Positive talks between Gwede and mining companies

– South Africa’s future is looking “a lot more positive” since President Cyril Ramaphosa succeeded scandal-plagued Jacob Zuma last month, Anglo American’s chief executive Mark Cutifani said yesterday.

Mining companies and the government have been at loggerheads for years over legislation that the industry warns could deter investment by changing the requirements for black ownership of private firms.

Cape Town

New Minister of Mineral Resources, Gwede Mantashe, last week pledged to finalise the latest version of the Mining Charter within three months and Cutifani said companies 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 South Africa and from our point of view it just got a lot more positive.”

At the conference, Goldman Sachs’ Africa director Colin Coleman said SA was in a “very good position”, although he warned plans to expropriate land without compensation make markets nervous.

Markets have reacted positively since Ramaphosa became the leader of the ANC in December, before he became head of state last month when Zuma resigned under pressure.

The rand has gained 7% against the US dollar since Ramaphosa took over. – Reuters

It was a great meeting. A meeting that we’ve been looking for, for probably two to three years.

Mark Cutifani Anglo American’s chief executive