On Tuesday, South Africa announced an investment deal with two of BRICS partners, Russia and China about investing in the country.
Several South African State-owned companies will also benefit such as Transnet, Naspers and power utility Eskom.
South Africa and Russia have been having discussions on options that can be used in order to preserve the value of platinum.
Minister of Mineral Resources, Gwede Mantashe, addressed the media on Tuesday after meeting with the Russians.
The two countries shared innovations in mineral processing, which included South African technology in water and energy that is being developed at Mintek.
In 2013 South Africa and Russia signed a Memorandum of Understanding (MoU) where they committed themselves in this agreement and have recommitted themselves this year to make sure that everything goes accordingly. Both these countries have further engaged in the risks and growth of the sector.
Different technologies are being developed for the consumption of platinum, South Africa already accounts for 90% of global platinum.
South Africa also announced that it has signed an agreement with China which includes an investment of $14.7 billion dollars.
This was also announced on Tuesday after the State visit by Chinese President Xi Jinping, where he met with President Cyril Ramaphosa to further deepen trade and bilateral relations.
“We have signed several agreements and memoranda of understanding that are intended to further deepen our relations, including investment commitments to the value of US$14.7 billion.
Some of the agreements signed are in trade and industry, agriculture and science and technology, including a visa agreement.
Written by: Asavela Fekema
Border-Kei Chamber of Business