Safety stoppages cost SA mining R13.6bn

[miningmx.com] – SOUTH Africa’s mining industry lost an estimated R13.6bn in revenue since 2012 owing to safety stoppages, said BDLive citing a leaked document prepared by the country’s Chamber of Mines.

Mines were most affected this year with an estimated loss of R4.84bn — almost R2bn higher than the R3bn lost in 2014 and almost double the R2.55bn loss in 2012, the newspaper said.

“This revenue loss does not capture (the) full financial impact as fixed costs components add to total losses,” the chamber’s document reads. “Indirect costs from co-impacted operations and ramp-up challenges are also not included.”

In terms of South African legislation, the Department of Mineral Resources demands that mines suspend operations in areas where a fatal accident has occurred. Mines have also shut following safety inspections.

Click here to read the full article