South African gold mining: a final flourish or structural shift?

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Report summary

The sharp devaluation of the rand since 2012 and in particular from mid 2015 to early March 2016 has resulted in considerable cost savings for miners. This has set the scene for the country's gold sector to produce its largest annual pre tax free cash flow in over a decade. This is relatively welcome news to the well publicised state of decline in South Africa where production peaked in the 1970s at approximately 1000t/annum and is forecast at less than 150t in 2016.

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    South African gold mining: a final flourish or structural shift?

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Table of contents

Tables and charts

This report includes 7 images and tables including:


  • Pre-tax cash flow and year-to-date equity performance of producers with exposure to South Africa.
  • Waterfall chart for Total Cash plus Sustaining Capital (TCPS) costs in South African gold mining sector since 2012
  • South African inflation, power prices to mining sector, currency movement and cost sensitivity
  • Labour costs as a percentage of total minesite costs for South African gold miners
  • South African gold mine productivity - temporal trends and estimate for 2016
  • Relative share of South Africa's reserves and resources to selected peers and rest of world
  • South African gold production and number of workers engaged in gold mining

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