Classic Business

The world is in the early phases of another commodity upswing that has all the hallmarks of another super cycle, driven in large parts by China again and its expansive belt and road policy as well as India another sleeping giant awakening and the world looking to leverage infrastructure to catalyse growth post the Covid pandemic.

This should be South Africa’s get out of jail free card. South Africa was a once great mining nation. Instead, mining exploration remains mired in red tape and a disabling regulatory environment. Since 2000, prices have nearly tripled, but production volumes are down 9.3%.

BEE is the largest detracting factor for FDI. It applies well to existing assets but remains a real deterrent for the exploration phase as international exploration investors target ownership at the mine phase as a key driver of their investment models.

This is the prime reason why we can't get junior ASX/TSX explorers to come to South Africa.

To talk about reviving the golden goose of mining exploration, Michael Avery spoke to Paul Miller, director of mining supply sales consultancy AmaranthCX; Stefano Marani, CEO of junior lNG and helium miner Renergen; and James Campbell Managing Director at Botswana Diamonds Plc

Rob Towell, portfolio managers at Sasfin Securities

Sam Clarke, CEO of Skynamo

Patricia Williams, Tax Partner: Bowmans, and member of the SAICA Tax Administration Act committee

Lester Davids, of Unum Capital

Niël Pretorius Chief Executive Officer

Dion Chang, founder of Flux Trends

Corporate governance has mirrored the decline in the country’s fortunes over the last few years. Steinhoff, Tongaat and VBS stand out in the rogues’ gallery. Central to these scandals has been the role of the audit function both internal and external.

The profession is facing a sort of existential crisis as liability claims increase on the one hand and the market demands more accountability insight and .foresight on the other.

In South Africa observers have also raised their eyebrows at recent senior leadership appointments at the Institute of Internal Auditors of South Africa and the Independent Regulatory Board of Auditors, which has now been cleaned out for now. The regulators for internal and external audit in the country. Raising the question of who guards the guardians? Juvenal's question quis custodiet ipsos custodes.

And central to this has been this internal conflict of auditing a client but also wanting to secure its business with the ether services these firms offer.

KPMG took a bold step to answer this by separating the two.

KPMG SA will become the first partner in KPMG’s global network to voluntarily cease offering consulting services to JSE-listed audit clients from the beginning of April.

Michael Avery spoke to Chair of KPMG SA Prof Wiseman Nkuhlu, about the bold decision.

Anil Govind, Executive Director of Innovate Alternative Assets,

& Dino Zuccollo, chairman of 12J Association of South Africa

Darryn Faulds, MeTTa Capital Fund Manager,

Boitumelo Mosako Chief Financial Officer at the Development Bank of Southern Africa