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Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
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South Africa pushes for greater tax revenues from miners | MINING.com

South Africa pushes for greater tax revenues from miners | MINING.com | Gold and What Moves it. | Scoop.it
South Africa seeks to extract greater tax revenues from its mining companies as they struggle to deal with rising costs and declining commodities prices.

 

South Africa seeks to extract greater tax revenues from its mining companies as they struggle to deal with the double burden of rising costs and declining commodities prices.

 

Bloomberg reports that while the incumbent African National Congress seeks to derive greater fiscal benefit from its mining companies, any measures to raise tax revenues will also risk further hampering a sector already burdened by ballooning costs and weak spot prices for key commodities.

 

The ANC announced at a conference in December that it would pursue a tax review for the mining sector in lieu of radical proposals to nationalize mines. Talk of a "resource-rent" tax ...

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SA Gold production dips 32.2% in Nov

Analysts said the impact of a wave of wildcat strikes that swept the sector last year remained and reflecting in the outcome.

 

JOHANNESBURG(BullionStreet): Former top gold producer, South Africa's production continued to fell [sic] on the impact of the illegal mine strikes last year.

 

Statistics South Africa said country's gold output fell by 32.2% in volume terms in November, while total mineral production rose 1.1% compared with the same month last year.

 

Production of non-gold minerals was 4.5% lower, Statistics South Africa said. Production of platinum group metals climbed 3% in November. ...

Hal's insight:

I figured those strikes would continue to be a factor. I imagine that more strikes will be in the future of mining this year as well.

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