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Power cut hits harder as mining firm, Anglo American, loses 105,000 ounces of metal

Published

2 years ago

December 9, 2022

The incessant power cut in South Africa has cost mining Anglo American Platinum 105,000 ounces in platinum group metals (PGM) production this year.

Chief executive Natascha Viljoen revealed on Friday that the loss is nearly 3% of the firm’s total refined output.

The state Utility firm, Eskom recently announced: “Stage 6” of power rationing, the worst outage level on record, as its aging fleet of coal-fired power stations continues to suffer breakdowns.

Viljoen said although Eskom had a “load curtailment” arrangement with miners, which seeks to minimise the impact of power cuts, the recent intensification of outages had put a strain on operations.

“The curtailment that we’ve seen over the last number of weeks is more than we have flexibility in the system for and we have seen more impact on the operations,” Viljoen said in a call after the company’s annual production update.

The power challenge has also made Amplats cut its production forecast for 2023 and 2024 due to lower grades at its Mogalakwena operations and lower volumes from Amandelbult, but 2022 output remained within target.

“Unit cost of production in 2022 has been impacted by ongoing inflationary pressure on input costs due to higher diesel, fuel, and consumable prices owing to the effects of COVID-19 on supply chains, import logistics constraints, Eskom load-shedding, as well as lower production,” Amplats said.

Eskom currently has 5487 megawatts (MW) on planned maintenance, while another 14,061 MW of capacity was unavailable due to breakdowns.

The country lately has had challenges with its electricity supply which has forced Eskom to announce the previous series of power rotation arrangements.

Related Topics:Eskom Featured Mining South Africa

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Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”