Electricity tariff increase will push mining costs up 33% by end-2024 – Minerals Council Update 16/10/23

Electricity tariff increase will push mining costs up 33% by end-2024 – Minerals Council:

UPDATE 16/9/2023

PLATINUM STOCK PRICES

LOWEST                            PERCENTAGE

PRICE IN 2023                      GAIN,

IN RANDS                         16/10/2023

R58.32         AMS      +     27 %

R80.76         IMP       +     16 %

R95.67        NPH       +     26 %

R27.03        SSW       +     2  %

R1.65          JBL        -     5   %

 The Minerals Council has noted with dismay the above-inflation electricity tariff increase of 18.65% that the National Energy Regulator of South Africa granted to Eskom in its 2023/24 financial year, starting April 1. This increase, coupled with the 12.74% tariff increased that is poised for the following financial year, will translate into a R13.5-billion, or 33.7%, increase in the mining industry’s electricity costs to R53.5-billion by the end of 2024, the council states.

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