Thursday , May 23 2024

SA earmark mining sector for investment in coming years

Wits Mining Institute director, Professor Glen Nwaila has allayed fears that South Africa’s mining industry is hitting a plunge.

“Despite the global economic challenges, South Africa has become more attractive to investors due to the surge in demand for raw materials, as witnessed by the eight-fold increase in South Africa’s coal exports to Europe in the first half of 2022 and the rise in gold prices to $2000 per ounce,” said Professor Nwaila.

He shared the views at the recent 5th South Africa Investment Conference 2023 that focused on mining as a new partnership for growth, under the theme: ‘Mining: A New Partnership for Growth’.

Gwede Mantashe, South Africa’s Minister of Mineral Resources and Energy also shared the sentiments addressing the challenges in attracting high certainty investments and the government’s role in promoting a mining ecosystem that fosters innovation and growth in the sector.

The Minister also addressed the periodic changes in the South African Mining Charter and the government’s commitments to deliver measurable goals, such as continuous power supply, addressing illegal mining issues, promoting artisanal and small-scale miners, and ensuring policy certainty.

HyPlat Chief Executive Officer, Dr. Sharon Blair dispelled fears that electric vehicles would kill the platinum sector by stating that the hydrogen economy heavily relies on platinum as a catalyst in fuel cell technology.

Meanwhile Kumba Iron Ore Chief Executive Officer, Mpumi Zikalala addressed the need for the mining industry to become more environmentally sustainable while maintaining profitability and competitiveness.

She also highlighted the importance of logistics and infrastructure for the mining ecosystem and the opportunities for large-scale mining companies to work with junior miners.

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