Our future is looking "a lot more positive"
since President Cyril Ramaphosa succeeded scandal-plagued Jacob Zuma in
February, Anglo American CEO Mark Cutifani said on Wednesday.
Mining companies and South Africa’s government have been at loggerheads for years over legislation, which the industry warns could deter investment by changing the requirements for black ownership of private firms.
New Mineral Resources Minister Gwede Mantashe pledged last week to finalise the latest version of the Mining Charter within three months, and Cutifani said companies had had a positive meeting with Mantashe this week.
"It was a great meeting. A meeting that we’ve been looking for, for probably two to three years," Cutifani told a conference in Cape Town.
"We’ve continued to invest in South Africa, we believe in the future of SA and from our point of view it just got a lot more positive."
At the same conference, Goldman Sachs’s Africa director Colin Coleman said SA was in a "very good position", although he warned that plans to expropriate land without compensation were making markets nervous.
Markets have reacted positively since Ramaphosa became the leader of the ANC in December, before he become head of state in February when Zuma resigned under pressure from his own party.
The rand has gained 7% against the US dollar since Ramaphosa took over.
Reuters
Mining companies and South Africa’s government have been at loggerheads for years over legislation, which the industry warns could deter investment by changing the requirements for black ownership of private firms.
New Mineral Resources Minister Gwede Mantashe pledged last week to finalise the latest version of the Mining Charter within three months, and Cutifani said companies had had a positive meeting with Mantashe this week.
"It was a great meeting. A meeting that we’ve been looking for, for probably two to three years," Cutifani told a conference in Cape Town.
"We’ve continued to invest in South Africa, we believe in the future of SA and from our point of view it just got a lot more positive."
At the same conference, Goldman Sachs’s Africa director Colin Coleman said SA was in a "very good position", although he warned that plans to expropriate land without compensation were making markets nervous.
Markets have reacted positively since Ramaphosa became the leader of the ANC in December, before he become head of state in February when Zuma resigned under pressure from his own party.
The rand has gained 7% against the US dollar since Ramaphosa took over.
Reuters
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