South African
finance minister
Pravin Gordhan
 
Cape Town, South Africa — 28 February 2013 – South African finance minister Pravin Gordhan has revealed that R15.3 billion in total mining output value was lost in the country during 2012, owing to stoppages and a tense labour relations environment which saw a wave of unprotected strikes and violence crippling the sector.

During the course his 2013 budget speech in parliament,reports miningne.ws, Gordhan said that value-added output fell by 4.3% in the first three quarters of 2012 in response to strike-related production stoppages, while weaker global growth slowed Chinese demand and softened commodity prices.

Furthermore, he added, China and other emerging markets were currently the principal drivers of demand and prices for a range of industrial, energy and agricultural commodities, while weaker automotive markets in Europe and Japan and increased recycling of auto-catalysts had contributed to lower demand for platinum.

The National Treasury warned that delays in the resumption of full operations, shaft closures and fraught labour relations could constrain output for an extended period, with structural challenges and a changing global context affecting the outlook for the sector.

Source: miningne.ws. For more information, click here.