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State-owned mining firm Bill reprioritised

22nd May 2015

Creamer Media Staff Writer

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The State-owned Mining Company (Somco) Bill has been reprioritised and would be referred to Cabinet and Parliament during the current financial year, as government wants the mining company to play a much greater role in the South African economy, said Mineral Resources Minister Advocate Ngoako Ramatlhodi during a media briefing earlier this month, prior to his Budget Vote speech.

He also clarified that the Bill’s intention was not to create a new State-owned mining company, as the African Exploration Mining & Finance Corporation (AEMFC) already exists.

The AEMFC, currently a subsidiary of the State-owned Central Energy Fund (CEF) group, was established in 2007 to secure South Africa’s energy supply, primarily through the mining and supply of coal for electricity generation, and through securing other key minerals for beneficiation in the energy and steel value chain.

In 2012, Mining Weekly reported that Cabinet had approved the separation of the AEMFC as a standalone growth entity from the CEF, but this has not yet taken place.

However, Ramatlhodi reaffirmed during the media briefing that the Somco Bill would transfer the control of State-owned mining company CEF to the Department of Mineral Resources.

Edited by Martin Zhuwakinyu
Creamer Media Senior Deputy Editor

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