Mining News

Iconic South African mines are ravaged economy’s unlikely saviour

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The world’s deepest precious-metals mines, together with giant iron-ore and coal pits are providing an unexpected boon to a South African economy slowly recovering from its biggest contraction in a century. Surging demand and prices for commodities including platinum-group metals, iron-ore, manganese and coal are generating record mining-company profits and bolstering government revenue. That’s even as decades of dwindling output and investor reluctance to build new mines blights prospects for the industry.

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