Beneficiation will be explored in mining sector, says Gordhan

Gordhan says the mining sector needs to take into consideration that the perceived failure of globalisation is a new debate on how it needs to reshape itself to remain relevant.

FILE: Finance Minister Pravin Gordhan. Picture: Reinart Toerien/EWN

CAPE TOWN - Finance Minister Pravin Gordhan has told some investors that government will be focusing more on local procurement this year.

Gordhan spoke on the sidelines of the Mining Indaba in Cape Town on Tuesday.

He has jokingly reassured investors that focusing on local development does not mean building walls to exclude parties.

He says beneficiation will be explored in the mining sector.

“The bottom line is what can be done to add value to a country’s mining products and thereby create more jobs, more businesses and give economic opportunities to citizens in that particular situation.”

Gordhan adds that the mining sector needs to take into consideration that the perceived failure of globalisation and the “mistrust of elites” is a new debate on how the industry needs to reshape itself to remain relevant.

As new technology threatens to wipe out millions of jobs across the globe over the next couple of years, Gordhan has reminded industry leaders that they are responsible to ensure that future employment is available.

He has told investors that economic and inclusive transformation will be part of the debate for a long time as South Africa still has to address structural hurdles inherited from apartheid.

(Edited by Shimoney Regter)