The Cape Town African Mining Indaba is underway and the Minerals Council of South Africa held its first press briefing where they indicated that they were optimistic about the prospects of the industry in 2023.
Speaking to the press at the Standard Bank South Africa Stand, the executives from the Council believe the headwinds in the global economy continue to impact the industry.
Furthermore, the challenges of electricity are also a key success factor for growth going forward. According to Sharyn Macnamara of African mining, S&P noted that deteriorating global macroeconomic conditions are expected to persist into early 2023, representing a downside risk to the metals and miing sector as many commodity prices slide and equity market weakens.
Furthermore, Sharyn asserts that producers will be impacted by narrowing margins, while the exploration section will restrain activity amid tighter financing conditions.