South Africa’s gold industry has long been defined by deep-level mines, which is why the sector has historically been capital as well as labour intensive. Digging deep requires capital and the often low-grade ore grades have required cheap migrant labour to keep the profits and dividends flowing.
Mponeng is the world’s deepest mine — proclaimed on a rather understated sign at the front entrance to the property on the N12 highway west of Joburg — extracting gold from 4kms beneath the surface. Four kilos might not be a long distance to walk, but it is a long way underground. To remove gold from such depths is an astonishing feat of engineering in the face of often arduous geology.
There have been vast improvements in safety across the industry, greatly reducing the past, shocking toll of lives lost and shattered. Working at such depths is not seen as dangerous as it once was.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BUSINESS MAVERICK : A rocky year for almost every firm on the JSE, except the mining companiesCovid-19 took its toll on global economies and SA’s in particular – that much can be seen in the performance of SA’s blue-chip banking, retail and industrial stocks, which were hammered. Those that recover and thrive will be the companies with the strongest balance sheets and best management.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: Another milestone: Aveng records first operating profit since 2014The slow process of turning around infrastructure and mining company Aveng appears to be gaining momentum, but the CEO is not ready to admit victory.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: South African mining output rises in February after 12 consecutive months of contractionA green shoot has appeared in South Africa’s mining sector. Mining production rose 0.8% year on year in February, the first month since February 2020 in which it has not declined. The catch is that the number could still be revised up or down in the coming months.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: A vibrant month: Pension boost expected to lift South African retail sales for FebruaryRetail sales have been in the doldrums, weighed down by lockdowns, rising unemployment and a frail economy. But the latest BankservAfrica Take-home and Private Pensions report, calculated by Economists.co.za, suggests there could be a lift from a boost in pensions in February – though this may not be sustained. The best choice I've made this year was investing in cryptocurrency and forex trading and earning from home. With the help of Jasonsallm_1 I've been earning $ 23k weekly I've never regretted this decision. 🙏🏻🙏🏻
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Dis-Chem triples online salesThe pharmacy and healthcare group says sales of healthcare, vitamins and chronic drugs have done particularly well as consumers continued to focus on preventative healthcare.
Source: dailymaverick - 🏆 3. / 84 Read more »