Economy
The Richards Bay Coal Terminal is the largest coal export facility in the world with a planned capacity of 91 million tons per year by the first half of 2009. In 2007 annual throughput was 66.12 million tons.
Two aluminium smelters, Hillside Aluminum and Bayside Aluminium are operated by BHP Billiton. A fertiliser plant operated by Foskor has been erected at the harbour. Iron ore, rutile (titanium oxide) and zircon are mined from the sand dunes close to the lagoon by Richards Bay Minerals. Local exports include coal, aluminium, titanium and other heavy minerals, granite, ferrochrome, paper pulp, woodchips and phosphoric acid. Richards Bay is alongside with Rustenberg, South Africa's fastest developing city. It is a fast growing industrial centre that has been able to maintain its ecological diversity.
However, like most of South Africa, the Richards Bay area is plagued by unemployment and poverty. Unemployment has been estimated at forty percent and an undefined number of people live below the poverty line. The local government have made efforts to implement projects aimed at poverty reduction.
The "John Ross Parkway" (P496) which links Richards Bay to Empangeni and the N2 highway is named after "John Ross" (real name, Charles Rawden Maclean), who at the age of 15 walked from Port Natal to Maputo and back to procure medicine and supplies for the early settlers.
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Famous quotes containing the word economy:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)