The government says despite the impact of COVID-19 restrictions, the platinum industry has remained forty and recovered.
Minister of Mineral Resources and Energy, Gwede Mantashe says that the sector has recovered quite well since 2021 after the restrictions for lockdown were reduced.
Although the platinum sector fell by 18% in 2020, it saw a 276% increase in production and 476% increase in annual sales last year, compared to April 2019.
Mantashe says the recovery in the sector was due to recovered demand in the automotive, industry, jewelry, and increase in commodity prices that performed above pre-COVID-19 levels
He says: “We are one sector that said coal should be fully produced at level five, open cast at level four, at level three we said that all mining should be produced and many people put that blame on us and said “We’ll kill workers. We undertook a number of unannounced visits to see if they were tested to see if they were treated with space to isolate them and we did well. That’s why we’re recovered in 2021.”
Mantashe says the sector should benefit from the current market conditions given the economic sanctions in Russia.
The PGM sector contributes significantly to the South African economy, contributing more than 41% and 37% to total mineral income and employment
He says, “Given the economic sanctions by Russia, good attention should be paid to the global palladium supply. Norilsk-Talnakh contains 46% of palladium-containing deposits, while Bushveld Igneous Complex contains 39% and the rest is balanced by Great Dyke Zim Deposits, among others.Therefore, the disruption of supply in these regions affects the price of the metal.
The government also wants the sector to play a much bigger role in hydrogen production. South Africa holds almost 80% of the world’s platinum reserves.
It is the leading global supplier of primarily mined PGMs, accounting for approximately 80 and 40% of the world’s platinum and palladium supplies, respectively.
Mantashe says, “In this regard, the products of Platinum Group Metals (PGMs) are ready to make a significant contribution to domestic and global economies. They give our country a comparative advantage, allowing South Africa to benefit from trading in these guod.
For the flourishing of mineral beneficiation, he says the PGM sector must strive to implement the Beneficiation Strategy.
Mantashe says it is ready to support measures that will stimulate international investment and the country’s economic reconstruction and recovery program.
He also defended the mining charter. “The platinum sector must do transformation itself, it must not be forced by the government. The charter is there, the only area that is out of the question is the once powerful, always powerful. Because transformation is to be a part of to give the society that in the past had no chance to participate in the economy.When I entered the industry, I could not get a radiation certificate with matric, because I was not a planned person, we need to change that. “
Platinum Industry Remains Sustainable Despite Impact of COVID-19 Restrictions: Government – SABC News
Source link Platinum Industry Remains Sustainable Despite Impact of COVID-19 Restrictions: Government – SABC News