South Africa cleared all the regulatory hurdles and approvals to launch the country’s exploration fund on the sidelines of the African Mining Indaba in Cape Town on Tuesday.
“The establishment of this fund will catalyse some of the discoveries we have made, such as the discovery of rare earth-bearing minerals such as lithium, coltan, and phosphate in a rock formation known as pegmatine in the Northern Cape, Kwa-Zulu Natal, Mpumalanga, and Limpopo,” said minerals mines minister Gwede Mantashe while addressing delegates.
“These discoveries have brought to the fore the urgency and need for South Africa to finalise and put in place its own critical minerals strategy, which we intend to launch this year.”
He said only developed countries have a strategy and definition of critical minerals to date.
Meanwhile, Mantashe said they remain resolute about resolving the energy constraints in the country and reducing unserved energy in totality to support the economy and the mining industry in particular.
To this end, he said, the country reviewed the 2019 Integrated Resource Plan (IRP) and gazetted the updated version for public comments.
Following the promulgation of the IRP, South Africa procured 6,094 MW of new generation capacity.
Of these, 1 234 MW are under construction, and 150 MW are connected to the grid and supply the required electricity.
Mathew Nyaungwa, Editor in Chief of the African Bureau, from Cape Town, South Africa, Rough&Polished
