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Mining News July 05, 2021 06:30:42 PM

Highly Resilient African Mining Sector Foresees Strong Rebound

Paul Ploumis
ScrapMonster Author
In fact, Tanzania reported record mining revenues.

Highly Resilient African Mining Sector Foresees Strong Rebound

SEATTLE (Scrap Monster): The mining industry in African continent has continued to remain resilient, in the midst of challenges posed by the multiple waves of the Covid-19 pandemic. It continues to remain as one of the significant contributors of economic growth in the entire region. The notable gains in precious metals prices have immensely benefited the sector.

The pandemic had badly affected PGM and diamonds output from South Africa during the peak of the pandemic in March last year. However, the easing of lockdown restrictions led to increased production levels starting May 2020. The rapid surge in commodity prices led to significant rebound in copper and cobalt mining operations in Zambia and the DRC. Higher gold prices boosted revenues of African gold producers. In fact, Tanzania reported record mining revenues.

Several countries in the region have already announced recovery plans in support of the mining industry. For instance, South Africa plans to remove the complexities from its mining regulations and ease the formalities for mining and environmental permits. Other countries such as Nigeria, Kenya and Angola too have come up with new reforms, aimed at boosting mining sector activities.

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