It is imperative that South Africa restores investment and exploration levels in the mining sector as mining and mineral beneficiation activities have significant potential to drive long term growth, exports and job growth.
Following extensive consultation that involved industry players, communities, labour and government, Cabinet approved the revised Mining Charter.
This will revitalise the mining industry and provide certainty to investors while charting a sustainable path towards a transformed and inclusive industry.
Parliament will be requested in terms of its Rules not to proceed with the Mineral and Petroleum Resources Development Act Amendment Bill, which has contributed to a lot of uncertainty in the sector.
Separate legislation for the regulation of the oil and gas industry will be drafted through the government’s legislative process.
To reduce the cost of doing business, to boost exports and to make South African industry more competitive, government has begun a review of various administered prices, starting with electricity, port and rail tariffs.