South African Mineral Resources Minister Susan Shabangu has welcomed the investment decision by Glencore Xstrata to list on the Johannesburg Stock Exchange (JSE) on 13 November 2013, saying it was a positive signal and a boost for South Africa.
“Glencore Xstrata’s decision clearly demonstrates confidence in South Africa, its mining laws and the positive investment climate. This represents the beginning of a reversal of the misguided interpretation of regulatory uncertainty in the mining industry, and we anticipate that it would mark the beginning of more quality inward listings,” says Shabangu.
Since the Mineral and Petroleum Resources Development Act was promulgated in 2004, South Africa has seen a substantial increase in the number of mining companies, mining operations,jobs created and investment.
“With the further strengthening of the Act, through the Bill that is currently in Parliament, we are confident that the sector will continue to play a key role as the cornerstone of the South African economy,” concludes Shabangu.