JOHANNESBURG (miningweekly.com) – In light of the challenges faced by South Africa’s mining industry and its contribution to the South African economy, the Chamber of Mines (CoM) of South Africa on Wednesday briefed the Portfolio Committee on Mineral Resources on the mining industry’s investment case.
An invitation was extended by the portfolio committee to the CoM to provide a brief on the messages South Africa should communicate to the investment community during 2017. The CoM delivered a presentation alongside the Department of Mineral Resources.
“Mining is a fundamental economic pillar of our country and has, and indeed continues to, contribute greatly to the country’s socioeconomic development. While the industry was the only lossmaking sector in the economy for the past two years, making an aggregate net loss of R37-billion in 2015, South Africa continues to host one of the world’s greatest mineral resource endowments,” said Public Affairs and Transformation senior executive Tebello Chabana in a statement.
He noted that the South African mining industry had the potential to grow and flourish, but, as is the case in all sectors of any economy, growth requires, among other things, investment.
He added that, to encourage investment in mining, policies needed to recognise the specific characteristics of mining to help reduce the risks associated with long-term investment projects.
“The Chamber appreciates the opportunity to engage the committee on these critical matters and remains fully committed to promote the mining industry among all stakeholders, including investors, who are undoubtedly key to the continued sustainability and future of the industry,” Chabana stated.