The South African government has announced that it intends to resurrect a mining company which is owned by the state but has been dormant for around 60 years.

African Exploration, Finance and Mining Corporation, which is under the ownership of PetroSA operator the Central Energy Fund (CEF), does not have an industry portfolio at present.

However, Deputy Director General of Mineral and Energy Affairs Jacinto Rocha has confirmed that this is set to change as the company starts acquiring mineral assets in order to gain stakes in strategic commodities.

He told Miningmx.com: "The company has been there since 1944 or 1948. We are reviving it. It is not a new creation. We will launch the company in the near future."

According to the CEF, the company is attempting to gain mining rights in Witbank, Wakkerstroom and Bethal, while it could soon receive uranium rights from another state-owned firm.

The CEF has reportedly set aside R180 billion to fund three years of exploration and Mr Rocha confirmed that platinum production is one area the company will be looking to integrate, due to South Africa's large resources of the metal.

He also added that assets already under the ownership of private companies will not be nationalised and that they will not have any of their current rights rescinded.



Source:

SA state-owned mine firm plans revealed (08/10/08)
http://www.miningmx.com/mining_fin/781396.htm