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Light at the end of mining tunnel with increased profits

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Cape Town – South Africa’s mining sector’s profits improved by R72.2bn in the period between 2015 and 2016, although the increase is off a very low base, said Henk Langenhoven, chief economist at the Chamber of Mines in a statement.

Statistics SA on Thursday confirmed there has been a tentative improvement in the industry’s financial conditions in 2016, but mining in the country has nevertheless experienced huge swings in performance. 
 
“In 2016 rand terms, the sector’s profits before taxes improved by R19.6bn (2013 to 2014), declined by R68.0bn (2014 to 2015) and improved again, according to the latest data by R72.2bn (2015 to 2016). This brings the sector virtually on par with its position in 2014,” Langenhoven said. 

READ: Mechanise or die out, Chamber of Mines warns

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