ABN's full round up of African Mining Indaba day three, including SA-Japan deal, Mbeki speech and analysts prediction on increased Asian investment.
SA and Japan agree mining cooperation deal
South Africa’s Mineral Resources Minister Mosebenzi Zwane and Hiroshige Seko, Japan’s Minister of Economy, Trade and Industry signed an agreement to extend the two countries collaboration in the mining industry.
“With the agreement, the two countries acknowledge that Japan and South Africa have complementary interests in mining,” Zwane said.
The bilateral deal will enable South Africa and Japan to cooperate in areas such as exploration, geoscientific knowledge and reciprocal investments.
Former SA president questions development of African mining
Former South African president Thabo Mbeki provided a pessimistic outlook on African mining to listeners at a session on the African Mining Vision (AMV).
The AMV was drafted back in 2009 and adopted as a policy framework by all 54 members of the African Union, but Mbeki suggested little has been achieved since.
“The vision is very good, it is very important for the future of the continent, but we are failing to move towards the realisation, and that is a serious problem,” Mbeki concluded.
Analysts predict increased Asian investment in Africa
A select panel of mining experts discussed the possibility of increased Asian investment across Africa as a direct result of the new Trump administration in the US.
President Trump’s proposed energy policy reforms could reduce Asian investment in the US, which may lead to nations such as China, Indonesia, Korea and Japan turning to the African mining industry, according to the analysts.
“Asian money is looking at a new direction and you can see the influence of that in Africa,” said Intrasia capital chief executive officer Graeme Robertson.