I think that's a misread of SA re: development. The ANC government is incredibly corrupt and has created a burdensome system for business. Additionally, ANC rhetoric about nationalization of industries and economic reparations a la Zimbabwe is heating up. No one in their right mind, especially not large mining firms with the necessary capital and expertise to develop resources, are going to invest capital when there is a very real risk that the ANC will nationalize it.

SA remains underdeveloped and it's prosperity untapped because of ANC cronyism and instability, not because of poverty. Indeed, I remember reading from a reporter stationed in Johannesburg that metrics if poverty and unemployment are worse now than under Apartheid.

https://quillette.com/2021/07/16/why-violence-and-looting-has-exploded-across-south-africa/