Programme Director, Organisers of the Africa Down Under Heads of States and Ministers present Captains of Industries Distinguished Guests It is with a great sense of honour and privilege for me to speak on behalf of the people of South Africa and the South African mining industry at this 2024 Africa Down Under (ADU) Conference. Our sustained presence and participation at this conference is a clear demonstration of South Africa’s unwavering commitment, not only to strengthen relations with mining companies that are currently operating in our country and on the African continent, but to also forge relations with other potential investors. Having been actively involved in mining for over a century, the South African mining industry is increasingly diversifying from an era that was associated with gold mining to an industry with a diverse range of mineral resources such as platinum group metals (PGMs), coal, gold, copper, manganese, vanadium, and other natural resources that are considered critical for the just transition. In our quest for evidence-based state of the South African mining industry report, we have commissioned a study on “The State of Mining” by the state-owned entity, Mintek, in collaboration with the Minerals Council SA, Mapungubwe Institute for Strategic Reflection (Mistra), and researchers from reputable institutions of higher education. While the study is work in progress, I can disclose that it considers several key factors, including but not limited to, the contribution of mining to the economy, and the performance and trends of each commodity in terms of production, exploration, exports, sales, employment, and prices. Coupled with this study, is the development of South Africa’s “Critical Minerals Strategy” to serve as the nation’s blueprint for the exploration, exploitation, and processing of these minerals. Whereas there is no universal consensus on the definition and categorisation of critical minerals, I can divulge that, to be fit-for-purpose, the strategy ranks the criticality of each mineral using various methodologies such as supply risk, employment indicator, domestic and export sales indicators, and substitutability indicator among others. There is a very strong case emerging out of these studies that the South African mining industry remains an attractive investment destination. We are convinced that at the conclusion of this work, we will have evidence-based answers on how to address challenges facing the sector and consequently demystify any scepticism about South Africa’s mining industry, which we described as a sunrise industry a few years ago. Notwithstanding these developments, programme director, allow me to highlight some of the major commodities that our nation is endowed with and produces that potential investors here can leverage. Although gold mining in South Africa has been in existence for more than 100 years, the industry is now in a mature phase characterised by deep level mines stretching up to 4 kilometres deep and heightened safety concerns that directly impact production. Despite these difficulties, gold mining remains an integral component of South Africa’s mining industry, as evidenced by the 96 tonnes of gold production reached in 2023, resulting in South Africa being the world’s thirteenth (13th) and Africa’s fourth (4th) largest gold producer. South Africa is the world’s largest producer of PGMs, accounting for approximately 73% of the global new mine supply of platinum, 38% of palladium, and 81% of rhodium supply to the global commodities market in 2023. This sector has the potential to play a catalytic role not only in sustaining the South African mining industry, but in the growth of the South African economy and modernisation of its infrastructure as was the case with gold mining in the mid-20th century. At current production rates, the known PGM reserves will support South Africa’s mining activities and investments for more than 200 years. It is in this context, that we are advancing coordinated cooperation between the government and all stakeholders in the PGM industry aimed at creating value for the country’s PGM production and sales. Despite the pressure to phase-out coal, and in direct contrast to the overall reduction in mining production in 2023, coal production increased from 230 million tonnes in 2022 to 232 million tonnes in 2023. About 25 percent of the coal produced in our country gets exported to various countries, thus positioning South Africa as the fifth largest coal exporter. In addition, the price of coal increased significantly post 2020, thereby contributing to the increase in the number of direct employees and employee earnings which reflects a rise in both the workforce and compensation. Consequently, coal mining is actively contributing to the nation’s strategic priorities of driving inclusive growth, job creation and reducing poverty. In light of these developments, we are certain that coal will continue to play an integral part in South Africa’s economy as the primary source of our energy generation. In 2023, South Africa solidified its position as a major producer of ferroalloys, manufacturing approximately 4.34 million tonnes, of which 3.7 million tonnes were exported, thereby generating record export revenues of R8.3 billion. The South African manganese industry is a significant player globally, with the country holding the world’s largest reserves of known manganese and being the largest producer and exporter of manganese ore. As the demand for manganese products is expected to surge in the near future driven by its use in green technologies and electric vehicle batteries, the South African manganese industry is poised to maintain its critical role in the global market. In recognition of the fact that the success of the mining industry hinges on reliable and affordable electricity supply, as well as efficient transport and port infrastructure, the South African government is making significant progress in addressing the bottlenecks that have resulted in the reduction in total mining production between 2015 and 2023. It is now over 150 days since our country last experienced loadshedding with a number of our coal generated power stations maintaining an Energy Availability Factor (EAF) greater than 70%. Additionally, a considerable number of mining companies have taken advantage of the regulatory reforms brought about by the amendment of Schedule 2 of the Electricity Regulation Act (ERA) which removed the licensing threshold for embedded generation. To date, 23 mining companies have registered facilities with a combined capacity of 569 megawatts. Notwithstanding these advancements in addressing electricity supply challenges, working with the private sector at the National Energy Crisis Committee (NECOM) and the National Logistics Crisis Committee (NLCC), the government is making substantial progress in improving the state of transport and port infrastructure to support mining. Mindful of the significance of an efficient and transparent mining licensing system, during the previous ADU conference, we committed to modernising our licensing system to ensure regulatory certainty and the sustainability of the mining industry. I can report to you that since the appointment of a service provider for the new system’s design, implementation, and maintenance, we have completed the first phase of the project lifecycle whose major achievements include the completion of the assessment of the current environment to establish the baseline and its readiness from Information Communication and Technology (ICT) infrastructure point of view. Furthermore, the requirements with respect to system hosting, software integration, the enhancement of cybersecurity in line with our governance principles have also been completed. In essence, the meticulous implementation of the new system is advancing very well with an intention to complete the migration process by June next year. Programme director, I can also report that the implementation of the exploration fund that we announced during the previous ADU conference, is in full swing. Our first funding call targeting copper, lithium, rare earth elements and graphite received an overwhelming response with 115 applications which we are currently conducting due diligence on. The outcome of this process promises the discovery of new mines, thereby reinforcing South Africa’s vast potential in these essential minerals. We continue to urge fund managers and the investor community to invest in this important activation programme to support junior and emerging miners in their projects. In closing programme director, allow me to take this opportunity to thank the Executive Chairman of the ADU organising committee, Mr Bill Repard, for inviting us to this conference which has become a valuable platform for Africa to showcase its mining and geological potential to global industry stakeholders, and thereby reinvigorate investor confidence not only in South Africa’s mining industry, but also the African mining industry. I thank you.