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Shadow Minerals Minister warns of ‘disastrous’ mining outlook

Shadow Mineral Resources Minister James Lorimer forecasts that South Africa’s new minerals legislation and new charter will be “disastrous” for an industry already crippled by hugely diminished capital injection and massive year-on-year job loss. The Opposition Democratic Alliance (DA) MP, who delivered his Budget speech earlier this week, says that despite South Africa’s sumptuous mineral endowment, capital investment in mining is half of what it was in 2007 and 31% down on 2013.