South Africa's president admits power crisis is hurting mining

South African President Cyril Ramaphosa delivers the keynote address at the Investing in African Mining Indaba 2023 conference in Cape Town, on February 7, 2023. [Reuters]

South African President Cyril Ramaphosa says 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 $1.8 billion last year.