Reuters reveals how the illicit copper trade is sapping South Africa - Reuters News Agency
Environment

Reuters reveals how the illicit copper trade is sapping South Africa

Reuters revealed how South Africa’s economic woes are being compounded by the theft of massive amounts of copper from state firms Eskom and Transnet, much of which is smuggled overseas, costing the country billions of rand a year. Power firm Eskom, which expects to make a 15.2 billion rand ($1.1 billion) net loss in its current financial year, told Reuters that “unrelenting” copper theft was costing it 5-7 billion rand annually, plus 2 billion rand a year to replace stolen cables. Transnet Freight Rail said copper thefts had climbed 177% over the past five years and had risen particularly sharply during the COVID-19 pandemic.

Article Tags
Topics of Interest: Environment
Type: Reuters Best
Sectors: Commodities & Energy
Regions: Africa
Countries: South Africa
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
FILE PHOTO: Container ships wait to load and offload goods in port during a 21-day nationwide lockdown aimed at limiting the spread of coronavirus disease (COVID-19) in  Cape Town, South Africa, April 17, 2020. REUTERS/Mike Hutchings/File Photo
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