[miningmx.com] – BHEKI Sibiya, CEO of the Chamber of Mines of SA, has warned against under-estimating the negative impact of proposed amendments to Minerals & Petroleum Resources Development Act (MPRDA).
In an interview with Business Times, published in BDLive, Sibiya said allowing the market to price materials were important to long term planning in the industry.
In terms of one of the proposed amendments to the MPRDA, the mines minister will have discretion to declare certain minerals strategic which will allow government to impose prices and quotas on export items.
“Mining is long term. Once one is not so sure about one’s rights in the long term, one would rather say let’s cut our losses now. This is what investors will do,’ Sibiya said.
“If pricing is not going to be decided by the markets but by some individual, then when you do your projections you’re shooting in the dark,’ he said.
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