JOHANNESBURG – Platinum Group Metals (PGMs) have overtaken coal as the biggest revenue generator in South Africa’s mining industry for the first time since 2010, in keeping with the PwC SA Mine 2020 launched earlier at present.
Revenue from mining homes jumped 38 p.c in 2020 to R594 billion from R431bn a yr earlier with PGMs producing 28 p.c, the largest portion of revenue.
Gold mining firms had a rise of 35 p.c in revenue, and revenue for the ‘other mining’ segments elevated by 7 p.c, mentioned the report.
Andries Rossouw, PwC Africa Energy Utilities & Resources Leader, informed journalists that PGMs had generated the largest portion of revenue demonstrating a 56 p.c improve from the earlier yr.
“When we started this publication in 2009 PGMs was the leading revenue generator, and they fell back to coal and we are pleased to see PGMs back on top again, followed by gold, and then iron ore,” mentioned Rossouw.
PGMs embody platinum, palladium, rhodium, iridium, osmium, and ruthenium, identified for his or her purity, excessive melting factors and distinctive catalytic properties, and are additionally extraordinarily immune to corrosion. PGMs are used in a number of industrial processes, applied sciences and business purposes.
The report mentioned nevertheless that the influence of the Covid-19 pandemic was evident from April 2020, with reductions in revenue being seen throughout the industry.
“South African PGMs and gold are mainly mined in deep-level underground mines and were, therefore, hardest hit. PGM and gold producers indicated that they expect to reach full production levels by the end of the calendar year,” mentioned the report.
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