Current mining boom needs to be harnessed to facilitate investment: Ramaphosa

President Cyril Ramaphosa has focussed on the vital role that South Africa’s mining sector needs to play to promote a more inclusive and equitable economy in his weekly letter to the nation on Monday.

Ramaphosa says the current mining boom due to high global commodity prices needs to be harnessed to facilitate investment along the mining value chain.

He says the 1.5% metal exports-driven trade surplus that the South Africa Revenue Service (SARS) announced last week, is a sign of economic recovery in the wake of the devastating COVID-19 pandemic.

With the price of metals exports now as high as they were at the peak of the last commodity boom in 2011, Ramaphosa says direct investments in infrastructure and a more efficient regulatory framework are needed.

He says these will ensure that South Africa can take advantage of new opportunities in mining to promote broader job creation, small business development and growth in dynamic new industries.

Ramaphosa also says returns from mining must also empower mineworkers and mining communities and lead to more employment-friendly activities.

Source: SABC News (sabcnews.com)