Cape Town - South African President Jacob Zuma
on Thursday promised to keep the country’s powerful mining sector “globally competitive”, the latest comment from a senior government official to knock down the prospects of nationalising the mines.
In his annual State of the Nation address, Zuma also pledged a R300bn, seven-year investment plan for state rail and logistics company Transnet to help it increase the shipping of iron ore and coal for export.
Unlike previous years, he gave no projections for the budget deficit or growth in Africa’s largest economy.
The government remains committed to the creation of a favourable and globally competitive mining sector, President Jacob Zuma
said on Thursday.
"The mining industry, one of the job drivers in the New Growth Path, plays a critical role in the socio-economic development of the country," he told Parliament during his state of the nation address.
As part of addressing the triple problem of poverty, inequality, and unemployment, government had developed a beneficiation strategy, which sought to provide opportunities in the downstream part of the minerals sector.
"We remain committed to the creation of a favourable and globally competitive mining sector, and to promote the industry to attract investment and achieve both industrial growth and much-needed transformation," he said.