Madam Deputy Speaker, South Africa has always been a mineral- rich country. In apartheid, the economy was predominantly focused on gold and diamonds. This centralised the money in the pockets of the white minority. Today, we still see the legacy of that in the massive gaps between the rich and the poor. Contrary to what the DA is saying, it is important that government play a more integral role in this factor to rectify the injustices of the past.
Twenty years after democracy, we cannot have a situation where the white minority still controls the economy, land and natural resources. We must take heed of the fact that during the apartheid regime, the state had a direct influence on the mining sector which ensured that the wealth stayed in the hands of the white minority. Now, surely, the DA cannot be suffering from amnesia to know and understand that.
It is no small task to decentralise a mineral economy which was centred on white interests. The majority of the citizens of this country are still excluded from the benefits of our country's own natural resources. Of course, indeed, it is a mammoth task, however, to develop and manage these resources so that optimal value can be gained from it. The MF lauds the efforts of the Minister in striving to ensure that our resources are distributed amongst all our people and not just simply the white elite.
Firstly, we note that the Bill will allow the Minister to institute regulations which will achieve the above conditions. We welcome the authority given to the Minister to reserve key minerals for beneficiation. This will greatly stimulate the manufacturing sector of our economy. We cannot have a situation where our natural resources and minerals are exported just to buy them back as processed products at a much more ridiculous cost.
It is crucial to stimulate the sector as it contributes to solving the unemployment crisis. The state's right to a 20% free carried interest on all exploration and production rights is welcomed by the MF. This would mean that a portion of the production will go straight to the state in a form of a tax. It is another way to ensure that all our citizens benefit from our resources. The co-operation between the Department of Mineral Resources and the Department of Environmental Affairs in the mining sector is absolutely crucial, as it remains one of the biggest contributors to our economy, and indeed a big source of unemployment for skilled and unskilled workers. Therefore it is absolutely imperative for all of us to commit to build a vibrant rainbow nation based on the principles of equality for all, and give true meaning to the spirit of unity. The MF supports the Bill. I thank you. [Applause.]