University of Cape Town's research Capital expenditure of this magnitude will position the industry to continue to be a major contributor to national exports, Government's objectives of job creation, rural upliftment, regional development and, more broadly, to providing an economic foundation to the vision of an African renaissance. That the industry is well equipped to play this critically important role, was forcefully endorsed by recently published independent research conducted under the direction of the University of Cape Town's Graduate School of Business. Six perspectives on the industry, identified in the University of Cape Town's research, give definitive credence to these conclusions. Mining and related beneficiation account for more than half of South Africa's exports. For a community of five million South Africans, mining remains a principal ally against poverty.
Mining potentially offers the key to economic development in Africa.
South Africa is well positioned to be the driving force of mining development in Africa. Each of these perspectives is well authenticated by relevant information which demonstrates that South Africa has world class companies in gold, platinum, diamonds, coal, iron ore, ferro-alloys and base metals. There are also world class engineering and other companies that serve the industry and the industry provides the base for the country's competitive advantage in electricity, chemicals and related industries. What has emerged is a well-drawn picture, which thoroughly shatters the perception that South Africa's mining industry is in decline. In this context, I must extend the industry's thanks to our Minister, Phumzile Mlambo-Ngcuka, who has consistently refused to be persuaded that mining in South Africa is a moribund sector.