Mining Minister Gwede Mantashe has assured local and foreign investors that greater policy certainty under the Ramaphosa administration and development of new minerals will reverse the decline in the industry and raise its contribution to the South African economy from the present 7% of GDP to 10% in three to five years.
Mining Minister Gwede Mantashe gave an upbeat address to open 2019 Investing in Africa Mining Indaba which began in Cape Town on Monday, 4 February, reassuring about 7,000 delegates that South Africa was now open for mining business and ready to work with them in addressing remaining impediments to investment.
He insisted the revision of the mining charter in September 2018 had cleared up uncertainties about mining policy and paved the way for new investment. The charter significantly improved the previous draft charter of June 2018 by recognizing the 26% black economic empowerment ownership which mining companies had already achieved, rather than obliging them to increase that level to 30% on existing mining rights.
He also noted that he had in 2018 withdrawn the 2013 Mineral and Petroleum Resources Development Amendment Bill to separate oil and gas from the mining legislation. A draft Upstream Petroleum (Oil and Gas)...