“Ramaphoria” boosted the rand and revived investor sentiment on South Africa. But deep underground in the country’s platinum mines, there’s very little cause for optimism.
Producers in South Africa, which accounts for about 70 percent of the world’s mined platinum, are closing shafts and cutting thousands of jobs as a stronger rand combines with stagnating prices for the metal in squeezing profit margins.
The future looks equally bleak, as reduced demand for diesel engines and the rise of electric cars threatens to erode the need for the metal used to cut pollution. Continue Reading →