The mining industry, which is by far the most active participant in President Cyril Ramaphosa’s investment drive over the past three years, is again waving its arms. But in the words of poet Stevie Smith: “Not waving, drowning”.

The mineral resources sector has invested R64bn in mines and beneficiation over the past two years, Ramaphosa said at his most recent investment conference, which he holds up as a scoreboard of success, but which should really be seen as more of a comfort blanket of companies appearing to buy into his vision of the country...

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