Theta Gold Mines, an Australian mining company with operations in South Africa, and Anglo American, an international mining firm headquartered in Johannesburg and London in the UK, both agree that investor confidence has returned to the country following months of uncertainty.
Theta, a listed gold developer, recently reiterated a statement from Anglo American CEO Mark Cutifani who affirmed that investor confidence has returned to South Africa.
Anglo American is now ready to invest in the country again. After years of legislative uncertainty, relations had soured to the point where Anglo’s chief executive officer wasn’t on speaking terms with the former mining minister after he made a critical speech.
The firm believes that the business environment has improved since Cyril Ramaphosa became president in February and appointed Gwede Mantashe, another former unionist, as mines minister. Mantashe has resolved a dispute over black-ownership rules, giving mining companies more certainty on their investments.
In October, 2018, Anglo American pledged to spend $6 billion on its assets in South Africa at an investment conference hosted by Ramaphosa.
“While our corporate head office is in Sydney, Australia, in South Africa we have two teams that are active all year round,” said Bill Guy, Chairman of Theta Gold Mines. In an earlier statement.
“The environmental and legal teams actively manage and progress the permits of the 620-square-kilometre mining tenure, ensuring compliance with South African legislation and mining regulations,” he continued.
Speaking this December, Guy noted that South Africa is one of the top 10 gold producers in the world.
“We believe as the new President implements his new policies the world’s attention will once again turn to this great resource-rich nation,” he said.
At the same time, Theta Gold Mines this month appointed Finn Behnken to its Board of Directors as the company focuses on starting gold production at its Theta Hill Open Cut Project in South Africa.
Theta Hill is in a world-renowned gold field that has historically produced over 6.7 million ounces of gold.
The company is undertaking a drilling exercise to upgrade its resource to the indicated and reserve categories as well as refurbishing Theta Hill’s processing plant to operational readiness.
The firm believes that buoyed by investor confidence, its Theta Hill project is bound to be successful.