Mining Minister Gwede Mantashe is intent on revitalising exploration in South Africa, which is
good news for the project and logistics sectors. Speaking in Cape Town recently he said the development of new minerals would reverse the decline in the mining industry and play an important role in raising the sector’s 7% contribution to GDP to at least 10%. Whilst many
analysts and stakeholders in mining have called these numbers ambitious, saying it would be near impossible to deliver in the five years Mantashe has set as target, the focus on exploration has been welcomed. According to Mantashe reviving exploration will revive mining. Due to ongoing policy and regulatory uncertainty exploration in the country has come to a near standstill. “My department’s responsibility is to explore and extract,” said Mantashe. “We realise the dire need to revitalise exploration activities, for which we have directed the Council for
Geoscience (CGS) to enhance the geological mapping knowledge and fast track the exercise of delineating new mineral targets.” He said the mapping programme would bring South Africa in line with progressive exploration and mining jurisdictions and it was the government’s intent to secure a minimum of 5% of the global exploration budget within the next three to five years. “This will identify and affirm new mineralisation systems that are consistent with the new demand
trajectory of mineral resources, such as battery minerals. We remain highly attractive for investment in the renewal of the mining sector that will discover world-class mineral deposits in the short term.” Mantashe said changing the narrative on mining in South Africa was long overdue and he was committed to exploration as this would again send out a message to the international investor community that South Africa was open for business.
CAPTION: My department’s responsibility is to explore and extract. – Gwede Mantashe
