Average pay at Eskom over R1 million, and South Africa missed out on a generation of new mines
The rand strengthened on Wednesday due to a strong performance in gold, driven by uncertainty in the US.
This uncertainty includes concerns about the potential impact of tariffs on US economic growth and the recent US government shutdown, along with increased geopolitical tensions.
The rand gained 0.4% against the dollar, while the yield on the benchmark 2035 government bond fell by 9 basis points to 9.09%.
Miners listed on South Africa’s main stock exchange experienced significant gains, bolstered by the global gold price exceeding $4,000 an ounce for the first time.
Gold, traditionally viewed as a safe haven during unstable times, has reached record highs due to economic uncertainty and expectations of US interest rate cuts.
The Johannesburg Stock Exchange’s Top-40 index closed up by 1.5%.
On Thursday, 9 October, the rand was trading at R17.15 to the dollar, R23.00 to the pound and R19.97 to the Euro. Oil was trading slightly lower at $65.93 a barrel.
Here are five important things happening in and affecting South Africa today:
Eskom average pay package over R1 million: In the 2025 financial year, the average employee at Eskom received over R1 million in pay. Eskom’s net employee benefit expense rose by 23% to R43.16 billion, with the headcount increasing from 40,625 to 42,030. This resulted in an average cost of approximately R1.03 million per employee, up 12.4% from R913,206 in 2024, which is similar to the electricity tariff increase for 2026. [MyBroadband]
Missed generation of new mines: Anglo American CEO Duncan Wanblad said that two decades of unfavourable policies have hindered exploration in South Africa, resulting in a missed opportunity for new mines. He noted that it typically takes about 17 years to advance from discovery to full production, meaning a generation of potential mines has been lost. [Business Day]
Lifeline for FlySafair: FlySafair has won a major reprieve in its ongoing ownership dispute after the Gauteng High Court in Pretoria granted it an urgent interdict removing a January 2026 deadline to fix its foreign ownership structure. [BusinessTech]
Online shopping warning: An expert has warned South Africans of a rise in online fraud cases. They noted that shopping online, even from reputable sellers, puts South Africans at risk of being defrauded, having their card details stolen, and paying for goods they never receive. [Daily Investor]
SARS threatens to expose Lucky Montana’s tax info: SARS has threatened to reveal former Prasa boss Lucky Montana’s tax information unless he retracts his allegations of fraud against the agency. Montana accuses SARS of fabricating a court judgment that resulted in a raid of his home and claims they allege he owes R55 million in unpaid tax. [News24]
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