Date: Feb 9, 2018
Metal Bulletin correspondents round up the main topics and trends from the final day of the 2018 Investing in African Mining Indaba.
Miners are expecting a showdown in the Democratic Republic of Congo, where a new mining code is slated to be signed into law. But instead of fighting individual battles, companies are for the first time pulling together in a force that unites both western firms like Glencore and Ivanhoe Mines and Chinese firms like CMOC. Legal action has been mooted, but with the law only now requiring the signature of the country’s president, a wholesale review of the new code might be unlikely at this stage.
‘Business-friendly’ southern Africa
Miners hope political and policy changes in South Africa and Zimbabwe will pave the way for a more attractive environment for business. As the resignation of South Africa’s President Jacob Zuma remains hotly anticipated, Cyril Ramaphosa’s ANC presidency victory has been well received by the mining industry.
“Sentiment is much more positive since Cyril Ramaphosa won the ANC presidency. The mining industry is more optimistic and is particularly hopeful of a positive outcome for the Mining Charter,” Tharisa chief executive officer Phoevos Puroulis told Metal Bulletin.
“A more optimistic, investor-friendly environment is expected,” Tharisa chief financial officer Michael Jones added.
Meanwhile, Zimbabwe’s Minister of Mines and Mining Development Winston Chitando promised to make the country the “destination of choice for capital.” Zimbabwe recently amended its indigenization law, allowing foreign entities to own 100% of a business, compared with 51% previously.
