MINERAL AND PETROLEUM RESOURCES REPUBLIC OF SOUTH AFRICA OPENING REMARKS BY THE HONOURABLE MINISTER OF MINERAL AND PETROLEUM RESOURCES MR GWEDE MANTASHE (MP) INVESTING IN AFRICAN MINING INDABA CAPE TOWN ICC, 09 FEBRUARY 2026 Master of Ceremonies, Your Excellencies, Ministers and Deputy Ministers Deputy Minister of Mineral and Petroleum Resources, Ms Phumzile Mgcina Members of the Diplomatic Corps Organisers of the Investing in African Mining Indaba Captains of Industry, and Members of the Investment Community Leadership of Organised Labour, Civil Society, and Communities Distinguished Guests It is both an honour and a privilege to welcome you, once again, to South Africa for the 32nd Investing in African Mining Indaba. This year’s Indaba convenes at a moment of profound global uncertainty. We are witnessing heightened geopolitical tensions, driven largely by the competition of some developed economies seeking greater control over the natural resources of developing nations. This dynamic represents a serious threat to the sovereignty of resource-endowed countries, the majority of which are here on the African continent. It is, therefore, befitting that the theme of this year’s Indaba is: “Stronger Together: Progress Through Partnerships.” To us, this is not merely a slogan – it is a strategic imperative for Africa to act collectively, speak in one voice, and avoid the destructive race to the bottom in our engagement with global powers and investors. It is in this spirit that we convened the 2nd edition of the African Ministers’ Critical Minerals Roundtable, in partnership with the African Union. This platform brought together governments, investors, and strategic partners to strengthen continental leadership on these critical minerals. Our objective is to deepen collaboration, accelerate responsible exploration and mining, and ensure that Africa captures greater value from its own mineral endowment. As per the consensus reached last year, our partnership must move beyond extraction to industrialisation and value addition closer to the point of production. As we indicated at last year’s Mining Indaba, in 2024 South Africa undertook a comprehensive study on the state of mining alongside the development of our Critical Minerals Strategy. I am pleased to report that this work has now been completed. The strategy is in place, and its implementation is underway. As per the G20 declaration, this achievement has not only shaped South Africa’s critical minerals agenda – it has also positioned Africa more broadly to assert greater control over its strategic resources. A central pillar of this strategy is the review of our regulatory framework. Let me take this opportunity to reaffirm our commitment to creating a regulatory framework that is more certain, more predictable, and more transparent – one that attracts investment while ensuring that the benefits of our mineral wealth are shared equitably with all South Africans. We recognise that exploration is the lifeblood of mining. For this reason, we have removed the requirement for Black Economic Empowerment (BEE) participation at the prospecting stage. This is not a retreat from transformation, nor is it an endorsement of the misguided view that black participation is a barrier to economic growth. It is rather a pragmatic recognition that prospecting is a high-risk phase where no economic value has yet been proven. This change is designed to stimulate exploration, increase South Africa’s global share of exploration investment, and ultimately expand the pipeline of future mines. Encouragingly, our renewed exploration drive is already bearing fruit. New geological data points to substantial untapped mineral potential beneath South African soil – a potential that we are eager to unlock through inclusive development. A powerful example of this progress is the success of projects supported by the Junior Mining Exploration Fund (JMEF). In the Bothaville district of the Free State, a JMEF-supported project has advanced to an intensive drilling phase targeting rare earth elements and associated minerals. This is a clear demonstration that our subsurface potential remains far from fully understood or realised. The second round of the JMEF is now underway with 80 applications received targeting Tin, Tungsten, Titanium, Uranium, Gold, Antimony, Arsenic, Fluorspar, Copper, and Lithium. To further accelerate exploration, I invite all of you to join us at the SA Pavilion for the launch of the Virtual Core Library by the Council for Geoscience (CGS). This is a landmark national initiative that will transform how geological data is accessed, shared, and utilised – making South Africa a more attractive destination for exploration investment. While our regulatory review process continues, we are encouraged by the ongoing investment in the sector. Recent developments include the opening of operations such as: • Qala Shallows Gold Mine by West Wits Mining • Arnot OpCo’s open cast Colliery • Seriti’s Naudesbank Colliery • The commencement of production at the Ivanplats Platreef Mine • Ikoti Coal underground operations 5 Furthermore, between February 2025 and January 2026, the department has granted: • 358 prospecting rights, and • 32 mining rights, This demonstrates continued confidence in South Africa as a mining investment destination of choice. We are committed to honouring that confidence by driving a fair, efficient, and transparent licensing system that supports growth while protecting our national interests. As I conclude, I would like to commend the South African mining industry for achieving the lowest mine fatalities on record, surpassing the previous benchmark of 42 fatalities in 2024 with 41 fatalities in 2025. Although one life lost is too many, this is a clear demonstration that collective efforts bring our Zero-Harm goal within reach. I thank you.