Cabinet approves mineral resources bill

Cape Town - Cabinet has approved the mineral and petroleum resources amendment bill which will now be submitted to parliament, it said in a statement on Thursday.

The primary aim of the bill is to make greater provision for local beneficiation of mineral products, which government sees as essential for job creation and economic growth.

The bill seeks to give the minister the power to determine a price percentage of raw minerals to be used for beneficiation.

The mining sector hopes that it will also result in greater certainty for those applying for mining licences, including setting timeframes for decisions.