Africa-Press – South-Africa. <\/strong><\/span>South Africa is missing out on a once-in-a-generation opportunity in gold and other metals by driving investment away through hostile policy choices and regulatory instability.<\/p>\nThe country\u2019s mining industry, under Mineral and Petroleum Resources Minister Gwede Mantashe, is effectively chasing the world\u2019s most important mining capital out of its borders.<\/p>\n
This is the feedback from mining analyst at Modern Corporate Solutions, Peter Major, who explained why this is the case in an interview with BizNews<\/b>.<\/p>\n
The surge in gold and other metal prices should have triggered a global rush into new and previously marginal mining projects, much like the boom South Africa experienced in the 1970s.<\/p>\n
Because of this, Major explained that when prices rise and demand surges, investment naturally follows.<\/p>\n
\u201cThat\u2019s where capitalism comes in, and that\u2019s what we saw in the \u201970s, when South Africa was starting mines left and right because the gold price went up, and it made a lot of deposits that were marginal.\u201d<\/p>\n
However, he said South Africa has positioned itself as a high-risk, low-reward destination just as global capital is hunting for new opportunities.<\/p>\n
\u201cWe\u2019ve got more gold than any single country on the planet, and it\u2019s known, but it\u2019s going to take money. And money is capitalistic. It\u2019s not socialist money that investors are putting out. It needs to see that you can get a return,\u201d Major said.<\/p>\n
According to Major, the country\u2019s regulatory framework has become a significant deterrent.<\/p>\n
He described the Mineral and Petroleum Resources Development Act (MPRDA) as a disaster that has been repeatedly amended \u201cnot for the better\u201d.<\/p>\n
\u201cOur MPRDA has probably been changed four or five times, and every time we hear they\u2019re going to redo it, we build up this false optimism\u2014and it\u2019s even worse. Gwede just doubles down,\u201d he said.<\/p>\n
He compared South Africa\u2019s approach with countries like Zambia and the Democratic Republic of Congo, which scrapped bad policies and started again.<\/p>\n
\u201cThey threw out the bombs, burned all those bad regulations and policies, and started afresh. Now tens of billions of dollars are going into those countries.\u201d<\/p>\n
\u201cThey didn\u2019t fix their infrastructure or get cheap electricity\u2014they just changed their policies.\u201d<\/p>\n
South Africa is watching capital, jobs, and growth pass by<\/b><\/p>\n
Mining analyst at Modern Corporate Solutions, Peter Major<\/p>\n
Major believes South Africa is missing out on the junior and mid-tier miners that typically drive exploration, job creation and new listings.<\/p>\n
\u201cWe had 62 listed gold entities when I was getting into asset management in the early \u201990s. I don\u2019t think we\u2019ve got 62 listed mining companies in South Africa now. And that\u2019s tragic,\u201d he said.<\/p>\n
In his view, the current gold price boom should have delivered \u201cfive or ten listings a month\u201d, but instead the country is falling further behind as new projects list elsewhere.<\/p>\n
He is particularly critical of the government\u2019s attitude toward investors, saying mixed messages and reluctant reforms scare capital away.<\/p>\n
Referring to Mantashe\u2019s quiet removal of a BEE requirement for prospecting rights, Major said it was done \u201creluctantly and in secret\u201d.<\/p>\n
\u201cWe don\u2019t want to come in here if the minister has to reluctantly take it out in secret,\u201d he said. \u201cJust be bold. Change the legislation appropriately.\u201d<\/p>\n
Major argued that South Africa\u2019s leaders may believe things are fine because of a stronger rand and high commodity prices, but that view is dangerously complacent.<\/p>\n
\u201cMaybe there\u2019s a view from where they\u2019re sitting that everything\u2019s just fine, thank you,\u201d he said. \u201cBut the less this government does, the better. Try doing nothing for a bit.\u201d<\/p>\n
In his assessment, Mantashe\u2019s hard-line stance has worn thin with the global mining industry.<\/p>\n
\u201cHe got the benefit of the doubt as well, but I\u2019ve seen people increasingly challenge him on almost everything because he\u2019s got his heels dug in,\u201d Major said.<\/p>\n
While not abusive, industry players are openly frustrated by what he sees as ideological resistance to capitalism.<\/p>\n
Despite this, Major said global investors are still circling South Africa\u2014not because of government policy, but in spite of it.<\/p>\n
According to Major, the tragedy is that South Africa could be leading this global mining resurgence.<\/p>\n
\u201cIt\u2019s in the politicians\u2019 hands. They can do it. Instead, we\u2019ve got this horrendous investment environment that prevents money from coming in and building mines,\u201d he said.<\/p>\n
In his view, unless policy direction changes, the country will continue to watch capital, jobs and growth flow north and overseas while its own mineral wealth remains locked in the ground.<\/p>\n
Source: businesstech<\/b><\/p>\n
For More News And Analysis About South-Africa<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"Malcolm Libera Africa-Press – South-Africa. South Africa is missing out on a once-in-a-generation opportunity in gold and other metals by driving investment away through hostile policy choices and regulatory instability. The country\u2019s mining industry, under Mineral and Petroleum Resources Minister Gwede Mantashe, is effectively chasing the world\u2019s most important mining capital out of its borders. […]<\/p>\n","protected":false},"author":84,"featured_media":95138,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[275],"class_list":["post-95139","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-south-africa-2"],"yoast_head":"\n
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