South Africa Leads G20, Seeks New Era of African Mining Development
The conference coincides with South Africa's historic G20 presidency, which Mantashe sees as an opportunity to reshape the African mining industry's approach to economic development.
CAPE TOWN, South Africa— South Africa's Minister of Mineral and Petroleum Resources, Gwede Mantashe, outlined an ambitious vision for African mining during the 31st Investing in African Mining Indaba, emphasizing the continent's vast mineral wealth and potential for economic transformation, writes Winston Mwale.
Speaking at the conference, Mantashe highlighted South Africa's significant mineral reserves, noting the country possesses approximately 37% of the world's manganese ore reserves and leads globally in production.
"Africa is the world's richest mining jurisdiction, possessing at least 90 percent of the world's chromium and platinum, 40 percent of the world's gold, and the largest reserves of cobalt, vanadium, manganese, and uranium," Mantashe said.
The minister stressed the importance of local mineral beneficiation, criticising the current exporting of raw materials.
He announced plans to intensify engagements with manganese producers to encourage local processing, with only 2% of manganese ore currently processed domestically.
Mantashe also reported progress in exploration investments, revealing that recent funding initiatives have prioritized black-owned and female-owned mining projects.
Between February and March, 20 projects will receive approximately 67 million rand through an artisanal and small-scale mining fund.
The conference coincides with South Africa's historic G20 presidency, which Mantashe sees as an opportunity to reshape the African mining industry's approach to economic development.
"We must leverage this opportunity to shape a new era of the African mining industry that meaningfully contributes to the socioeconomic development of our continent," he said.
The minister emphasised the need for a broader definition of critical minerals, moving beyond energy transition to include various industrial sectors and developmental objectives.