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South Africa has this week signed a Memorandum of Understanding (MoU) with Canada concerning cooperation over mining and mineral development
The deal, signed in Pretoria by South African mineral resource minister Ngoako Ramatlhodi and Canadian trade minister Ed Fast, encourages increased reciprocal investment in exploration and prospecting activities.
The deal gives particular attention to investment in the junior to mid-tier mining sector, as well as asserting both parties’ commitment to collaborate on skills development, technical expertise and experience as well as value addition and beneficiation.
Ramatlhodi said, “The signing represents South Africa’s commitment to global partnerships in development and serves to further encourage more Canadian and South African companies operating throughout the mining and minerals value chain to deepen the special relationship we have established over the years and formalised today.”
Mining accounts for 18 per cent of GDP and 13.2 per cent of corporate tax receipts in South Africa, according to the South African Chamber of Mines.
The industry is similarly important to Canada, contributing around US$43.5bn to the country’s GDP in 2013 and employing around 380,000 people in the same year.
Canada is a global leader in mining, with Canadian provinces constituting five of the top ten most attractive places in the world for exploration, according to a recent report by the Fraser Institute.