S. Africa embarks on recovery process: Chamber of Mines

CAPE TOWN, March 24 (Xinhua) -- South Africa has embarked on significant recovery process under the leadership of President Cyril Ramaphosa, the country's Chamber of Mines said on Saturday.

Ramaphosa, who became the country's president in February, has started the significant process towards recovery, including making changes to the cabinet and improving governance in key institutions such as electricity utility Eskom and the South African Revenue Service (SARS), said the chamber.

"Much still remains to be done, but progress has been steady which, at this early stage, is a clear indication of the President's stated commitment to ethical leadership and governance in state institutions, and to addressing the structures, effectiveness and governance of state-owned enterprises," the chamber noted.

The chamber, which represents 90 percent of South African mines, issued the statement after international rating agency Moody's decided on Friday to maintain South Africa's rating at investment level and revise its outlook from negative to stable.

Moody's said the new administration under Ramaphosa faces equally significant opportunities and challenges.

The chamber said it shares the agency's view that the previous weakening of the country's institutions will reverse under a more transparent and predictable policy framework.

The mining industry remains committed to playing its part in working with the government and other stakeholders to build South Africa in the interest of a better future, the chamber said. Enditem