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By Alec Hogg
At the Slow Lounge en route to Johannesburg from Cape Town last week, I bumped into Chamber of Mines CEO Roger Baxter. He said results of a recent survey showed South African miners were ready to open the investment taps – provided they regain confidence in lawmakers.
Capital investment in the mining sector dropped 30% last year. But a rebound is in prospect. Baxter told me after Cyril Ramaphosa’s election as ANC president, a poll among his members revealed they would raise spending over 80% if promises of regulative certainty and wide consultation were fulfilled.
SA’s new president is listening – and acting. A statement from his office last night said over the weekend Ramaphosa had engaged with the Chamber “to resolve the impasse over the mining charter and to facilitate a process of developing a New Mining Charter that all stakeholders can support and defend.”
As a result, today’s court showdown between the Chamber and Government has been postponed. It’s so much better for the economy when parties agree to jaw-jaw rather than war-war. Hope springs.
Cyril Ramaphosa: The Audio Biography
Listen to the story of Cyril Ramaphosa's rise to presidential power, narrated by our very own Alec Hogg.