Ramaphosa: Govt to deal with regulatory issues raised by investors

Deputy President Cyril Ramaphosa is currently in Davos alongside his ministerial delegation.

Deputy President Cyril Ramaphosa, flanked by ministers Rob Davies, Jeff Radebe, Ebrahim Patel and Malusi Gigaba, addresses a media conference at the end of his engagements at the World Economic Forum 2018 annual meeting in Davos, Switzerland. Picture: GCIS

JOHANNESBURG - Deputy President Cyril Ramaphosa has told the World Economic Forum about South Africa's controversial Mining Charter, saying that it needs to be thoroughly discussed with key role players to unlock the industry.

Ramaphosa is currently in Davos alongside his ministerial delegation.

He's expressed confidence in investors eagerness to do business with the country, but he says corruption and the mismanagement of state-owned enterprises may be a repellent.

The deputy president says the country needs to deal with any regulatory issues that potential investors have raised, including the Mining Charter.

“The Mining Charter is now going to be thoroughly discussed with key role players so that we find a solution to unlock our mining industry for South Africa to benefit from this boom. If the Mining Charter is holding us back, then we must deal with it.”

Last year, Mineral Resources Minister Mosebenzi Zwane said he was confident that investors would embrace the revised Mining Charter.

During the Africa Down Under Mining Conference in Perth, he brushed off criticism that South Africa was going down an investor unfriendly path.

While there’s an uptake in the mining global industry, South Africa faces tough competition for investment.

The revised charter states, among other things, that there should be a minimum threshold of 30% black ownership of mines.

(Edited by Shimoney Regter)