JOHANNESBURG – The Chamber of Mines says South Africa’s mining industry is in crisis and its lost confidence in Minister Mosebenzi Zwane.
Speaking at a mining conference in Australia, Chamber of Mines CEO, Roger Baxter painted a grim picture of the industry.
He said two thirds of the country’s platinum sector has been running at a loss this year.
The industry's also been fending off job losses, with major mining houses announcing retrenchments.
The latest GDP figures show the sector's growth has been subdued, expanding by only 3,9 percent.
Meanwhile, Finance Minister Malusi Gigaba said meetings with business are imperative, especially since business confidence is at an all time low.
Business confidence in South Africa has plummeted to its lowest level in more than 30 years.
Corruption stifling growth
State and private sector corruption is throttling growth and undermining any potential economic gains, according to Deputy President Cyril Ramaphosa.
He was speaking at the National Economic, Development, and Labour Council’s annual summit.
Ramaphosa told delegates that economic transformation has to be inclusive.
“Cut away the weeds of corruption that threaten to choke these green shoots that I’m talking about. As social partners, we must work together to overcome these constraints and build an economy that serves all the people of our country, not some of the people, not just some chosen people, but all the people of our country.”