South Africa is preparing to open its first new underground gold mine in 15 years, marking a rare revival for a sector long in decline. Australia-listed West Wits Mining is leading the charge, with plans to launch production at Qala Shallows near Johannesburg next year. While the mine’s planned output of 70,000 ounces annually is modest, it is expected to generate $2.7 billion over its 17-year life, offering a glimmer of hope for an industry that has shrunk by over 70% in two decades. The project, backed by financing from the Industrial Development Corp. and Absa, will process its ore at existing facilities, reducing costs. More importantly, it will create much-needed jobs, signaling renewed optimism for South Africa’s storied but struggling gold sector.
Bloomberg
