The Department of Foreign Affairs welcomed the injection of US$235 (R 1,34 billion) into the South African economy by the Canadian Placer Dome mining company as a signal of confidence in South Africa which will assist in creating much needed employment in the gold-mining sector.
This new boost in the expanding economic relations between the two countries so soon after President Mandela's recent visit to Canada is encouraging. The fifty-fifty joint venture between Placer Dome and JCI subsidiary Western Areas Ltd, announced on 30 November 1998, is Canada's largest investment and the second largest single North American investment in South Africa. Placer will move to the position of fourth largest single foreign investor in this country.
The Canadian company chose Western Areas Ltd after a year of research and negotiations with various potential partners.
ISSUED BY THE DEPARTMENT OF FOREIGN AFFAIRS
PRETORIA
1 DECEMBER 1998