But at current mining rates the country has just 27 years of gold reserves left.
It’s sobering to think that SA, once the world’s leading producer of gold and now ranked number eight behind Kazakhstan and Mexico, has roughly 27 years of gold reserves left. That’s according to the PwC SA Mine report for 2023.
Most SA commodity producers have a degree of flexibility in converting exclusive resources to reserves, which allows them to build a healthy pipeline for the future. Not so with gold, however. All told, gold mining in SA will all but come to a close after 27 years at current depletion rates. Then comes the challenge of mine rehabilitation, reskilling the thousands of miners no doubt laid off due to mine wind-downs and a possible flurry of restructurings and deals among the scraps of mines remaining.The coal miners concentrated in Mpumalanga and Limpopo have roughly 41 years of mining left based on current rates of depletion.
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