South Africa is missing out on some of the riches on offer from the commodities boom as a rail network beset by problems hobbles its exports. While coal prices recently soared to a record and iron ore is historically high, miners are being forced to stockpile supplies as state-owned Transnet SOC’s rail network buckles under issues from cable theft to breakdowns, compounded by years of corruption. Last year alone, more than $2-billion in potential coal, iron ore and chrome exports were lost, an industry group said.
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