State-owned mining company releases quarterly results
The state-owned mining company is expected to generate total revenue exceeding R400m in the year to end-March 2017, Mineral Resources Minister Mosebenzi Zwane said on Wednesday.
The minister addressed Parliament’s mineral resources committee ahead of a briefing by departmental officials on the performance of the department in the third quarter of this financial year.
A bill providing for the formal establishment of the state-owned mining company — the African Exploration, Mining and Finance Corporation — was being processed through Cabinet, the minister said.
It would be the instrument for strengthening state involvement in the mining sector.
In the meantime, the company continued to operate and was profitable, Zwane said.
The minister reiterated that the final version of the mining charter would be gazetted by end-March and the Mineral and Petroleum Resources Amendment Bill would be finalised by June.