South Africa’s gold industry has been dying slowly for years. As the coronavirus undercuts the already fragile case for investment, its platinum mines may be next.
Beset by power and water shortages, alongside whipsawing government policies, South African producers have cut spending over the past decade on mines responsible for 75 per cent of global platinum supply.
The virus is accelerating that trend, damping demand for the catalytic converters that are the largest users of the metal, while stimulus packages push carmakers to speed a shift to electric vehicles. Continue Reading →