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Anglo American says still committed to investing in SA

07 february 2018
Anglo American said it is still committed to investing in South Africa as there is “no better place” than the country, which is Africa’s most developed economy.
The group’s deputy chairperson in South Africa Norman Mbazima said they had made significant contributions to the local economy and would continue doing so in future.
“Take [for example] our $2 billion investment in the Venetia Underground extension through De Beers, which represents the single largest investment in diamond mining in many years in South Africa,” he told the Mining Indaba in Cape Town.
Anglo had an 85 percent stake in De Beers.
Venetia Mine was expected to shift from open pit mining in 2023 to steady-state underground production in 2026. It would expand the life of the mine from 2023 to 2045.
De Beers had initially noted that underground operations would begin production in 2021, yielding approximately 96 million carats during the life of the mine.
Meanwhile, Mbazima said the relationship between the country’s Department of Mineral Resources and industry was at an all-time low.
“The issues that need to be resolved are comprehensive and can only be resolved by dialogue and engagement to arrive at a regulatory regime that works for everyone,” he said.
“…we are very encouraged by Deputy’s President Cyril Ramaphosa’s comments at the recent World Economic Forum in Davos that urgent action is needed to resolve the current Mining Charter impasse.
“I am very hopeful that with the improvement in the political environment that we have seen since December, we can now find the “reset” button and get back around the table.”

Mathew Nyaungwa, Editor in Chief of the African Bureau from Cape Town, South Africa, Rough&Polished