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South African mining industry lost $1.5bn last year

South Africa mining companies lost about $1.5 billion in production as a result of labour disputes in the last fiscal year, reports the New Age.

The SA Institute of Race Relations (SAIRR) released figures last week for the 2012/2013 period showing about $1.1 billion was lost from gold and platinum operations with about $20 million from coal.

Work stoppages also affected the country’s gross domestic product, which was 2.5% instead of 3%, as well as export revenues, which were estimated to be $1.3 billion lower.

SAIRR said the disputes also contributed to the downgrading of the country’s credit rating.

Posted by on Apr 18 2013. Filed under Gold mining. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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