The Rand gained as much as 2.8% (ZAR17.22/USD) on the news that he had succeeded in his bid and was able to secure most of the ANC’s leadership positions for his allies. The outcome provides momentum for South Africa’s presidency to pursue much-needed economic reforms before citizens go to the polls in 2024.
Despite new capex commitments from mining companies in 2022, production remained below pre-pandemic levels on account of endemic problems at beleaguered power and freight parastatals (Eskom and Transnet), which disrupted production and delayed exports of bulk commodities such as iron ore, coal, chrome, ferrochrome, and manganese.
Intermittent power supply from the national grid contributed to a 10% decrease in mining production between October 2021-October 2022, data from Statistics South Africa shows.
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