Johannesburg – Mineral Resources and Energy Minister Gwede Mantashe has blamed South Africa’s chief executives for the country’s low ranking in the annual Fraser Institute 2020 Survey of Mining.
The Canadian-based survey released last month ranked 60 out of 77 countries in terms of attractiveness based on how mineral endowments and public policy factors such as taxation and regulatory uncertainty affected exploration investments.
Speaking during the annual Platinum Group Metals (PGMS) Industry Day held virtually on Wednesday, Mantashe said mining chief executives had contributed to the low rankings.
“Executives find it easy to say this is rubbish, we are not doing well here, and we will settle our issues in the courts. Until we realise that by doing so we are shooting ourselves in the foot our ratings will remain low,” Mantashe said, adding that the government was promoting investments through a conducive policy and regulatory framework.
“We are one, we are together in this. If we fail, we fail together, if we succeed, we succeed,” said Mantashe. He said he believed that South Africa was on the right track following investment announcements from the PGM industry, including Sibanye Stillwater’s R6.8 billion expansion at its K4 PGM Mine and the Impala Platinum R5.7bn investment toward the expansion of Two Rivers Mine in Limpopo.
Earlier this month, the portfolio committee on mineral resources and energy said it was alarmed at the high level of backlogs.
