Steenkamp also attributed this to the engagements of the Minerals Council and business representative groupings with the government to solve some of the logistical hurdles constraining South Africa’s mining production and exports.
Harmony Gold CEO, Peter Steenkamp. Picture: SuppliedPeter Steenkamp, the chief executive of Harmony Gold, says he is seeing offshoots of stability and recovery in South Africa ’s operating environment under the Government of National Unity , though feels more needs to be done to address investor concerns around crime and logistics as there has already been steady improvements in electricity supply.
Steenkamp last week emphasised that the company was placing more emphasis on its exposure to copper, which accounts for 21% of its total declared mineral resources of 136.5 million ounces. “Yes, I think there's been quite a change compared to prior to the elections in terms of a kind of pact between government and industry, being it the mining industry or other kind of sectors,” he said.
“I think the first observations of what’s happening in the mining sector is that this is really working well… we now get kind of much better policies that will now work for us and investing, but I think importantly we need to as a country address logistics and of course crime. The RMB/BER Business Confidence Index , released last week, rose by another three points to reach 38 in the third quarter, still below the 50-points mark that separates contraction from expansion, following a five-point increase in the second quarter.
Andrew Widegger, the CEO of City Lodge Hotels, on Friday, releasing the company's annual results, said: “The formation of the Government of National Unity is to be welcomed, which together with the potential interest rate cuts later this year will bring relief to a stagnant economy”.
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