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President Cyril Ramaphosa. Image: X/@CyrilRamaphosa.

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President Ramaphosa assures action on challenges in mining industry

President Ramaphosa reassured African mining leaders in Cape Town of the government’s commitment to tackling industry challenges.

06-02-24 17:01
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President Cyril Ramaphosa. Image: X/@CyrilRamaphosa.

President Cyril Ramaphosa addressed leading figures in African mining at the 30th Investing in African Mining Indaba held in Cape Town on Monday, assuring them of the government’s commitment to tackling industry challenges.

The Indaba, scheduled until Thursday, serves as a platform for stakeholders to discuss pertinent issues. These discussions shape the landscape of the mining sector.

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RAMAPHOSA EMPHASISED THE VITAL ROLE OF MINING

Ramaphosa emphasized the vital role of mining, contributing 7.5% to South Africa’s GDP. It represents approximately 60% of the nation’s exports. Despite its economic significance, the industry faces formidable obstacles.

“Global commodity price fluctuations, escalating energy costs, geopolitical tensions, and a worldwide cost of living crisis are exerting considerable pressure on the business environment,” remarked Ramaphosa.

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He underscored domestic challenges such as energy shortages, port and rail congestion, as well as illicit mining activities, cable theft, and infrastructure vandalism, all of which exacerbate operational costs and diminish mining output.

EFFORT TO ADDRESS MINING CHALLENGES

The president pledged concerted efforts to surmount these obstacles, affirming, “We are committed to working diligently and collaboratively to address these significant challenges.”

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Ramaphosa’s remarks signal the government’s recognition of the critical issues confronting the mining sector. They also express determination to implement solutions conducive to sustained growth and development.

As the Indaba progresses, stakeholders anticipate further discussions. These discussions aim to foster a conducive environment for investment and innovation within Africa’s mining industry.

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