘Maybe I should vote EFF’: SA weighs options as Eskom battles shortagesEskom said it would continue with power cuts this week as it struggles with capacity shortages that threaten to stymie President Cyril Ramaphosa’s efforts to boost investments and economic growth. Sure. And welcome a TOTAL BLACKOUT!! Will EFF solve the problem? Has EFF given us a clear detailed plan on how to revive Eskom or they just have populist noise that they will fix without sound plan.EFF will take us to the same direction if not worse as the ANC
Source: City_Press - 🏆 7. / 72 Read more »
Eskom hopes more electricity available to SA from WednesdayEskom now says its generators will be back online by Thursday, while the public holiday will also ease the high demand. What are they buying it from Woolies?
Source: ewnupdates - 🏆 30. / 53 Read more »