Mining Industry Loses R100 Billion Profit as Commodity Prices, Rail Constraints, Load Shedding Bite
South Africa's mining industry has suffered a substantial drop in profits this year, primarily due to lower commodity prices and a challenging operational landscape marked by load shedding and rail constraints, reports News24. According to PwC's 2023 South Africa Mine report, titled "SA Mine: Adapt to thrive," the net profit of 29 domestic mining companies plummeted from a record R206 billion to R108 billion. PwC noted the factors hitting the industry include productivity and infrastructure issues, declining commodity prices, and increased costs. Despite the profit decline, the sector maintains strong financial health, with minimal debt and ongoing investments in operations and projects. However, there are concerns about the industry's long-term sustainability, particularly as prices for certain minerals decrease, illegal mining persists, and mining-dependent communities face socio-economic challenges.
Unions, Political Parties Slam Fuel Price Hike
The October fuel price hike in South Africa has raised concerns among unions and political parties, who argue that consumers now face a difficult choice between allocating a significant portion of their income to transport or prioritizing essential needs like food, reports EWN. Unleaded 95 petrol and unleaded 93 have both seen substantial increases of R1.14 and R1.08 per liter, respectively, pushing the petrol price to R25.68 inland and R24.96 on the coast. Diesel prices have also surged by about R1.60 per liter for the fourth consecutive month. Trade union federation Saftu and economists warn that fuel price hikes will negatively impact workers, the unemployed, and the general population by increasing fuel costs, raising road transport fares, and causing inflation in the prices of various goods.
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Sharp Rise in Deregistrations of Teachers for Serious Offences
The South African Council for Educators (SACE) Has reported a sharp increase in the removal of teachers from its rolls, with 36 teachers being deregistered between April of the previous year and March, almost double the 19 in the previous financial year, reports TimesLIVE. Out of the 36 teachers, 31 were removed indefinitely, including 18 for sexual offences involving students. Deregistration means these teachers have no reasonable prospect of teaching again. Additionally, four of the 31 teachers were involved in sexually assaulting colleagues. Other cases included absenteeism and verbal abuse, resulting in varying periods of removal from the register. While corporal punishment and assaults on colleagues have decreased, SACE expressed concern that corporal punishment was still on the rise, and called for increased interventions to educate educators on its dangers. In total, SACE Received 734 cases of misconduct during this period, with cases ranging from absenteeism and abuse to fraud and racism.
