Domenica, 07 Febbraio 2016 16:12

Fin24.com | Zwane warns mining companies sitting on assets

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Matthew le Cordeur
2016-02-08 14:16

Matthew le Cordeur

South Africa's leading ministers discuss ways to drive competitiveness, growth and stability in the mining sector.

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Last Updated at 15:12
15:12
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Will the #miningindaba discuss how companies exploit Black labour + hide billions overseas to avoid tax pic.twitter.com/nJ9ZAsQXVs

— Amandla! (@AmandlaMobi) February 8, 2016

15:10
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Gideon du Plessis: The mining Phakisa is a wonderful initiative. Going to Davos is also a good goal. But why are mining leaders thinking of leaving, when they talk in safe areas?

15:09
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Gideon du Plessis: Eskom's lack of load shedding is excellent, but now they want to increase our electricity tariffs.

15:08
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Gideon du Plessis: SA is a very good soccer team. But we score too many own goals. We score a lot of good goals too, but we nullify this with these own goals.

15:08
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Solidarity general secretary Gideon du Plessis: We don't win in courts because we are wrong. We have a 95% success rate.

15:06
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Franz Stehring: Transformation has been the most successful in the mining industry. 60% to 70% of our members are now black members.  We are not a white dominated union. We are united.

15:05
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Franz Stehring, of the United Association of South Africa (UASA), says his members hold the top positions in mines. He says his members are losing their jobs, just as much as Amcu and NUM. “They have the skills to do the mining,” he said.

15:02
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Mining minister wants BEE tussle settled

The government wants the black economic empowerment legal battle settled outside the courts to end uncertainty over the policy meant to spread economic wealth to the black majority, the mining minister said on Monday.  "We believe that they will withdraw and give the process a chance to unfold out of court," Mosebenzi Zwane, the Minister of Mineral Resources, told a media briefing.


15:01
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When Mark Cutifani took over running Anglo American in April 2013, things were already going from bad to worse. Now, they’re existential. Anglo American, once South Africa’s biggest company, is among the largest and most high-profile victims of the commodity collapse. Weighed down by borrowing and with too many mines that don’t make money, it has become the canary in the coalmine for an industry trying to figure out when it will hit the bottom. - Bloomberg. 

14:59
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Mike Teke: The competition has grown. There are new prospective buyers and there are assets for sale. Go out there and compete for those assets. Most of them are listed companies. Investors will ask them ahead of their results what assets they have and what they are doing with them. We will have other billionaires created out of the system.

14:57
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The South African government is determined to speed up regulatory and policy certainty in the mining sector, Mineral Resources Minister Mosebenzi Zwane said on Monday.  “We have prioritised the finalisation of the bill as a matter of urgency,” he said at the Investing in African Mining Indaba in Cape Town. “Our stakeholders need regulatory certainty, so we need to close this chapter,” he said.

14:56
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#Africa is not resource-poor, but how should its resources be managed? See https://t.co/kbfuV5riXK#MiningIndabapic.twitter.com/QAtAG7OLrx

— AfricaProgressPanel (@africaprogress) February 8, 2016

14:53
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Mike Teke: The big question is how to retain top executives in South Africa.

14:52
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Mike Teke: The industry is committed to look after all stakeholders.

14:51
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SEZ will offer tax rates of 15% instead of 28%. To start before end of 2016. Won't create many jobs per se. Rob Davies. #MiningIdaba

— Ross Harvey (@harvross) February 8, 2016

14:51
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Opening Remarks with MD @MiningIndaba_JM 2016 #MiningIdaba#Capetownpic.twitter.com/qk7nPfHcB2

— Mining Indaba (@MiningIndaba) February 8, 2016

14:50
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Mike Teke: We must strengthen our regulatory environment. There must be a plan, as that creates certainty.

14:48
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Mike Teke: We need to expedite the mining legislation as it is affecting investment in South Africa.

14:47
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Chamber of Mines President Mike Teke: Most international mining companies used to be led by South Africans because we are a mining country.


14:45
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Do you have views on the Mining Indaba? Questo indirizzo email è protetto dagli spambots. È necessario abilitare JavaScript per vederlo.

14:44
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Van Rooyen: As mining communities, we encourage further investment.

14:43
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Former finance minister and current Cogta minister David van Rooyen: Mining takes place in a local government space. The issue of development of host communities is a collaborative effort. We have been encouraging businesses to work with municipalities and national departments. Their operations won't thrive if the conditions are not conducive.

14:40
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Rob Davies: We must be careful not to promise the people in Rustenburg who have lost their jobs that we can guarantee their jobs in the new Special Economic Zones.

14:39
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Rob Davies: Manufacturing doesn't create all the jobs, but it does create value chains that creates a lot more jobs.

14:39
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Rob Davies hopes to create a platinum Special Economic Zone this year, but says: "Watch this space, as we will be making some big announcements in the next coming days." This could refer to other dti initiatives.

14:34
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Rob Davies: We have a glut of iron and steel in the world - there is an abnormal trade with fierce competition. We want to remain primary steel manufacturers. This is all about finding new uses and more value-added uses.

14:33
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Rob Davies: We should not put all our eggs in one basket. If your existing customers are buying less of your product (China) at lower costs, then you should try find other avenues for your product. We need to find ways of more beneficiation of minerals. There is a lot of work on fuel cell (platinum value chain) driven generators in outlying areas to support schools. We will be supporting projects like this year. Two products dti will work on: small generators (cheaper than being on grid) and underground mining vehicles.


14:27
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Mosebenzi Zwane: SA is the number one producer (70%) of platinum. We should turn this into what gold once was. Gold built what we see as South Africa. We are encouraged in the interest in shale gas. We will take full advantage and see how far we can go for economic growth.

14:26
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Mosebenzi Zwane: We are engaging to minimise the impact of job losses, which there will be. We have a 10 point plan from my predecessor. We should not sterilise the mines. We should try keep jobs and get people to reinvest so we don't lose a lot of jobs. We can save some jobs going forward.

14:24
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Mosebenzi Zwane: We should be able to deal with negotiations, because we should have learned from previous experiences. The long winter is coming to an end. We must plan better for the next winter, because this is a cycle. We must ensure our people and workers do not become casualties. We should be able to revive the industry. The future of mining is not a sunset. Many people are coming forward (with new mining initiatives). It should go on for years to come.

14:23
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Mosebenzi Zwane: I have taken time out to meet with the stakeholders of mining. They have told me what they think can work. Where we are seated, we have their inputs to take the sector forward. We know these are tough times, but under the conditions, ... we have done better than other countries in the world. There are countries where big companies have de-invested because of the situation. In South Africa, we will be affected by the restructuring, but no one has said they are de-investing. They have mentioned policy certainty, which we are treating as urgent. We hope to deal with it by the second quarter this year. We hope to conclude the Mining Charter by April.

14:19
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Cooperative Governance and Traditional Affairs (COGTA) minister David van Rooyen, Department of Trade and Industry Minister Rob Davies and Mineral Resources Minister Mosebenzi Zwane are joined by trade unions at the Mining Indaba. Expect Solidarity general secretary Gideon du Plessis to pose some tough questions.

14:17
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South Africa's leading ministers including David van Rooyen, Rob Davies and Mosebenzi Zwane discuss ways to drive competitiveness, growth and stability in the mining sector at the Mining Indaba in Cape Town.

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