Though the mining sector often feels insulated from the rest of the SA economy given that it is heavily mechanised and ore is extracted and processed disconnectedly in peri-urban hubs such as Rustenburg and Polokwane, the industry offers the best hope for economic recovery in the near term.
Amid dim prospects for growth, policymakers must examine and develop the sectors with the highest growth potential. The PGM sector is arguably the most promising. In 2020, this was also an area flagged for development in the SA economic reconstruction and recovery plan, but so far it has largely been the private sector rather than the government that has spearheaded progress, with cAnglo American recently announced it would complete a feasibility study to develop a “hydrogen valley” that would stretch 835km from Anglo Platinum’s Mogalakwena mine in Limpopo to Durban.The government needs to support the shift taking place in the mining sector.
Leveraging this advantage is critical for economic growth in the near term. The vaccination rollout is tenuous, and the economic recovery is likely to be prolonged and challenging. Various analysts have predicted that the economy will most likely only reach the 2019 level by about 2024.
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