Mining Reform in South Africa
February 12, 2015
Mining reform appears to be coming to South Africa. The country's president is set announce which minerals the South African government will initially classify as strategic. This reform comes under South Africa's new Mineral and Petroleum Resources Development Amendment Bill.
The bill is expected to pass and there will be greater control over certain mining sectors in the country. There's already been a delay of the bill because of constitutional concerns.
However, approval of the bill may be on the horizon. South African lawmakers have been looking at the bill. The president and lawmakers are looking for ways to boost the country's sagging social economy. The African National Congress wants to increase government control over the mining industry in hopes of ensuring that South Africa benefits from the extraction of certain minerals. The minerals coal and platinum are of particular interest. The country is also looking at the extraction of these minerals as a way to generate revenue through exported resources.
The good news for the African National Congress is that most labor unions are supporting the moves.
There is no way to overstate the importance of safe and reliable mining equipment. A.M. King looks at the business of mining around the world to illustrate how the industry is often going through changes. However, A.M. King realizes that the need for safe mining equipment will always be vital, no matter what regulations or reform are impacting the mining industry.