MINING PROVIDES HALF EXPORT EARNINGS
The mining sector provides half of South Africa’s export earnings, employs 1.3-million people and makes up a fifth of the economy, says Chamber of Mines (CoM) senor executive Roger Baxter, who is seen talking to mining analysts and the media at a Harmony Gold-sponsored function last week. Mining contributes R468-billion to South Africa’s gross domestic product (GDP). Downstream beneficiation contributes another R300-billion in sales value and 150 000jobs, and the CoM is working with government as it take steps to create special economic zones with low tax rates, which willprovide the incentive for more local value addition. Sidestream beneficiation adds another 2.3% to GDP and 200 000 jobs, with mining still accounting for 30% of the market capitalisation of the JSE, which is but one of a multitude of entities like geoscience, refining and financing that are touched by mining’s far-reaching tentacles.
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