South Africa is considering opening a new metals exchange that would serve the whole of Africa.

Under plans being put forward by the deputy mining minister Lulu Xingwana, metals could be traded domestically rather than via overseas hubs such as London.

Ms Xingwana said the time was now right for such an exchange, as regulations are relaxed and a greater cooperation is pursued in African industry.

"No concerted effort has been made yet to study the feasibility of this exciting concept," she explained to Reuters.

"However, the New Partnership for African Development (NEPAD) now gives us the conviction to put this opportunity on the table, because for the first time we as Africans can begin to believe that we can make this work," Ms Xingwana added.

She went on to identify the "relaxation of exchange controls" - a reference to South Africa's decision in October to allow firms to invest offshore freely - as a key indicator of "a change of mindset".

The idea would see metals and products such as diamonds, gold, platinum, copper and ferro-alloys traded, with Johannesburg potentially acting as a hub for the jewelry and diamond markets.