South Africa's Iron Ore Crisis
The once seemingly insatiable demand for raw materials turned many unremarkable towns into flourishing industrial centers. The town of Kathu in South Africa is one example. During the 1970s, it rose to become one of the iron ore capitals of South Africa. But iron ore prices have dropped drastically in recent years. In December, they reached their lowest level since the financial crisis. While the residents of Kathu once benefited from huge profits, today they are fearing for their jobs.