Speaking at the launch of the construction phase of the De Beers Venetia underground diamond mine, South African President Jacob Zuma said the country’s mining industry was poised for growth.

“This R20 billion investment in the diamond industry, the biggest such investment in the industry in decades, signals that indeed our mining sector is poised for growth, and that it has a bright future,” he said in a speech prepared for delivery.

“The investment will no doubt boost diamond production, from which the country has lost its eminence in recent years,” he added. It would boost diamond production and showed that the country was an investment destination of choice, reports Fin24.

“Working together, we have to ensure that our mining sector grows even further. We must therefore provide the right environment for growth,” the President emphasised. “This includes the implementation of transformation measures and also the promotion of labour market stability in the mining sector,” said Zuma.

The president took the opportunity to condemn the violence in the north-west province’s  mining industry. “Such incidents have no place in a democratic society like ours.”

Transformation in the sector also needed to be accelerated.

“Accordingly, the implementation of the Mineral and Petroleum Resources Development Act, the social and labour plan mechanisms and the Mining Charter remained immensely important to ensure growth and sustainability,” he added.

“Fortunately, investors in the mining industry are aware that they should, in terms of the law, redress past imbalances in the industry.”

South Africa’s legislation required that investors committed to the Mining Charter, the social and labour plan, and sound environmental management.

Source: Fin24. For more information, click here.