Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
South Africa’s Environmental Affairs department on Wednesday defended granting Coal of Africa approval to resume construction at the controversial Vele opencast project near Mapungubwe, saying science, not emotion, was behind the decision.
Mapungubwe is a World Heritage site and home of the golden rhino figurine (pictured) that dates back to around 1000 AD when Southern Africa’s earliest kingdom flourished. Construction of the mine were halted in August last year when it was discovered the Australian company did not comply with aspects of environmental management laws.
News24 reports CoAL paid the department a R9.25m ($1.3m) administrative fine after it was found not to be in compliance. The South African goverment website stated as part of monitoring, CoAL will appoint a suitably experienced independent environmental control officer for the construction, operational and decommissioning phases of the development.
