Deputy Minister of Minerals and Petroleum Resources Phumzile Magsina reiterated the government’s position that South Africa’s mining industry is growing.

The Deputy Minister was speaking at the South African Exploration and Investment Forum, held in conjunction with the ongoing African Mining Indaba Investment in Cape Town.

“The Council for Geosciences (CGS) is our implementing agency and is tasked with quantifying the inherent value of South Africa’s mineral resources across a range of strategic mineral commodities. This study already points to significant untapped mineral potential and reinforces our message that South African mining is a sunrise industry.

“This is not a theoretical story, but a real story. This has been demonstrated through the success of projects supported under the Junior Mines Exploration Fund (JMEF),” she said.

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JMEF forms part of South Africa’s mineral exploration strategy, which aims, among other things, to attract exploration investment, reinvigorate mineral development and accelerate the discovery of new minerals.

The first application slot allocated approximately R160 million to eligible applicants, while the second application slot attracted 80 applications.

“One such project in Botaville, Free State, has progressed to an intensive drilling stage targeting rare earth elements and associated minerals. In addition, two projects in the Northern Cape are scheduled to begin drilling this year, and at least four other projects are in the early stages of mapping and acquiring geophysical and geochemical datasets.”

“Taken together, these projects confirm that South Africa’s underground potential is actually not fully understood and realized,” she argued.

The fund has received an encouraging response, with commitments reaching billions of rands.

“The commitment is over R2 billion, a significant increase from the original R400 million contributed by the Department and the Industrial Development Corporation.

“Equally encouraged by the level of public interest, the second round attracted 80 applications covering a variety of minerals including tin, tungsten, titanium, uranium, gold, antimony, arsenic, fluorite, copper and lithium.

“Despite these developments, we continue to encourage industry partners and investors to partner with us by investing in exploration, which is the lifeblood of a sustainable mining sector,” Magsina said.

The Deputy Minister noted that CGS has launched a virtual core library.

She described the library as a “strategic national asset designed to transform the way South Africa derives value from its geological assets”.

“This initiative is poised to propel our country’s mining industry into an era of digital transformation. By enabling the digital preservation and analysis of historic drill cores, the library will speed exploration decision-making, reduce costs and strengthen South Africa’s competitiveness as an exploration destination.”

“This platform further promises to lower the barriers to entry for young and emerging explorers and revitalize interest in unexplored regions. Most importantly, it will protect our geological heritage while stimulating new exploration activities,” Magsina said.