Despite the negative impact of the recent platinum sector strike, Eskom's energy crisis and controversy over mineral law reform seeing investor confidence at a slump, the political head of mineral resources sector remains positive about prospects for the sector.
Speaking at the African Mining Indaba, Mineral Resources Minister Advocate Ngoako Ramatlhodi feels confident that there is nothing to be worried about. Now in it's 20th year, the Indaba is the world’s largest gathering of the most influential stakeholders in African mining:
South Africa is ready for investment. We are welcoming all in the country to put their money here, in the trust that they will get returns, and that they will also contribute to the development of our economy and employment situation in our country.— Advocate Ngoako Ramatlhodi, Mineral Resources Minister
The controversial Mineral and Petroleum Resources Development Amendment Bill was sent back because it did not pass constitutional assembly and economists have warned that it may scare off investors.
The Minister told 702's John Robbie that confidence in the country could be restored and that any uncertainty would be cleared up in the coming days:
The beauty of South Africa is that our policies are justiciable, in other words, any policy that we take can be tested in the courts.— Advocate Ngoako Ramatlhodi, Mineral Resources Minister
On the controversial amendment of the Mineral and Petroleum Resources Development Act, Ramatlhodi feels certain that the issue will be resolved within the next 6 months. In his official address at the Investing in African Mining Indaba, he told delegates:
I wish to emphasise my intention to provide regulatory certainty in order to assure those who have invested here and those still considering to do so. Accordingly, I have welcomed our President’s decision to refer the Minerals and Resources Amendment Act back to Parliament so as to ensure that it meets constitutional muster.— Advocate Ngoako Ramatlhodi, Mineral Resources Minister
The minister says that it was his undertaking to balance business incentives, transformation policies and labour legislation in a way that establishes a shared vision and understanding to benefit all vested in the countries mineral economy. This is what he said on the matter of Eskom’s energy crisis:
In recent times, South Africa has experienced power challenges. It is our collective responsibilities to resolve these challenges which, at the same time present opportunities for collaboration between mining houses, between mining houses and communities and between mining houses and the government.— Advocate Ngoako Ramatlhodi, Mineral Resources Minister
Read the full official opening Address by the Minister of Minerals Resources, Adv. Ngoako Ramatlhodi at the Annual Investing in African Mining Indaba, 10 February 2015, Cape Town here.
Listen to Stephen Grootes talk to Adv. Ngoako Ramathlodi about the state of South African energy below:
This article first appeared on 702 : “Investors look at us very carefully” - Minerals Minister, Ramatlhodi