Mining - should we not have a bigger play on our play within the overall industry, detailing all the resources we are in this overview. The mining industry has played a key role in South Africa's economic development for 130 years, and almost one fifth of the country's GDP is attributable to mining. In 2010 alone, the industry helped to create over 1.3 million jobs, both within the industry itself and throughout its supply chain, and it is estimated that for every job created in mining, two are created in the economy as a whole. Mining is also South Africa's primary source of foreign exchange, accounting for 38% of total merchandise exports in 2011. It further provides about 72% of South Africa's primary energy needs and, in a very real way, fuels the country.
The industry is nevertheless facing many challenges, including the downward trend in the demand for gold and protracted labour disputes in the gold and platinum sector. And, like other industries, it is affected by macroeconomic issues such as increasing costs, fluctuations in the value of the local currency and competition from new players in the global mining industry.
Mining is therefore the focus of intense economic and policy debate, which encompasses not only exploration and extraction, but also beneficiation.
Oakbay is a majority shareholder in several companies in the mining industry, and participates in a number of joint ventures. In all of these initiatives, the company is deeply committed to creating value for its shareholders, as well as to facilitating real and meaningful socio-economic change in South Africa.