JOHANNESBURG (miningweekly.com) – The Chamber of Mines of South Africa on Wednesday revealed a strategic plan to get South Africa’s “great mining industry” back on the front foot.
Speaking at the well-attended 125th annual general meeting (AGM) of the historic organisation, chamber president Mike Teke – who was re-elected for a second term with Harmony Gold CEO Graham Briggs and Impala Platinum executive director Andile Sangqu as his vice presidents – lifted the veil on a council-approved strategic plan aimed at doubling real investment in mining by 2030.
In order to get this investment, South Africa needed to create a stable, competitive and predictable policy, legislative and operating environment that would unlock optimum value from its vast mineral resources.
He urged Parliament to deal with the Mineral and Petroleum Resources Development Act (MPRDA) Amendment Bill on an expeditious basis and to ensure that the outcome supported a vibrant and competitive mining sector.
Trying to force mining companies to sell minerals in the domestic market at developmental prices would damage the already strained mining sector, and probably do little to help the downstream sectors.
Resolving these types of issues would help to restore confidence and improve investment attractiveness. “We need to deal with and get certainty on the Mining Charter so that we can continue with the transformation programme,” said Teke, who added that the agreed pursuit of a declaratory order of court on the once empowered, always empowered issue remained key to creating certainty in the interpretation of the ownership element of the charter.
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