Mine royalties can kick-start wealth fund, says Gwede Mantashe
All mines pay royalties to the state, collecting R8bn in 2018 — but some are concerned about the possibility of corruption
19 February 2020 - 17:20
Mineral resources and energy minister Gwede Mantashe says a proposed sovereign wealth fund can be funded using royalties the state receives from mining companies.
“The president spoke [of] the sovereign wealth fund and specialised units to fight crime. Many people asked the question, ‘Where will money come from?’ ... All the mines pay a royalty to the state and this can be used to start the [sovereign wealth fund],” Mantashe said during the debate on the state of the nation address (Sona) on Wednesday...
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