South African
President Jacob Zuma on Saturday launched a state-owned mining company
in a move to ensure greater state involvement in the economically vital
sector. Mr. Zuma said the African Exploration Mining and Finance
Corporation, currently a subsidiary of the Central Energy Fund, would
serve as the state-run mining firm, under which all state interests in
mining would be consolidated.
“The role of the
state cannot merely be confined to that of a regulator. The state must
actively participate in the mining industry to ensure that our national
interest is protected and advanced,” Mr. Zuma said during the launch,
according to a copy of his speech.
