South African mining employs many and may only have decades left, report warns

abcnews.go.com:

South Africa’s overall mining profits slipped by more than $5 billion in the last financial year

CAPE TOWN, South Africa — South Africa's overall mining profits slipped by more than $5 billion in the last financial year, while the country that was once the world's largest gold producer might have less than 30 years of a viable gold industry left without renewed investment, according to a new report by big four auditing firm PwC.

The report released Tuesday also estimated that South Africa's iron ore mining industry may only last 13 more years without further commitment from companies to identify, pursue and extract new deposits. The country is among the world's top 10 producers of the raw material key to the steel-making process.

PwC’s annual report on the South African mining industry said global drops in some commodity prices following the COVID-19 pandemic contributed to the reduced profits. But so did South Africa’s local challenges of currency fluctuations, high inflation, power blackouts and logistical problems in exporting minerals because of deteriorating road, rail and port infrastructure.

It didn't mention whether environmental concerns played a role in lost investment as customers, governments and activists worldwide call for greater action to combat climate change. Mining operations account for some 4% to 7% of global greenhouse gas emissions, according to global consulting firm McKinsey & Company.

The stark predictions for South Africa's gold and iron ore industries — and to a lesser extent its platinum and coal — are extreme worst-case scenarios but highlight the need for miners to recommit. In the gold mining sphere, South Africa faces competition from Ghana, countries in South America and elsewhere,