London—South Africa’s mining industry expects the recently introduced carbon tax to cost them as much as Rand 517 million ($35 million) a year in phase 1, the Minerals Council South Africa said after a survey. The first tax phase came into force from June 1, 2019 to December 2022 with the tax rate set at Rand 120/mt ($8.15/mt) of carbon dioxide equivalent. For an industry that has experienced in recent years labor strikes, increase in labor costs, rise in electricity rates and volatile metal prices, the carbon tax is likely to be another burden to the South African mining industry.
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