Pretoria, South Africa — 04 July 2013 – Investors in the South African mining sector require stability and enforcement of the law, according to deputy president Kgalema Motlanthe.
“Investors are not interested in the framework agreement for a sustainable mining industry. They are interested in a stable mining industry which operates within the framework of the law and is predictable,” he said, reports Fin24.
“This document is a starting point. It gives us a plan to ensure that the industry is positioned correctly so that investors find it attractive,” Motlanthe added.
The document was signed by National Union of Mineworkers (NUM) deputy president Piet Matosa, Chamber of Mines vice president Mike Teke, Federation of Unions of SA general secretary Dennis George, Congress of SA Trade Unions general secretary Zwelinzima Vavi, and mineral resources minister Susan Shabangu, among others.
The Association of Mineworkers and Construction Union (AMCU) abstained from signing the agreement, asking for time to seek a mandate from its constituencies. They would revert back to the secretary of the forum as soon as possible.
The peace pact was aimed at resolving the issues bedevilling the mining sector, Motlanthe said, and he hoped AMCU would sign soon. He pointed out that the union had not presented any preconditions for signing the pact.
Motlanthe said the framework did not spell out any punitive measures.
“It is an implementation roadmap which commits that all stakeholders are going to travel the full distance together to ensure that what has been committed to is given effect,” he explained. Motlanthe said all parties, including AMCU had agreed on the content of the framework.
He said future meetings would be held to monitor progress on its implementation and any problems, as they arose.
Source: Fin24. For more information, click here.