The South African mining industry, the backbone of the country’s US$357 billion economy, is at a crossroads, says Johannesburg-based international legal powerhouse Webber Wentzel in the article “Whither the South African mining industry?” published late March.
The world’s largest refined platinum producer Anglo American Platinum (Amplats, AGPPY) says it will hit its full-year production target for 2012, despite a severe fall in production in the first quarter of this year.
Diamond production by De Beers decreased to 6.2 million carats in the first quarter. This is a decline of 16 percent year-over-year and 4 percent compared to the fourth quarter of 2011.
Tallk of nationalizing South Africa's mining industry may have quieted down recently, but that hasn't stopped some government officials from fanning the flame.
The International Monetary Fund increased its outlook for the world's economy on Tuesday, saying it expects global GDP to expand by 3.5 per cent this year.
Zimbabwe, whose government in January hiked exploration fees by up to 8,000% in a bid to curb speculative holding of mining titles, is ordering over 100 exploration companies to resubmit applications.