South Africa and Canada sign MoU for cooperation in mining development

4 March 2015 (Last Updated March 4th, 2015 18:30)

South Africa has signed a memorandum of understanding (MoU) with Canada for cooperation in mining and mineral development.

South Africa has signed a memorandum of understanding (MoU) with Canada for co-operation in mining and mineral development.

The MoU was signed by South African Government Mineral Resources Minister Ngoako Ramatlhodi with Canada's Minister of International Trade Ed Fast.

Ramatlhodi said: "Minister Fast and I affirmed the commitment of partnership between our governments when we signed this MoU.

"The MoU focuses on cooperation and collaboration in areas such as skills development, technical experience, value addition and beneficiation."

"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."

Concluded on the sidelines of the Prospectors and Developers Association of Canada conference, the MoU will involve cooperation between both countries in encouraging increased reciprocal investment in exploration and prospecting activities.

The primary focus will be on the junior to mid-tier mining sector.

The MoU focuses on cooperation and collaboration in areas such as skills development, technical experience, value addition and beneficiation.

South Africa is the world's largest producer of chrome, manganese, platinum, vanadium and vermiculite and is the second largest producer of ilmenite, palladium, rutile and zirconium.

The country is also a huge producer of iron ore and it overtook India in 2012 to become the world third biggest iron ore supplier to China.