Department of Mineral Resources and Energy
Exploration is the lifeblood of mining.
The mineral resources and energy minister, Gwede Mantashe, declared this in an address at the South Africa Investment Conference.
The minister added that South Africa must “prospect, explore and exploit the world-class mineral deposits we have”.
“We will resuscitate the green field exploration with the aim of capturing a minimum of 5% of the global exploration share, which averages US$10 Billion per annum”, he said.
The mineral resources and energy department holds the view that the geoscience mapping programme will boost investor confidence due to availability of more reliable geoscience data.
The minister also pointed out that the department recognizes the role of artisanal mining in the local economy.
“The policy team in the Department is in the process of drafting the Artisanal and Small-Scale Mining (ASM) policy”, he said.
According to the minister, the Mineral and Petroleum Resources Development Act does not define the ASM concept and does not “sufficiently cater for the artisanal mining industry”.
“This policy will recognize and redefine the role and contribution of the small-scale mining sector to the economy while making provision for its licensing parameters”, he said.
The department holds the view that the policy will increase investments into “smaller high economic impact mining projects”.