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types of mining in south africa

types of mining in south africa

Mining and minerals in South Africa Brand South Africa

South Africas total reserves remain some of the worlds most valuable, with an estimated worth of R20.3 trillion . Overall, the country is estimated to have the worlds fifth largest mining sector in terms of GDP value. It has the worlds largest reserves of manganese and platinum group metals , according to the US Geological Survey, and among the largest reserves of gold, diamonds, chromite ore and vanadium. With South Africas economy built on gold and diamond mining, the sector is an important foreign exchange earner, with gold accounting for more than one third of exports. In 2009, the countrys diamond industry was the fourth largest in the world. South Africa is also a major producer of coal, manganese and chrome. There is considerable potential for the discovery of other world class deposits in areas yet to be exhaustively explored. South Africas prolific mineral reserves include precious metals and minerals, energy minerals, non ferrous metals and mine...

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With the growth of South Africas secondary and tertiary industries, the relative contribution of mining to South Africas gross domestic product has declined over the past 10 to 20 years. Nonetheless, the industry is continually adapting to changing local and international world conditions, and remains a cornerstone of the economy, making a significant contribution to economic activity, job creation and foreign exchange earnings. Mining and its related industries are critical to South Africas socio economic development. The sector accounts for roughly one third of the market capitalisation of the JSE, and continues to act as a magnet for foreign investment in the country. Mining, according to the Chamber of Mines: 1. Creates one million jobs . 2. Accounts for about 18% of GDP . 3. Is a critical earner of foreign exchange at more than 50%. 4. Accounts for 20% of investment . 5. Attracts si...

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In the 2011/12 Fraser Institute Survey, South Africa was ranked 54th out of 93 countries and provinces . The Fraser Institute, a leading Canadian think tank, measures the policy attractiveness of mining destinations by polling mining company executives. Lucrative opportunities exist for downstream processing and adding value locally to iron, carbon steel, stainless steel, aluminium, PGMs and gold. A wide range of materials is available for jewellery, other than gold, platinum and diamonds; there is also tigers eye, and many other semiprecious stones. For this purpose, the government has developed a minerals beneficiation strategy as a key area for potential growth. It is planned to transform the industry from being largely resource based to knowledge based. Downstream activities are already well developed, and downstream products from the industry used locally include cement, steel, liquid fuels, electricity, polymers and plastics, with an estim...

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By the end of 2011, South Africas mining industry was the largest contributor of economic transformation, with broad based black economic empowerment deals worth R150 billion completed. Black economic empowerment targets apply to all companies in the country, meaning a certain percentage of local assets must be sold to black South Africans. But with black ownership of the mining sector at 8.9% in 2009 well below the target of 15% by 2007 the government is putting significant pressure on mines to reach the next target of 26% by 2014.

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The nationalisation debate holds sway over the industry and investment in it, despite the government and the ruling African National Congress repeatedly stating that nationalisation of mines is not policy. The partys Youth League and other groups have called for mines to be nationalised, and there are ongoing debates about licences, royalties and ownership. In August 2012, President Jacob Zuma told a meeting of diplomats that South Africa had rejected the proposal of a blanket nationalisation of mines, and would instead focus on proposals that sought to ensure the country benefitted more from mining without disrupting the sector. State involvement could take the form of part ownership or full ownership of mines for selected minerals to help drive development programmes. There is also a proposal for a tax on windfall profits on mining. Zuma said this would help facilitate economic growth and employment creation. A final policy is expected to be adopted for implementation in December...

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The junior mining sector in South Africa was born of new legislation in the form of the Mining and Petroleum Resources Development Act of 2006. The law enforced a use it or lose it principle, stipulating that mining rights not used by mining companies to exploit minerals in the ground would revert back to the state. Unused mining rights held by mining groups, but not used for years, were awarded to newly established junior companies that showed themselves to be true mining entrepreneurs. The Nedbank South African Junior Mining and Exploration Index, established in September 2006, provides a measure of performance of all the South African listed junior mining and exploration stocks, excluding oil and gas. To meet investor demand for a tradeable entry into these shares, a derivative version of this index was launched a few months later. The Nedbank South African Junior Mining Exploration Index Excluding Dual Listed Shares was constructed mainly to satisfy forex regulation...

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Through the implementation of more stringent regulations, South Africas mining industry has become safer as well as more socially and environmentally conscious. Companies are required to allow for environmental trust funds and rehabilitation of disturbed land. There is also a R70 million project in place to solve the legacy problem of acid mind drainage. Sources:Chamber of Mines, Statistics South Africa, South African Yearbook, Department of Mineral Resources, Department of Trade and Industry, South African Investors Handbook, SANews.gov.za, Oxford Business . Lorraine Kearney, SouthAfrica reporter Reviewed: 12 August 2012 Would you like to use this article in your publication or on your website? See Using Brand South Africa material.

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