Reviving a Declining Mining Industry
These are extraordinary times and there is little time to mince words: South African mining is in decline. We have limited exploration for new mining opportunities. We have almost no investment in new mines. We have decreasing investment to expand and maintain existing mines. The capital flows into South African mining are drying up. In short, South Africa is mining out a declining pool of reserves with existing mine infrastructure. And if you mine out existing reserves without investing in finding new reserves and building new mines, output will inevitably shrink, as is already happening in South Africa. South African mining, like numerous other South African industries, faces enormous challenges. Now is the time for us to take real action to reform our industry for competitiveness and growth. The time has come to put all options on the table and do what it takes to get the industry growing again. The future of the industry, and the other industries that are affected by mining, depends on it.