Govt’s R20bn exploration boost lauded, but more needs to be done

Amid reports that South Africa is attracting less than 1% of the global share of exploration spend, Mineral Resources Minister Gwede Mantashe has dedicated a national investment of R20-billion to an integrated multi-disciplinary mapping programme to boost global investment in local exploration. In his parliamentary address in May, Mantashe noted that South Africa accounted for 94% of known global reserves of the platinum group metals (PGMs), 73.7% of chrome, 29% of manganese, 18.4% of vanadium and 10.5% of gold reserves. However, the country’s geology and mineral deposits – valued at about $2.5-trillion – have largely gone untouched by local and international explorers and investors, according to a report by independent consultants John Bristow and Dan Moagi that was published by Mining Weekly in March.