Mining South Africa Published Report Quarter Four 2010

South Africa mining report, as a precursor to the long-awaited revisions to the South African Mining Charter, at the end of June 2010 Mineral Resources Minister Susan Shabangu and other key mining stakeholders from business and trade unions signed the ?stakeholders? opinion on the strategy for sustainable growth and meaningful transformation of South Africa?s mining industry. ? This paper describes 12 key commitments that the industry must strive for a medium term, including a minimum target of 26% ownership of mining companies by previously disadvantaged South Africans (HDSAs) in 2014.

Mining remains an important sector for the economy of the country. South Africa hosts the world?s largest deposits of gold and approximately 80% of global platinum reserves. It is also a major producer of diamonds. Industry Forecast
South Africa has the largest mining equipment in Africa and the proof of the priorities of the continent is mining on the South African industry, both in terms of economic growth as well as setting standards for the mining regulations.
We are more optimistic about the outlook for the South African mining sector last quarter, in the belief that it is now a total value reaching U.S. $ 51.45bn by 2014. The dollar value of the mining sector is also encouraged by our more optimistic about the outlook for the Rand currency. For 2011 we forecast real growth of 4.13%, as the country benefits from the global economy back to full strength. Mining has an important economic sector for South Africa to continue, amounting to about 8% of GDP.

Other areas covered by the statement include: the creation of an ?integrated long-term infrastructure planning mechanism? for the mining sector, promotion of research and development, the harmonization of legislation on mineral resources and improving the health and safety standards.

It is expected that the long awaited Mining Charter may now finally revealed in August or September 2010, we will report on the impact of the new Charter when it is released to the public. The government interrupts New Prospecting Applications In August 2010 Susan Shabangu mineral resources minister announced that the government will suspend new applications for mineral prospecting rights, citing concerns that the current process is undermined by corruption, was reported by AP. The six months a ban comes into force on September 1, 2010.