South African mineral resources minister Susan Shabangu says she is confident that the mining sector would continue to boost the country’s economy.
Stating this as she welcomed the investment decision to list Glencore Xstrata on the Johannesburg Stock Exchange, she said this was a positive signal for the country’s economy.
Shares from the Switzerland-based global mining and commodities giant were traded for the first time on the JSE on Wednesday.
“Glencore Xstrata’s decision clearly demonstrates confidence in South Africa, its mining laws and the positive investment climate,” said Shabangu.
“This represents the beginning of a reversal of the misguided interpretation of regulatory uncertainty in the mining industry, and we anticipate that it would mark the beginning of more quality inward listings,” she concluded.