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Severe South African power shortages cut mining production

  • Sibanye-Stillwater (NYSE:SBGL), Harmony Gold (NYSE:HMY) and Impala Platinum (OTCQX:IMPUY) say they have been forced to cut their South African mining operations since Monday due to record power shortages.
  • State power company Eskom yesterday moved to Stage 6 load shedding, meaning it cut 6K MW from the national grid, before downgrading the status to Stage 4.
  • SBGL says it shut all its deep-level mines on Monday but hopes to send miners back underground for today's afternoon shift.
  • HMY called off its underground shifts, saying it would resume as soon as Eskom could provide more reliable power supply.
  • Impala says it shut production at its Rustenberg and Marula mines due to power cuts that have left it functioning at 20%-30% of normal power.
  • Also, Petra Diamonds (OTC:PDMDF) suspended operations at all its South African mines.

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Comments (7)

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yes platinum has been undervalued for years, it's about to dramatically change
Time to load the truck with grossly underpriced Platinum!
platinum 1500 soon then
MS51 profile picture
10 Dec. 2019
Why can't these companies set their own power plants, they awash with cash now.
matt.wood profile picture
Zimbabwe here we go.....
cenc profile picture
It is still early in the southern hemisphere spring / summer. if they are cutting electric now, it will be even worse over the next three months.
V 12 profile picture
V 12
10 Dec. 2019
Price of Platinum will spike.
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