CAPE TOWN - President Cyril Ramaphosa said on Tuesday that the mining industry in South Africa is not a sunset industry, rather it is a sunrise industry.
Speaking on the second day on the 25th annual Investing in African Mining Indaba in Cape Town, Ramaphosa said government recognised the important role that mining can and has been playing in shaping South Africa's future and economy.
"The country's mineral wealth has attracted large capital investments over the decades, resulting in the development of integrated industrial value chains that generate significant value for the economy. We are firm believers that the South African mining industry is a sunrise industry," Ramaphosa said.
"Three of the major investment commitments following last year's inaugural Investment conference came from the mining sector. As government we regard the mining industry as a key player in the future growth and development of our economy, with huge potential for exploration, production and beneficiation."
Ramaphosa said South Africa's message to international investors was that government was taking practical measures to build an economy underpinned by inclusive growth, competitiveness and transformation.
"This found expression in the inaugural SA Investment Conference hosted in October 2018. Several companies at the conference made announcements of investments, which amounted to around US $20 billion in total, a clear indication that our economy has a lot to offer, and that opportunities for growth are in abundance," he said.
"We have recognised that we will not be able to meaningfully reduce unemployment and poverty without increased investment in critical areas of our economy – especially the productive sectors, of which mining is a vital part."
- African News Agency (ANA)