South Africa's mining industry has experienced a significant drop in profits, declining by over $5 billion in the last fiscal year, according to a recent report by PwC. The report indicates that without renewed investment, the country's once-dominant gold industry may have less than 30 years of viability left. Additionally, South Africa's iron ore mining industry could last just 13 more years without further commitment from mining companies to identify and extract new deposits. These stark predictions underscore the need for reinvestment in these sectors.

Several factors have contributed to the reduced profits in South Africa's mining industry, including global drops in commodity prices due to the COVID-19 pandemic. Local challenges, such as currency fluctuations, high inflation, power blackouts, and logistical issues related to deteriorating infrastructure, have also played a role.

While the report doesn't specifically mention environmental concerns as a factor in lost investment, it's worth noting that mining operations are responsible for a significant share of global greenhouse gas emissions, contributing to calls for greater climate action.

The report emphasizes the urgent need for South Africa to shift its mining sector focus toward green energy metals and minerals, such as copper, nickel, lithium, and cobalt, which are in high demand for renewable energy technologies like electric vehicle batteries. This shift could reshape industries, diversify the economy, and drive future prosperity.

South Africa has an opportunity to benefit from the global demand for these metals but will require substantial investment. Mining is a critical sector for South Africa, contributing significantly to its economy and employment.

In summary, South Africa's mining industry faces significant challenges and must attract investment to remain competitive and sustainable, especially in the face of global shifts toward cleaner and more sustainable energy sources.