Ramaphosa: Govt to introduce new mining rights system to breathe 'new life' into sector

CAPE TOWN - President Cyril Ramaphosa said that government would be "breathing new life" into the mining industry by introducing a new mining rights system this year.

He said that this would include the beneficiating of minerals in the country, with plans to invest more in exploration and production.

Ramaphosa made the announcement during his State of the Nation Address (SONA) on Thursday night.

The President said that as part of the new mining initiative, the country could make use of its extraordinary wealth.

He focused his speech on reviving the economy and addressing high unemployment. 

Ramaphosa said the mining industry remains one of the country's most "important and valuable endowments".

"We are on track to implement a new, modern and transparent mining rights system this year, which will unlock investment in exploration and production. We will put in place an enabling policy and regulatory framework for critical minerals."

He said that they would add value to the country's raw material before it hits the market.

"By beneficiating these minerals here in South Africa, we can make use of the extraordinary wealth that lies beneath our soil for the benefit of our people."

Ramaphosa said that during the coming year, they woudl also initiate "a second wave of reform" to unleash more rapid and inclusive growth with a focus enabling Eskom, Transnet and other SOEs to function optimally.