South Africa's President Admits Power Crisis Is Hurting Mining

South African President Cyril Ramaphosa has said the county's electricity crisis has severely damaged its mining industry, a key pillar of the economy. Ramaphosa made the comment while addressing Investing in African Mining Indaba, the world's largest mining investment conference. The Minerals Council South Africa, which represents mining companies, estimates that total mining volumes were down by 6%, or U.S.$ 1.8 billion in 2022.

Ramaphosa admitted that the ongoing power cuts implemented on 200 days in 2022 contributed to the slump. He assured investors that the government is addressing the challenges facing the country to ensure that South Africa reaches its full mining potential.

He also told investors that the government has already introduced the Energy Action Plan to improve the "performance of our existing power stations and to add new generation capacity to the grid as quickly as possible".

This article originally appeared on AllAfrica.

Image via Daily Maverick.