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THE Minerals Council of South Africa has said that mining companies in the country spent about R4.9 billion on social development programmes in 2023, in addition to tax and fiscal payments amounting to R135bn.

South Africa’s mining industry spent an estimated R4.9 billion on social investment and development programmes during 2023 to improve the quality of life in mine-host communities. This expenditure was in addition to the R135 billion the mining sector contributed to the fiscus through corporate taxes, PAYE, and royalties, which benefitted the country and its citizens.

Mining companies spend billions of rands on socio-economic upliftment and job creation in host communities, says the Minerals Council South Africa.

In 2023, South Africa’s mining industry allocated approximately R4.9 billion towards social investment and development initiatives aimed at enhancing the quality of life within communities hosting mines.

Better sentiment can be seen in higher spending on exploration, with the budget at the best level since 2017

After the 29 May elections, South Africa’s mining sector wants to maintain recent progress made on the power and logistics fronts, and is calling for policy reviews of major regulations such as the Mining Charter to bring it up to date with the country’s current challenges

According to the Minerals Council of South Africa, the mining sector is an important contributor to South Africa’s fiscus and its citizens. Over the last financial year, the South African mining industry contributed R425.6 billion or 6.2% of the country’s Gross Domestic Product (GDP).

The value created by the mining industry can expand the economy since it will increase the availability of competitively priced, locally manufactured products coming from our industry sector. Harnessing investments and establishing manufacturing facilities can be done in a sustainable, environmentally friendly manner, alongside new ways of harnessing energy.

Concurrently, there has been a notable decrease in both gold production and workforce within the gold mining sector (Figures 3 and 4). South Africa’s gold production peaked in 1970 at one million kilograms of gold, the highest recorded by any country in a single year. This figure has since steadily declined to just 100 000 kilograms by the end of 2023

Mthenjane says mining industry leaders are keen to establish a discussion platform after the national election. Read More