Chairperson, it is clear that the current global crisis is unfortunately making itself felt in the mining industry locally, leading to job losses, loss in share values, limited production and the curtailment of capital expenditure. These consequences require intense introspection by all constituents to the mining sector as to the viability of certain government objectives and outcomes, some of which I will deal with today.
Recent consideration pertaining to the revival of the state mining company, dormant since 1944, is a concern. The suggestion of setting up a resource bank, possibly funded from royalties, requires careful consideration, as not only is the introduction of a state-owned mining company of great concern, but also the funding of such bank with competitor's money is questionable. Any reflection on the recent mess at the Land Bank will immediately cause a great deal of concern and anxiety. The lack of competitiveness and bad governance at state-owned companies, inter alia, the state diamond mining company is well known, not to mention the poor state of affairs at other state-owned companies such as Transnet, Eskom and