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‘Mining investors looking elsewhere in Africa’

Mining specialist Olivier Barbeau says government needs to set the record straight.

FILE: A mining specialist says investors want certainty and the government needs to start setting the record straight. Vumani Mkhize/EWN.

CAPE TOWN -Newly appointed Mineral Resources Minister Ngoako Ramatlhodi on Tuesday said he wants government, business and labour to move in the same direction.

President Jacob Zuma on Sunday appointed Ramatlhodi to take over from Susan Shabangu during his Cabinet announcement in Pretoria.

Ramatlhodi's office says he has already started a series of meetings with business and labour.

With the platinum sector hit hard by a crippling four-month long wage strike, investors and analysts are watching closely.

The latest gross domestic product (GDP) figures released on Tuesday clearly showed the impact of the strike on the economy.

Mining specialist Olivier Barbeau says investors want certainty.

"They want to see how the labour disputes are going to be resolved in a long-term perspective."

Barbeau says government needs to set the record straight.

"Investors want political certainty on how the government views mining assets and nationalisation."

He says the long-running platinum strike and regulatory uncertainty means investors are looking elsewhere in Africa.