As the mining sector warns that the opportunities of the commodity boom are fast slipping by, government has committed itself to some ambitious targets in promoting exploration.
Speaking after the Joburg Indaba held recently, SRK Consulting Principal Mining Engineer Joseph Mainama highlighted the urgency expressed by industry leaders. Nolitha Fakude, President of the Minerals Council South Africa and chairperson of Anglo-American South Africa’s Management Board, reiterated that more investment into exploration was vital to unlock the value of local mineral resources.
“She delivered a strong message that South Africa should not miss the current commodities boom like it had missed the last one,” said Mainama. “Among the challenges she singled out were the slow approval process for exploration permits, and the uncertain regulatory framework – a point emphasised by a number of speakers.”
Mainama noted that Minister of Mineral Resources and Energy Gwede Mantashe had responded by announcing a departmental strategy to secure 5% of global exploration spend within the next five years. The strategy was reportedly now with cabinet for ratification.
“The minister told the conference that geoscience data on the country’s mineral deposits was currently being updated to facilitate better access by exploration companies,” said Mainama. The information on who owns mining rights was to be readily available to all stakeholders and investors.
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