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SA mining industry needs investment to thrive says Chamber of Mines

The SA Chamber of Mines today briefed the Portfolio Committee on Mineral Resources on the mining industry’s investment case in light of the challenges faced by the industry and its contribution to the South African economy.

This came after an invitation was extended by the Portfolio Committee to the Chamber of Mines to provide a brief on the messages South Africa should communicate to the investment community during 2017. The Chamber presented alongside the Department of Mineral Resources.

Senior executive: public affairs and transformation, Tebello Chabana said: “Mining is a fundamental economic pillar of our country and has, and indeed, continues to contribute greatly to the country’s socio-economic development.

“While the industry was the only loss-making 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.

“Certainly, the South African mining industry has the potential to grow and flourish, but as is the case in all sectors of an economy, growth requires, amongst other things, investment. In order to encourage investment into mining, policies need to recognise the characteristics of mining and help reduce the risks associated with long-term investment projects.”

He concluded that the Chamber of Mines appreciated the opportunity to engage the committee on these critical matters and remains fully committed to promote the mining industry amongst all stakeholders, including investors, who are undoubtedly key to the continued sustainability and future of the industry.