Shabangu urges investors to moderate return expectations
South Africa’s Mineral Resources Minister Susan Shabangu has called on the investment community to “moderate” their return expectations.
Speaking on the first day of the Africa Downunder conference, in Perth, she pointed to the necessity of balancing exploitation opportunities with socioeconomic needs.
“When it comes to investor expectations, investors expect a return. “But they have to expect returns with the understanding that they have a responsibility to the country. “Instead of expecting a bottom line with no heart or soul, there has to be an understanding that there are socioeconomic needs.”
The Minister noted that South Africa’s policies governing the resources sector recognised the need to grow the eco- nomy, while balancing the importance of dealing with the inherited inequalities.
“What is needed today is implementation and not a conservation of models such as resource nationalism. In recent years, this concept has been extensively exhausted in South Africa and elsewhere in the world.”
She added that the joint focal point should instead be accelerated optimisation of social capital, which would ensure that South Africa grew the industry in a socially and environmentally responsible manner.
Addressing the issue of investment fears, Shabangu said perception had always been negative for Africa, but noted that this should not deter investors.
“The perception that there is a high risk in Africa has been there forever. There hasn’t been an era where it was said that there was no risk attached to Africa. But we continue to see investment coming in,” she said.
Shabangu warned that investors waiting for the continent to become more investor-friendly would miss out on opportunities.
“Opportunities in Africa are now. The continent is committed, through various instruments, to ensure that it creates a conducive environ- ment for investment. “But those waiting in the wings risk losing out,” she added.
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