Anglo American announced that it would be investing R71.5 billion into the South African economy over five years. File Image: IOL

JOHANNESBURG - Anglo American plc on Friday announced that it would be investing R71.5 billion into the South African economy over five years through extending the lives of its operations, the single biggest investment in the mining industry currently. 

Andile Sangqu, executive head of Anglo American South Africa, said the mining sector was well poised attract investment to support job creation and growth, and that the multinational mining company was encouraged by the "Thuma Mina" call espoused by President Cyril Ramaphosa to lend a hand to help build a better South Africa for all.

Sangqu said Anglo had heeded Ramaphosa's clarion call to invest in the domestic economy as he seeks $100 billion in investment over the next five years. 

"We as Anglo American are proud to present our investment commitment over the next five years. We plan to invest $6 billion between 2018 and 2022 on sustaining and extending the lives of our mining operations in South Africa," Sangqu he told the inaugural South African Investment Conference in Johannesburg.

"We will be preserving 72 000 jobs at our operations, stimulating the regional economies of Limpopo, Mpumalanga, North West, and Northern Cape where many of our mining operations are located in South Africa."

"We are investing $2 billion to extend the Venetia Diamond Mine in Limpopo to an underground mine. Currently, this would be the biggest single investment in the South African mining industry. Already 1 500 jobs have been created."

Sanqgu also said Anglo American, together with the Public Investment Corporation, had created a $200 million global venture fund that would focus on increasing existing and creating new sources of demand for platinum group metals (PGMs).

He said that the fund would provide start-up capital to entities that use PGM-based technologies.

At least1 000 delegates, comprising of local and international business leaders, government officials and civil society, are attending confference.

- African News Agency (ANA)