South32 positive on South Africa after Ramaphosa ascension

The boss of London-listed miner South32 has welcomed Cyril Ramaphosa’s ascension in South Africa and said he would consider more acquisitions in the country.

Graham Kerr said South32 would be interested in “doing more in manganese” in South Africa, but said it would depend on the country regaining “stability”.

“Business confidence is going to get higher,” said Graham Kerr. “Hopefully we will see change around the mining charter and perhaps around key ministers. It’s crucial to attract more foreign investment to South Africa.

“We are heading in right direction but we’re very early in the journey.”

Mr Ramaphosa, a former mining union leader, was sworn in as president today, after Jacob Zuma finally bowed to pressure and resigned yesterday. His departure brings the curtain down on a presidency mired in scandal and marked by waning investor confidence.

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