A focus on government policy during a time of slow demand

South Africa’s mining industry is the fifth largest in the world and the country has around 80% of global platinum reserves, 11% of gold reserves, and some of the largest supplies of chrome ore and manganese. The sector’s contribution to GDP has, however, been on a steady decline, falling to just under 5% in 2013 from 11% two decades earlier. Reversing this trend is a top government priority, considering mining’s importance to employment and foreign exchange earnings.

In a period of subdued international demand and volatile global commodity prices, governing legislation and policy takes on paramount importance, especially as ageing assets, overburdened infrastructure and rising input costs place pressure on domestic operations. In South Africa, sector policy also plays a greater-than-normal role in addressing social development, empowerment and labour issues. This leads to mining regulations often forming a central part of the country’s economic rhetoric, whether in terms of encouraging greater black ownership or pushing for more labour-intensive downstream beneficiation.

Although domestic output is showing signs of a cyclical contraction, with reserves estimated to be worth $2.5trn, there remains plenty of wealth underground to still be reached. Much of this is being unlocked via advanced extraction technologies but is still awaiting new and upgraded transportation and power infrastructure to come on-stream.

Resource Performance

South Africa’s vast mineral resources span all five major mineral categories: precious metals and minerals, energy minerals, non-ferrous metals and minerals, ferrous minerals and industrial minerals. Known historically for gold and diamond reserves, whose respective “rushes” in the 1900s played a leading role in the country’s economic emergence, platinum, coal and iron ore have today joined the current crop of top-earning commodities, while chrome and manganese both offer further export and downstream potential. Also under the regulatory auspices of the Department of Mineral Resources (DMR) are a small but active number of clay, sand, granite, limestone, salt, kaolin, gypsum and fireclay operations.

Exogenous pressures have a major influence on the fluctuating year-to-year revenue contributions of each mineral, in terms of both demand and pricing, but output over the past year has been hit by domestic constraints. Exports of coal and manganese have been impacted by insufficient throughput capacity, for example. Similarly, most of the platinum activity takes place in deep shaft mines that are highly labour intensive with tough working conditions, leaving the sector vulnerable to labour unrest and industrial action that has disrupted production. For open-cast mines, which account for around half of all active coal assets and the majority of mined iron ore, copper and diamond sites, labour is less significant of an input; however, electricity requirements tend to be greater, presenting power supply constraints as a barrier to output expansion.

Over the course of 2013, despite a decrease in its annual average price, coal was South Africa’s top-earning commodity, raising its share of mining revenue for the year from 26% to 28%. Platinum group metals (PGMs) came next, accounting for 20% of revenues in 2013. PGM earnings for the year were similar to 2012, as the country was not able to capitalise on improved market prices as production declined due to the aforementioned work stoppages. Gold production for the year also fell, but revenue contraction was marginal. Iron ore, with a 17% revenue contribution, recorded its first earnings decrease in 10 years, as, despite improved production levels, sales volumes and market price for the steel input were lower than in the past.

At the time of publication, the most recent Statistics South Africa (Stats SA) figures for the first quarter of 2014 reveal that collective mining output fell 6.5% year-on-year on the back of significantly lower PGM production as the crippling platinum strike from January to June 2014 overlapped with most of the quarter.


According to the “BP Statistical Review of World Energy 2014”, as of the end of 2013 South Africa’s proven coal reserves were estimated at 30.2bn tonnes, and production for that year was 257m tonnes, making it the seventh-largest producer in the world, with 3.3% of the global total. Exports reached a record 70m tonnes, about 30% of production, and 92% of coal on the African continent is produced in South Africa. Coal is relied upon for around 77% of the country’s energy needs, which is met by about 72% of domestic production. Of the remaining 28% production that is sent out for export, around two-thirds is destined for Asia – namely China and India – with the rest going mostly to Europe. In 2013 with exports pushing just above 70m tonnes, South Africa ranked as the world’s sixth-largest coal exporter. Richards Bay Coal Terminal (RBCT) in KwaZulu-Natal Province is the country’s lone coal export terminal facility, and qualifies as the largest in the world.

Coal mining activity is split roughly equally between underground and open-casting methods, and the industry is highly consolidated, with five companies – BHP Billiton's Energy Coal South Africa, Anglo American Thermal Coal, Xstrata Coal, Exxaro Resources and Sasol Mining – accounting for 80% of production sold.

Coal mining has long been concentrated around the Highveld (inland plateau), where roughly 60% of known deposits are situated in and around the city of Emalahleni (Witbank) in Mpumalanga Province. This group of coalfields has been heavily exploited, and while projections vary surveyors estimate that at the current pace the Highveld mines could be exhausted within 20 years. After the Highveld the largest known coalfield is found in the Waterberg municipal district of Limpopo Province, with estimates that it contains around 40% of the country’s remaining reserves. Only Exxaro has significant operations in the area, with output feeding the nearby Matimba Power station. The Medupi Power Station, also located in the Waterberg area, is expected to commence operations in 2015 after a two-year delay. With an installed capacity of 4800 MW, it will be the largest dry-cooled, coal-fired power station in the world, providing off-take for new production from within the area.

As transporting coal efficiently from Waterberg to RBCT for exports is not currently feasible due to a lack of rail connectivity, further expansion and greenfield investments in the area will be dependent on the ability of Transnet, the state-run port, rail and pipeline company, to construct a rail line between Waterberg and the main coal route running from Mpumalanga to Richards Bay (see Transport chapter).


By 1975 South Africa was responsible for a remarkable 40% of all gold ever mined, positioning the country as the outright global leader. With reserves dwindling, new finds rare, and most of the remaining underexploited mines increasingly deep and thus technically difficult and costly to operate, South Africa has since been overtaken by China and Australia as the world’s dominant producers, and has slipped to fifth position globally by output. According to the US Geological Survey, gold reserves stand at 5900 tonnes and production in 2013 was 5.84m ounces.

Faced with more challenging deposits, the country’s gold miners are also more vulnerable to negative price swings. And in turn, during periods of falling prices, as occurred over the course of 2013 when the gold price unexpectedly suffered a drop-off from an average of $165.17 an ounce to an average of $118.36 an ounce after a 12-year run of appreciation, companies have felt a cash crunch and avoided capital allocations due to risk aversion. In more recent months it appears that the gold price has been making a comeback, and the World Gold Council in April 2014 predicted a sustained run of growth driven by rising Chinese consumption.


As with gold, diamond prospecting in South Africa dates back two centuries and played a significant role in shaping the country’s early economic development. Diamond mining has long been synonymous with De Beers, the diamond trader that once had a worldwide market share of 80% in the late 1980s. While De Beers, which has since been acquired by Anglo American, retains a strong domestic presence, it has been joined by the likes of Rio Tinto and BHP Billiton, which also operate local diamond mining interests.

According to the Kimberley Process Rough Diamond Statistics, 8.1m carats were produced in South Africa in 2013, while diamond reserves stood at 162m carats in 2012. Annual diamond production in the country has decreased since 2005, when it peaked at 15.7m carats.

Spurred on by rising consumption from East Asia and the Middle East, and with open-pit diamond mines relatively easy to operate, fresh capital investment is taking place. Where South Africa is underperforming when it comes to the diamond production chain is on value addition. Despite being the world’s eighth-largest producer, South Africa is not a major player when it comes to polishing and jewellery assembly – something that the government is actively seeking to change.

Platinum Group Metals

Whereas South Africa jockeys for position with other mineral-producing nations for top spots amongst a selection of minerals, it is the undisputed titleholder when it comes to platinum, accounting for 40% of global production. The country’s PGM production contracted, however, by 13% from 250.7 tonnes to 217.8 tonnes in 2012. Platinum production also contracted by 16% to 127.4 tonnes that same year. In total, South Africa produced 71% of the 5.7m ounces of world supply in 2013.

Activity is concentrated around the Bushveld Igneous Complex located just north of the town of Rustenburg in the North West Province. This is also where the world’s three largest platinum producers – Anglo American Platinum (Amplats), Impala Platinum (Implats) and Lonmin – each have significant operations.

Commonly used in jewellery, platinum is also an important component in emission-capping catalytic converters found in diesel engine vehicles throughout Europe. As the European auto market rebounds, so too should demand for the mineral. Looking forward, if and when China, with a predicted market of 400m cars by 2030, imposes similar emission standards to the EU, demand for the rare mineral could grow dramatically.

While global demand and supply dynamics place South Africa’s platinum producers in an enviable position, the domestic picture is far murkier, following years of lengthy industrial actions (see analysis). According to press reports, the most recent five-month platinum mine strike – which by mid-2014 had cost the industry about 1.2m ounces of production worth around R24bn ($2.27bn) – has led to producers looking to reduce exposure to Bushveld assets.

Iron Ore & Manganese

South Africa is a central player in both iron ore and manganese, which, as key inputs in steel manufacturing, have seen their prices drop due to global oversupply and weakened demand from the world’s biggest customer, China. Ranked in mid-2013 as the world’s seventh-largest iron ore producer and fourth-largest exporter, most iron ore reserves are found in the Northern Cape. This is where Anglo American subsidiary Kumba Iron Ore, the continent’s largest iron ore miner responsible for around 75% of domestic output, operates the Sishen Mine. Sishen is the 11th-largest iron ore mine in the world, and at an impressive 11 km long and 1.5 km wide, it is considered one of the world’s 10 largest open-pit sites.

South Africa produced 67m tonnes of iron ore in 2013, and has 1bn tonnes of crude ore reserves and 65mn tonnes of iron content reserves, according to the US Geological Survey. On the other hand, manganese production stood at 3.8m tonnes in 2013, while reserves total 150m tonnes. South Africa has around 75% of the world’s known manganese reserves, which, as with iron ore, are mainly to be found in the Kalahari Basin of the country’s Northern Cape Province. The metal, which is used as an alloy in stainless steel, has a global market value estimated at around $3bn.

Major Players

According to the Chamber of Mines of South Africa, half of the world’s 20 largest mining firms have an operational presence in South Africa, and three of the world’s top six resource companies by market capitalisation possess strong local connections. London-domiciled Anglo American was founded in South Africa in 1917, and in 2012 it acquired fellow South African-originating diamond miner De Beers. Anglo American still retains a secondary listing on the Johannesburg Stock Exchange (JSE) and its local subsidiaries, Kumba Iron Ore and Amplats, make up the two largest JSE-only listed mining stocks.

BHP Billiton has roots in South Africa through Gencor, which merged with Broken Hill Proprietary and Billiton in 1991. The Anglo-Australian petroleum and resources giant currently has coal, manganese and aluminium interests in South Africa, although it recently disposed of a 37% stake in local titanium joint venture Richards Bay Minerals to Rio Tinto for $1.9bn in 2012. According to press statements, the company has earmarked over $1bn for future South African projects.

When Glencore Xstrata merged its combined assets of $70bn in May 2013 the respective company heads brokering the deal – Glencore founder and CEO Ivan Glasenberg and then-Xstrata CEO Mick Davis – knew each other from their school days in Port Elizabeth. Xstrata has long maintained substantial coal assets in South Africa, and in November 2013 the merged firm was listed on the JSE, in addition to having a primary listing in London and a secondary listing in Hong Kong.

According to PwC, as of June 2013 the JSE was home to 37 listed mining companies that had a market capitalisation of over R200m ($18.94m). Since 2010 the JSE’s All Share Index has reached record levels and posted steady increases, while the JSE Mining Index has reversed the trend and declined in value. Between June 2012 and June 2013 the top 37 South African mining companies saw their collective market capitalisation fall 28% from R833bn ($83.62bn) to R597bn ($56.54bn), reflecting the challenging conditions caused by higher costs amidst falling commodity prices. Gold miners were hit hardest by the fluctuation in global price, followed by platinum producers.

Movers & Shakers

The 10 largest listed South African mining companies, excluding secondary or dual listings, are: Kumba Iron Ore (first); major platinum producers Amplats (second), Impala Platinum (third) and Lonmin (ninth); gold producers AngloGold Ashanti (fourth), Gold Fields (seventh) and Harmony Gold (10th); coal and iron ore producer Exxaro Resources (fifth); base minerals and metals group Assore (sixth); and diversified mining house African Rainbow Minerals (eighth). The listed firms have been active both on the sales and acquisitions side. Exxaro recently paid $472m for the local coal interests of French petroleum giant Total. Ranked as the fourth-largest exporter of coal from South Africa, the move will provide Exxaro with access to an additional 4m tonnes of coal per year. Amplats announced in July 2014 plans to sell its Union and Rustenburg mines as well as exit its Pandora and Bokoni joint ventures so the company can focus on its profitable open-cast and mechanised mines. In a surprising turnabout, AngloGold Ashanti pulled the plug on a demerger in October 2014 after a shareholder revolt against plans for a new London-listed company and a $2.1bn rights issue. Only BHP Billiton demerged assets, claiming it was disposing of its South African assets that did not fit in with its focus on large, long-life resources in iron ore, copper, coking coal, petroleum and potash.

In 2012, conversely, South Deep was the lone South African operation Gold Fields retained after unbundling the rest of its local assets. The company unbundled its Kloof Driefontein Complex and Beatrix mine – accounting for about 45% of total production – to create Sibanye Gold, which retained R4bn ($378.8m) in net debt, a 79mounce resource base and 22m ounces in reserves. Gold Fields retained $1.4bn in existing net debt, a 155mounce total resource base and 64m ounces in reserves. Other recently closed deals include BHP Billiton’s sale of its stake in Richards Bay Minerals (RBM).

A Sign Of Maturity

Press reports have sought to portray these deals as a potentially ominous portent for the country’s mining industry as a whole, but the sector’s long-term fundamentals remain globally competitive. For Kieran Daly, head of mining research at Macquarie Group, arriving at such a conclusion would be misguided. “It is not down to these companies not wanting to invest in South Africa, but a matter of their South African assets having run their course and matured to the point where they are no longer tier-one assets within their huge global portfolios,” he told OBG. “Divestment is a natural part of the lifecycle of any mature resource-based economy.”

Indeed, where clear opportunities for returns exist, investments are proceeding. Diamond prices have shown comparative resilience to other fluctuating commodities, and in 2014 De Beers announced plans to inject $1.8bn into the upgrade and expansion of its Venetia Diamond Mine. The mine will operate as an open pit until 2021, after which point indications are that it will transform into an underground operation through to 2045. This likely also contributes to the investment being evaluated a less risky proposition, as it initially lends itself better to modern, mechanised mining techniques.

Next Stage

In contrast to diamonds, the consensus around untapped gold and platinum reserves is that most of the so-called “easy stuff” has already been mined out. Similar to the scenario in Nigeria, where more mature oil fields are being sold by majors to independent and local firms, this is paving the way for focused players who specialise in operating in labour-intensive environments to acquire mature, non-productive mines at a discount in an attempt to then turn them around. Kloof Driefontein Complex and Beatrix mine, which Westonaria-based Sibanye Gold took over from Gold Fields in 2013, are 70 years old but have about 15 years left in them. More than doubling in value since its listing, Sibanye has subsequently outperformed Gold Fields as well as the whole JSE gold mining index; the Gold Fields share price has since plummeted and the index has lost 32%. According to local media, Sibanye has emerged as the frontrunner to take over Amplats’ Rustenberg operations, with its CEO stating that there are funders lined up should a deal be pursued.

Johannesburg-based Wesizwe Platinum is another player that is also following a strategy of taking on low-yielding assets that others consider technically challenging. The company, which received $1bn in funding from Chinese backers and counts China’s Jinchuan Group and the China-Africa Development Fund as its majority shareholders, has invested in operations in the Bushveld area – its flagship Bakubung Platinum Mine is expected to begin production in 2018.


Eskom, the main purchaser of domestic coal, estimates that between 2013 and 2040 it will require 4bn tonnes as feedstock for its power stations, of which 1.3bn tonnes will be set aside for purchase from black-owned mining companies. Transnet, for its part, is working alongside the privately owned RBCT to ensure that junior coal miners have access to export capacity. The original plan was to construct a separate adjacent facility just for junior miners, but in March 2014 it was announced instead that the existing dry bulk terminal, when expanded and refurbished to 110m tonnes, would earmark capacity for exclusive use by junior miners.

Several other listed junior miners have built up their businesses partly by selling to Eskom, including Keaton Energy, Wescoal, Continental Coal and Coal of Africa. Keaton Energy, in particular, acquired Xceed Resources in February 2014, advancing its strategy of growing into a 5m-tonne-a-year producer.


Above-inflation wage increases are one contributing factor to rises in miner overhead, but so too are the cost of fuel and electricity, which has risen by 20-30% over the past few years. According to figures compiled by EY from Stats SA and the Chamber of Mines, between 2007 and 2012 the mining sector experienced an annual increase in electricity prices of 26%, with rates rising from R0.18 per KW ($0.02) to R0.61 ($0.06) per KW. This was more than double the 12% per annum increase in the average remuneration paid to each worker over the same period.

The impact of rising electricity costs also adds to the cost of material and equipment procured, especially for energy-intensive steel and cement. South Africa’s national energy regulator has granted Eskom a tariff increase of 12.69% for 2015 to help fund the utility’s capital spending plan, recover R4.7bn ($445.1m) in unbudgeted costs, and boost overall generation. The increase is 4.7% higher than the tariff increase of 8% that was originally granted. However, the planned introduction of a carbon tax has been postponed until 2016.

The rising tariffs are largely tolerated by the industry, given the further disruptions that otherwise occur when national demand surges, often resulting in the mining sector being called upon to ration consumption. In 2008 a series of blackouts shuttered mines for weeks on end. More recently, in February 2014, faults on municipal power lines shut down the RBCT for nine days. Extensive capacity upgrades are in the works, however, including 9600 MW of new coal-powered electricity from two new power plants, and plans for expanded renewables and gas plants.

Transport & Logistics

As with electricity, underinvestment in the past two decades in new and upgraded transportation infrastructure has resulted in a freight network for moving commodities that is strained and inefficient. And this can also harm the business case for capital investments. For bulk commodities such as iron ore, coal and manganese, transportation factors heavily into the cost structure, and a lack of rail capacity results in these and other minerals often needing to be routed by road, which is more costly, time consuming and environmentally damaging. When it comes to shipping commodities abroad, South Africa’s port charges are considered amongst the world’s highest.

Transnet is tapped to spend up to R300bn ($28.4bn) by 2017 on a market demand strategy to expand the country’s non-passenger logistics platforms. A main aim is, and in turn a significant chunk of funding (some $205bn of the $300bn) will go toward, adding rail capacity so that key bulk mineral exports can more easily reach terminals and container traffic can migrate from a dependence on commercial vehicles using an already congested and heavily eroded road network.

Rail Expansion

The three most strategic mineral-carrying rail lines set for ancillary expansion and capacity upgrades are the Mpumalanga-Richards Bay coal line, the Sishen-Saldanha Bay ore export line and the Kimberley-Port Elizabeth freight line that handles manganese mined in the Northern Cape.

The Waterberg coalfields in the Limpopo Province, with an estimated 40% of remaining coal reserves, are set to be the country’s new coal hotbed. But the field’s future prospects are dependent on rail connectivity to power stations and the national coal export terminal. Transnet is in the feasibility stage of a new R37bn ($3.5bn) line that will link up the Waterberg town of Lephalale to Ermelo, which is a key coal-logistics junction on the Mpumalanga-Richards Bay route. In anticipation of the additional throughput this would add, Transnet is also looking to expand the carrying capacity of the main line from 90m tonnes to 120m tonnes.

The Waterberg coalfields stretch into Botswana, and Dick Kruger, the deputy head of techno-economics at the Chamber of Mines, would like to see the government consider extending the new line to serve its landlocked neighbour. “It makes the most sense for Botswana’s coal to go through South Africa. Land in Namibia is geologically challenging to build rail on. Getting coal from Botswana to Maputo Port in Mozambique would require going through Zimbabwe, and this comes with political risks,” he noted.

However, the fact that the annual capacity of the Mpumalanga-Richards Bay line is listed at 90m tonnes could be slightly misleading, as these volumes are not always met because of challenges associated with that much coal reaching the terminal. Indeed, while most of the trail is double tracked, there is one single-lane tunnel preventing actual throughput from exceeding much more than 70m tonnes each year. As a result, much South African-mined coal is finding its way to Mozambique’s Maputo Port for export.

One possible interim solution is the construction of a bypass link through Swaziland to avoid the single-lane tunnel. A long-term intervention is being discussed between the two governments for a general freight line running through Swaziland that would redirect non-coal traffic from the Mpumalanga-Richards Bay line, thus freeing up additional coal capacity. The Sishen-Saldanha Bay route is the only option at present for seaborne-destined iron ore, and Transnet has committed to adding capacity to both the rail line and the deepwater port. “Dredging takes longer than building rail, so it is critical that port expansion keeps pace with rail, or further bottlenecks will arise,” said Kruger.

Whereas industry and government seem to agree on proposed expansion plans for logistics serving the coal and iron ore corridors, there appears to be a lack of unanimity over how to best handle manganese freight moving forward. The government is heavily invested in growing the Coega Industrial Development Zone (IDZ) outside of Port Elizabeth, where a deepwater port that would serve as an export terminal for manganese and a ferromanganese smelter are key components in the IDZ’s next phase of development. The Chamber of Mines, along with leading iron ore and manganese producers, feel that routing through Kimberley is not optimal. Rather, by expanding the Sishen-Saldanha Bay railway line so that there is one single line handling both iron ore and manganese creates greater efficiency and presents complementarities to be exploited.

Moving Downstream

In a bid to boost both revenue and job creation, the government has sought to encourage greater downstream activities. Beneficiation oversight and encouragement is not solely the domain of the DMR. It is identified within the Department of Economic Development’s New Growth Path, a framework for economic policy, as one of the key drivers for achieving the national aim of creating 5m additional jobs by 2020. The Department of Trade and Industry’s Industrial Policy Action Plan includes a minerals beneficiation component that identifies and sets forward a strategy for the advancement of various mineral value chains. These include the utilisation of PGMs in the production of catalytic converters, the assembly of diamonds into jewellery, and the further exploration of iron ore, chrome and manganese as inputs for steel-based construction material and machinery.

Chrome, for which South Africa is estimated to hold around 70% of global reserves, serves as a prominent example of successful beneficiation. The country is responsible for around 75% of the world’s ferrochrome production, making about five times the profit in the process, as every tonne of smelted ferrochrome exported fetches around R9000 ($852) compared with only R1600 ($151) for every tonne of raw ore sold abroad. Ferrochrome production also creates three times more jobs than chrome ore extraction.

Declining ferrochrome production further highlights some of the challenges the country is facing with respect to beneficiation. The export of chrome to China is on the rise and the industrial giant has invested in ferrochrome smelting capacity that is expected to surpass South Africa’s in 2015 and offers cheaper labour and electricity costs. “It is not optimal to export raw chromite, but it is happening because there is not enough electricity to support smelting,” said Kruger.

Electricity and skills shortages, infrastructure backlogs and high input costs are often presented as the core set of obstacles preventing mineral resources from being further converted into finished products in-country. “Yes, there are challenges, but these should be identified as areas where interventions and support are needed rather than used as excuses not to pursue beneficiation,” Mosa Mabuza, the deputy director-general for mineral policy and promotion at the DMR, told OBG. “Beneficiation should not be viewed as a punishment, as it is an advancement mechanism for all stakeholders. It is not about harping on about limitations, but working together to overcome constraints.”

Ensuring economic feasibility and overcoming those challenges is obviously central to the potential for growth in South Africa’s downstream sector. “At the end of the day it’s about what the market wants and how competitive you are in providing it,” said Daly. Six years ago, for example, a Diamond Amendment Act was introduced directing diamond miners to sell a portion of their production to a newly formed state diamond trader that would then sell it onto local buyers, with the intention of encouraging new participants in the cutting and polishing industry. “In the late 1990s there were roughly 3500 diamond cutters, and today there are just a 10th of that. The new model has not worked, as cutters need a regular supply at a reasonable price,” Peter Leon, a partner and the head of law firm Webber Wentzel’s Africa mining and energy projects, told OBG.


With labour issues and margin pressure dominating the discussion, recent successes and the solid long-term prospects of the industry often take a back seat in sectoral assessments. South Africa will retain its position as a global mining powerhouse, as few can match its sheer size and variety of reserves. Strained labour relations are an unfortunate remnant of the previous dispensation and need to be considered in historical context, while input price concerns are amplified as global commodities negotiate a bust cycle. If and when there is a return to a boom cycle, high input costs will suddenly become easier to absorb and will receive less scrutiny.

The policy goals of economic empowerment and socioeconomic transformation the government has laid out for the sector have also not yet reached the desired levels, but a fresh crop of junior miners have sprung up and a number of black-owned and managed JSE-listed corporates have emerged.

Despite the fact that some of the more productive and vertically integrated fields are approaching sunset, yet-to-be-exploited sites such as the Waterberg coal fields offer the potential for new regional mining hot spots. Meanwhile, specialist companies such as Sibanye Gold are proving that the shelf life of mature assets can be successfully extended with focused attention.


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The Report: South Africa 2014

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