The world’s third-largest platinum miner, Impala Platinum, says it’s losing R100 million for every shift that is cancelled due to load shedding.
This after the mine cancelled night shift operations and plant processing due to power shortages.
On Monday, the country’s embattled power utility, Eskom, implemented the highest levels yet, of Stage 6 load shedding, which meant the removal of 6 000 megawatts of power from the grid.
The mining sector, which employs 450 000 people and contributes 7.3% to the GDP, is expected to be hard hit by the current electricity crisis.
Group Corporate Executive at Impala Platinum, Jonah Theron says the situation puts pressure on job security.
“Incidents like these put further pressure on job security. So, anything beyond Stage 4 really makes it impossible for us to take a risk and we can’t afford to take further risks. We have to prioritise people … it has a bigger impact on us, on the economy and on our suppliers.”
Meanwhile, Chief Economist at Nedbank, Dennis Dykes has warned that the current load shedding will have a negative impact on the country’s fourth-quarter figures.
Dykes says the GDP for 2019 is expected to be as low as 0.3%.
The embattled power utility has reverted to Stage 4 load shedding on Tuesday.
It is expected to continue until 11 o’clock tonight.
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