In terms of beneficiation, the Committee mentioned that there are three aspects to beneficiation, namely capital intensity (affecting job creation), resource depletion and downstream activity. The emphasis is usually on capital intensity, but since the IDC invests in minerals beneficiation, the question was raised regarding their views on resource depletion and downstream activity. The IDC responded that it is investing in beneficiation projects that have the capacity to export. The IDC noted that South Africa is a resource rich country but has failed to harness its potential and the increased commodity prices. The IDC has supported private companies in establishing a platinum smelter and other downstream activities, as the country has 25% of the world's reserves. In terms of gold, the IDC has established a fund on local jewellery manufacturing.