If South African mining continues to be damaged the way it is, it is likely to disappear altogether. Already mining company equity risk has soared along with the cost of capital, which puts South Africa at a worsening disadvantage. Mining Charter III, if not stopped, will be the heaviest battering ram. Meanwhile, rampant illegal mining is scaring the daylights out of the sector, with the Department of Mineral Resources (DMR) shying away from stopping it. The DMR should take note of the way the Ghanaian government has managed to eliminate illegal mining. Failure to stop rampant material theft will see the Treasury’s tax and royalty receipts fall through the floor. The regulator is playing its cards so badly on so many fronts that the sector has ended up with lots of legal leverage, which it must exercise to the fullest extent.