Date: 14/11/2005 Source: South African Reserve Bank Title: Mboweni: LBMA Precious Metals Conference Keynote address by Mr TT Mboweni, Governor of the South African Reserve Bank, at the LBMA Precious Metals Conference, Johannesburg Ladies and gentlemen, honoured guests.

Thank you very much for inviting me to participate in this your annual conference being held here in South Africa this time. It is indeed a privilege and an honour to speak to you today. It is also fitting that a conference such as this one is held in Johannesburg. This city was born in 1886 and built on the gold mining industry which flourished as a result of the great mineral wealth present in the rock below us.

The African people refer to this place as Egoli or Gauteng which means the city of gold. The platinum group metals (PGMs) also play an extremely important role in the South African economy with South Africa being the major supplier of precious metals to the international market. Our role in the gold refining industry is also significant. The Rand Refinery is the world,