Tough times for South Africa's mining sector

South Africa’s mining sector faces a bleak future. Falling commodity prices have led to more than 70,000 job losses and more job cuts loom.

This is according to a statement released by the Mining Industry Association of Southern Africa (MIASA) on Tuesday.

“MIASA notes with concern, the large scale retrenchments in the region as a consequence of depressed commodity prices on international markets”, said the statement.

Southern Africa mining groups warns of steep job losses #MiningIndaba https://t.co/JmR12wLt8P pic.twitter.com/BHjSZosiFc

— Reuters Africa (@ReutersAfrica) February 9, 2016

The association says that a further 50,000 employees face the risk of losing their jobs if no urgent action is taken.

Currently, South Africa is hosting the annual Mining Indaba conference. A four day event that gathers mining industry executives and investors from around the world.

Safety concerns will also be top on the agenda following the recent collapse of a goldmine in the northeast of the country .

According to analysts, South Africa’s mining sector is grappling with its toughest period in the last 20 years.

Mining firms in Africa’s most industrialized economy are struggling due to weakening global commodities prices for the country’s platinum, gold, iron ore and coal exports.