Minister Gwede Mantashe addresses the Invest in Africa Mining Indaba 2025 conference, highlighting the ongoing role of the mining industry in South Africa's economy. Despite the decline in gold mining, the country continues to thrive in other mineral sectors, with a focus on platinum-group metals (PGMs). Mantashe emphasizes the need for beneficiation and future-proofing mining practices, ensuring long-term sustainability and community inclusion.
The mining industry in South Africa continues to be a vital sector for the national economy, despite facing numerous challenges in recent years. Addressing attendees at the Invest in Africa Mining Indaba 2025 conference on February 3rd, 2025, in Cape Town, Minister of Mineral Resources and Energy, Gwede Mantashe, highlighted the industry's ongoing significance. Mantashe noted that while the country is transitioning from a gold-centric era, it possesses a diverse range of mineral resources.
October 2024 witnessed a 1.4% surge in mining production, fueled primarily by platinum-group metals (PGMs), chromium, diamonds, and coal, which collectively contributed 2.6 percentage points to the overall growth. Mantashe emphasized the turnaround in PGM production, which expanded by 8.5% following three consecutive months of contraction. He acknowledged the enduring employment impact of gold mining, stating that the sector still supports approximately 900,000 workers.Mantashe further underscored the importance of PGM production for South Africa, noting that the country accounts for 73% of global PGM output. In 2023, South Africa supplied 38% of global palladium and 81% of rhodium. He positioned the mining industry as the bedrock of the South African economy, contributing 6% of the nation's total nominal GDP in the first three quarters of 2024, equivalent to at least R432.7 billion. Mantashe stressed the need for African leaders and investors to prioritize the beneficiation of PGMs near their production sites, thereby preventing the export of jobs and profits. He emphasized the concept of 'future-proofing' mining, which involves implementing practices and technologies to ensure the long-term sustainability of the industry. This approach encompasses balancing economic growth with social responsibility and environmental stewardship. Mantashe specifically highlighted the importance of community inclusion in future-proofing mining, noting the need for indigenous wisdom and emphasizing youth participation and leadership. He also reaffirmed South Africa's and Africa's commitment to being investor-friendly, while stressing the collaborative need to maximize benefits from the continent's abundant resources
Mining South Africa Economy Minerals Platinum-Group Metals Sustainability Beneficiation Community Inclusion
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