Treasury Regulation 8.2.3 provides that "Unless determined otherwise in a contract or other agreement, all payments due to creditors must be settled within 30 days from receipt of an invoice or, in the case of civil claims, from the date of settlement or court judgement."

READ MORE

Sustainable and radical socio-economic transformation of the South African economy will be achieved once all South Africans share in the wealth beneath our soil. This wealth translates to 96% of known global reserves of PGMs, 74% of chrome, 80% manganese, 25% of vanadium and 11% of gold reserves, to cite a few.

Deputy Minister, Godfrey Oliphant assured investors that their investments are in safe hands and that the country has a potential to mine over the next 100 years.

South Africa is open for business and the country has vast mineral resources and government is committed to support investors and grow junior miners to be at a level of big mining companies. The partnership between the two department brought over 50 Junior miners in response to the launch of the Junior Miners Program in 2017. Team SA will continue to further promote the country’s mineral strength

The purpose of the Mineral and Petroleum Resources Development Act, 2002, (Act No 28 of 2002) (MPRDA) is amongst others to transform the mining and production industries in South Africa. In order to ensure effective transformation in this regard, the Act requires the submission of the Social and Labour Plan as a pre-requisite for the granting of mining or production rights.

The Social and Labour Plan requires applicants for mining and production rights to develop and implement comprehensive Human Resources Development Programmes, Mine Community Development Plan, Housing and Living Conditions Plan, Employment Equity Plan, and Processes to save jobs and manage downscaling and/or closure.

The 2017 Mining Charter published by government in June has seen its fair share of debate, opening intense discussions on the industry’s future. Outside of this policy debate, Stats SA recently published figures showing how the industry performed in 2016 and 2017.

2016 wasn’t a good year for South African mining. The industry as a whole saw a decline of 4,0% that year, the largest annual fall in production since the global recession of 2009. Only one mineral managed to keep its head above water: diamond production recorded positive growth of just under 1%. All other minerals found themselves in negative territory in 2016, with copper the worst performer, recording a 16% fall in production.