Share

Zuma: Gov't to pursue direct involvement in mining

Cape Town - “We will continue to pursue direct state involvement in mining,” President Jacob Zuma said during the delivery of his State of the Nation Address (SONA).
 
Zuma said mining has always been the “backbone” of South Africa’s economy and an important foreign exchange earner.

READ: How rand reacts to Zuma's SONA

“We welcome the recovery in commodity prices which has resulted in an upswing in mining output. This augurs well for the industry.”
 
Zuma echoed Mineral Resources Minister Mosebenzi Zwane’s utterances earlier this week at the 2017 Mining Indaba when he said the Mining Charter is currently being reviewed.
 
“The Charter seeks to recognise the internationally accepted right of the state to exercise sovereignty over all the mineral and petroleum resources within the Republic,” Zuma said.

READ: Economy growing, but not enough to create jobs - Zuma

“It is also aimed at helping the country to de-racialise the ownership of the mining industry. This will help to ensure the sustainability of this industry.”

Zuma expressed the wish that discussions between government and business on the Charter will yield results so that the process can be finalised.

In addition, he said the Minerals and Petroleum Resources Development Amendment (MPRDA) Bill was sent back to Parliament so that issues relating to the public consultation process undertaken by provincial legislatures can be addressed.

“We trust that it shall be processed and returned for finalisation without much delay so that the concerns relating to uncertainty raised by business can be resolved.”

Zwane said earlier in the week that the MPRDA Bill will be finalised by June this year.

Read Fin24's top stories trending on Twitter:

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.88
+0.3%
Rand - Pound
23.85
+0.2%
Rand - Euro
20.37
+0.3%
Rand - Aus dollar
12.31
+0.3%
Rand - Yen
0.12
+0.3%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders