South Africa would complete an audit of the State’s mining interests held directly or indirectly, by the first quarter of 2010, whereafter it would look at creating a State mining company, focusing on commodities such as coal and uranium, Mineral Resources Minister Susan Shabangu said last week.

Speaking in Perth, Australia, she said that her department was given a mandate by Cabinet to audit its mining assets.

Last month, Cabinet placed a moratorium 
on the disposal of mining assets to provide the Mineral Resources Department with time to finalise the audit, which would enable the State to decide whether to consolidate, retain or dispose of its interest in mining.

“After the audit and the rationalising of our assets,we will take it forward,” Shabangu told journalists.

Cabinet spokesperson Themba Maseko said last month that a lot of South Africa’s State mineral assets were owned without being registered on a central database.

Shabangu said that, should a State mining company be created, it would have to be competitive, and it would be run as a profitable business without needing funds from taxpayers. It would also focus on key commodities.

“[Looking at] globalisation, we are attracting various interest groups to come and mine in South Africa, but it is key that, as a country, we position ourselves against any consequence. So, the issue of the State having reserves in coal and uranium is key; hence, the issue of the State mining assets will be more strategic, more than just a venture into a business interest,” she explained.

South Africa already has the State-owned African Exploration Mining & Finance Cor-poration, which is pursuing coal and uranium 
opportunities.

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