South African President Cyril Ramaphosa said on Tuesday the government needed to remove red tape standing in the way of the mining industry’s growth and development in the country.
Speaking during the second day of the four-day Investing in Mining Indaba in Cape Town, the South African leader said he was concerned that the country “has fallen into the bottom 10 of the Fraser Institute’s Investment Attractiveness Index rankings.”
“We are currently standing at 75th of 84th place, which is our worst-ever ranking,” Ramaphosa said.
He added: “This ranking underlines the fundamental reality that South Africa needs to move with greater purpose and urgency to remove the various impediments to the growth and development of the mining industry,” he said.
Despite the great prospects for South African mining, the country was faced with significant challenges, he said.
“We need to clear the backlog of mining and prospecting rights, mineral rights transfer applications, put in place a modern and efficient cadastral system, and implement an effective exploration strategy,” Ramaphosa said.
He said there need “to significantly improve the functioning of our railways and ports, and the vital importance of ensuring a secure and reliable supply of affordable electricity.”
“These tasks are at the forefront of our economic reconstruction and recovery efforts,” he said.
NM/jn/APA