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

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