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.
• ETFs: EZA, FLZA

Comments

[lucchesefrancesco76]

yes platinum has been undervalued for years, it's about to dramatically change

[pappazan]

Time to load the truck with grossly underpriced Platinum!

[lucchesefrancesco76]

platinum 1500 soon then

[MS51]

Why can't these companies set their own power plants, they awash with cash now.

[matt.wood]

Zimbabwe here we go.....

[cenc]

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]

Price of Platinum will spike.