The Minister of Mineral Resources and Energy Mr. Gwede Mantashe has today, Thursday 29 June 2023, called for investors to increase mining exploration activities in the Northern Cape Province, saying the province’s mineral wealth remains largely untapped.
Minister Mantashe was speaking at the 2nd annual Northern Cape Mining and Energy Investment Conference convened under theme: “Realising Northern Cape’s Investment Potential in Mining.” It seeks to encourage and optimise private sector investment and provides a platform to mobilise partnerships, as well as galvanize support and market investment opportunities in the province.
The Northen Cape province is great potential given the mineral wealth that remains largely untapped. “We therefore call on investors to look to this province for investments into more exploration projects. We have enabled this through the development of the exploration strategy coupled by the exploration fund which is currently being established by the department [through the Council for Geoscience] in partnership with the Industrial Development Corporation (IDC),” said Minister Mantashe.
The exploration strategy for the mining industry of South Africa seeks to, amongst others, attract at least 5% share in global exploration expenditure within a period of five years. The strategy also aims to reignite mineral development, accelerate new mineral discoveries and encourage optimal utilisation of mineral resources in line with the environmental, social, and corporate governance principles.
In line with the strategy, government has set aside R500 million exploration fund to support emerging mining companies to participate in the mineral exploration projects.
“This initiative will ensure that we de-risk the mineral acreage of the country and encourage the emergence of new mines. Priority will also be given to critical minerals projects as these will support our green economy trajectory and support our just energy transition,” he added.
This year’s conference featured fireside chats with industry captains leading deliberations on topics such as critical and strategic minerals in the African continent; energy solutions as critical enabler of investment in both mining and energy sectors, as well as incentives and uplifts to boost exploration and mining.
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Issued by the Department of Mineral Resources and Energy