Mining job loses

The South African mining sector cut 47,000 jobs between 2012 and early 2015 as the industry grappled with soaring costs and low commodity prices. Mining costs had increased by an average 20% a year for the past five years and electricity was the core component in those cost increases. At prevailing prices, about 80% of the platinum industry was loss-making, while in coal and iron ore about half of production was under water. The presenter spoke to Ross Harvey senior researcher of South African Institute of International Affair, spokesperson from the Chamber of Mines Charmane Russell and Oxfam’s Ronald Wesso.