Mantashe says deal on SA minerals unlikely to be on the table as Ramaphosa meets Trump
Cyril Ramaphosa
Donald Trump
Minister of Mineral Resources and Energy, Gwede Mantashe. Picture: @GovernmentZA/X
JOHANNESBURG - Minerals and Petroleum Resources Minister, Gwede Mantashe, said a deal on the country's critical minerals is unlikely to be on the table at the Oval Office when President Cyril Ramaphosa meets with his United States (US) counterpart, Donald Trump. Mantashe, who is also the acting president in Ramaphosa's absence, briefed the media on the Critical Minerals and Metals Strategy in Cape Town on Tuesday. This is part of what the government says is a broader tactic to tighten the policy framework for the critical minerals sector and streamline regulations. Africa is said to hold 30% of the world's critical mineral reserves, such as manganese, graphite, nickel, lithium and copper. The US relies on South African metals and minerals that are essential for its economy and national security, making metals and minerals the biggest South African exports to the US.
According to the Institute for Global Dialogue, in 2021, platinum group metals were almost half of South Africa's exports to the US, and nearly 100% of the US's global chromium supply.
When Trump slapped the world with higher import tariffs, he put gold, platinum group metals, copper, and zinc on a list of exemptions.
Some economists said SA's minerals could be the Trump card the country needs at the negotiating table when diplomats talk trade and race policies in Washington. But Mantashe said otherwise.
'I would imagine that the US would try to put the issue of minerals on the table, but I doubt if the South African delegation will commit South Africa on its minerals. They may have issues, but that will have to come back for a discussion in the country.
'Any decision on that front will have to involve us, it will have to involve the Mineral Council, labour, and then we can make proposals. But our emphasis remains, our critical minerals must be enriched close to the place of production and that delegation in the US understands that fully,' added Mantashe.
That aside, there are also semantics involved with calls for a new definition on critical minerals - one that differentiates between what is genuinely vital to a country, and what is just something of importance.
ALSO READ:
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
IOL News
5 minutes ago
- IOL News
This is why South African billionaire Magda Wierzycka wants to come back home
South African billionaire Magda Wierzycka reveals her plans may hinge on new tax laws in the UK, potentially forcing her to return home and reshape the financial landscape for expatriates. Image: Facebook/Magda Wierzycka South African billionaire and Sygnia CEO Magda Wierzycka has hinted at a potential return to her homeland, citing recent tax changes in the UK as a significant factor in her decision. New rules, including a tax on overseas assets for residents with foreign ties, have raised concerns about her financial future in London. Wierzycka, known for her forthright stance against corruption, left South Africa several years ago, declaring that she would never return due to safety concerns. With an estimated net worth of $250 million, she ranks among the wealthiest women in South Africa, with her publicly traded shares in Sygnia valued at approximately R2 billion, in addition to substantial private investments. The shifting tax landscape in the UK, however, has thrown her plans into disarray. In an interview with SKY News, she explained the implications of these proposed changes. 'In my situation, let's assume I die right now, my estate and the assets that I have in my trust would be subject to inheritance tax here immediately,' she stated, highlighting the uncertainty this creates for her financial legacy. Wierzycka also expressed her frustrations with South Africa's foreign exchange controls, which complicate any potential relocation. 'South Africa has these kinds of restrictions on the free movement of cash out of the country. So, you know, it's a situation where my estate might, my children might not be able to settle the bill in the UK,' she said. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading These developments come at a time when Wierzycka is actively seeking funding for her investment ventures. 'I was raising a fourth fund to invest solely in the UK... The message to my investors is we'll be deploying the capital around the world. We are not coming to the UK," she noted, signalling a potential pivot away from British investments as she reevaluates her options. The repercussions of these changing policies could reshape not only Wierzycka's future but also impact the broader financial landscape for South African expatriates in the UK, prompting a need for ongoing discussion about the implications of such taxation reforms. IOL
IOL News
5 minutes ago
- IOL News
The odds are stacked against her: why women retire with 21% less in assets
Research shows that women are less likely than men to retire comfortably. Image: RON AI It's a well known fact that women in South Africa earn 24% less than men, on average. This, and other unique challenges, also have a significant knock-on effect when it comes to saving for retirement. A sobering statistic, recently released by Discovery Corporate, is that South African women retire with 21% less in retirement assets than their male counterparts. The study also found that females were 30% more likely to make early withdrawals from their retirement savings pots, from the two-pot retirement system introduced in 2024. They're also 80% more likely to make such withdrawals in order to cover school fees. ALSO READ: The risks of withdrawing from your Two-pot retirement system This is all in spite of the fact that women are 20% more likely than men to make retirement contributions over and above their employer's default rate. This may show a stronger intention to save for the future, but ultimately, several unique challenges prevent women from achieving a comfortable retirement. 'With August being National Women's Month in South Africa, we took a deep dive into the retirement data across our umbrella funds. Our analysis shows that women are definitely saving and actively contributing towards their retirement. Yet, the system still works against them,' says Nonku Pitje, CEO of Discovery Corporate and Employee Benefits. 'While lower pay contributes to the gender retirement gap, the issue is far more complex. Women face a lifetime of unequal financial pressures and retirement systems often fail to reflect their lived experiences. These systemic shortcomings widen the gap, leaving many women financially vulnerable in retirement.' The study found that unequal caregiving responsibilities deeply impacted their careers, with Stats SA figures showing that 43.4% of children live only with their mothers, compared to 3.9% in the case of fathers. This could also lead to fewer promotion opportunities, with the 24% average gender pay gap rising to 30% among those over 45 years of age, and 39% for those aged 65 and older. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ The gender pay gap in South Africa. Image: Supplied Compounding the retirement challenges is the fact the females, on average, live for two years longer than men. 'The gender pay gap is just the starting point. Our data highlights deeper systemic issues beyond unequal pay. Ultimately, by the time women retire, they've saved 21% less, will live longer, and continue to support family members across multiple generations and life stages,' Pitje said. 'The data reflects clear structural patterns and calls for benefit designs that respond to real life.' Ralene Grobler, spokesperson for Momentum Financial Planning, said financial independence was becoming increasingly important for women.
IOL News
an hour ago
- IOL News
Rethinking the Tripartite Alliance Elections Strategy: A Response to David Masondo
Current Tripartite Alliance leaders (from left) COSATU President Zingiswa Losi, ANC President Cyril Ramaphosa and SACP General-Secretary Solly Mapaila. We cannot afford the comfort of pacifist intellectualism when the structural conditions for rupture within the Alliance are already visible to the trained eye, says the writer. Image: Ayanda Ndamane/Independent Newspapers Zamikhaya Maseti This intervention is not a polite exchange of scholarly pleasantries, nor is it an attempt to curry favour with the architects of the paper under review. It is an unmandated, uncompromising rejoinder, rooted in the discipline of Marxist–Leninist analysis and sharpened by the lived experiences of liberation movements that have navigated the perilous waters of state power. The purpose here is to strip away the veils of South African exceptionalism, to expose the illusions that have sedated our strategic imagination, and to insist on a class-based reading of our current political moment. The critique that follows is not intended to undermine comradeship, but rather to strengthen it. True revolutionary discipline demands not silent agreement, but rigorous engagement with theory and history. We cannot afford the comfort of pacifist intellectualism when the structural conditions for rupture within the Alliance are already visible to the trained eye. This rejoinder must be read as both a warning and a call to arms, a reminder that history is unsparing to those who mistake sentiment for strategy, and that revolutionary survival rests on clarity of analysis, unity in action, and preparedness for the inevitable contradictions of post-independence governance. My enduring impression is that the paper is couched in a pacifist theoretical register. By pacifism in the intellectual sense, I am not referring to the noble ethics of nonviolence, but rather to a scholarly reticence —a reluctance to grapple with the antagonistic contradictions that define the post-independence political economy. It is a posture that seeks harmony where history demands confrontation, conciliation where dialectical necessity demands rupture, and in the process produces an analysis that is civil in tone yet anaemic in its engagement with the structural conditions that have historically brought ruling liberation movements to the precipice of decline after thirty years in power. This is neither conjecture nor abstraction; it is a recurring material reality recorded with painful regularity in Africa, in Latin America, and across the broader post-colonial world. The Democratic Deconsolidation Thesis is approached with tentative caution, as though the thesis may disintegrate when applied to the South African situation. This hesitancy cultivates a more profound danger, the entrapment in what I call the South African Exceptionalism Theory. This is the intoxicating belief that our liberation credentials, our democratic architecture, and our negotiated settlement have somehow immunised us from the political and electoral misfortunes that have undone other post-colonial states. Exceptionalism is the opiate of the governing elite; it sedates revolutionary vigilance, dulls the capacity for strategic foresight, and breeds complacency in the face of gathering contradictions. Antonio Gramsci's warning on the emergence of morbid symptoms in the interregnum is instructive. When the old is dying and the new cannot be born, a crisis of authority and legitimacy develops, producing distortions and political decay. South Africa is not exempt from this dialectic; in fact, the symptoms are already manifest, declining popular trust, factional decomposition, and the erosion of alliance cohesion. The lens of exceptionalism misreads these as episodic turbulence, when they are in fact structural signals of a deeper historical shift. Another theoretical lens that must be applied is the concept of the post-colonial predatory state. This analytical frame makes clear that national liberation does not dissolve the class struggle; it heightens it. As the post-independence political economy matures, class and ideological contradictions sharpen, and when these contradictions become irreconcilable, unity is no longer a revolutionary virtue but a political fiction. At that point, the rupture is not a betrayal; it is the dialectical outcome of the revolution's internal contradictions. The lessons of Latin American dependency theory, as articulated by Fernando Henrique Cardoso, Theotonio Dos Santos, and Ruy Mauro Marini, also bear repeating. Many liberation movements in state power, once embedded in the circuits of global capitalism, found their nationalist development agendas colliding with the imperatives of transnational capital. This collision intensified internal class cleavages, forcing strategic choices that fractured alliances from within. Nicaragua stands as a sobering historical example. Born of the anti-Somoza struggle, the Sandinistas forged a broad revolutionary alliance that combined multiple ideological tendencies. Yet under the combined pressures of U.S. economic warfare, counter-revolutionary destabilisation, and the intensification of internal class contradictions, the alliance unravelled. By 1990, the Sandinistas suffered an electoral defeat, proving that revolutionary legitimacy, once eroded by material pressures and internal fissures, cannot be recovered by nostalgia alone. This historical record teaches us that the Tripartite Alliance cannot be romanticised as political triplets conjoined for eternity like Siamese twins. It is a historically contingent formation, its unity resting on a material and ideological alignment that, once dissolved, cannot be restored through sentiment, through shared history, or liberation credentials. The Marxist Leninist duty before us is not to preserve the illusion of eternal unity, but to subject the alliance to a sober class analysis, to theorise the inevitability of rupture, to prepare for its consequences, and to manage the transition in a way that preserves the revolutionary gains of the National Democratic Revolution. South African exceptionalism will not save us. Only a clear-eyed, historically grounded, and uncompromisingly dialectical approach to the political economy of our moment can avert the fate that has already overtaken so many of our comrades in arms. This is the hour to return to the discipline of the revolutionary vanguard. We must train our cadre to think with the sharpness of Lenin, to see with the foresight of Marx, and to act with the decisiveness of those who understand that history is unforgiving to those who hesitate. We must cleanse ourselves of the narcotic of exceptionalism, steel the movement for the inevitability of rupture, and prepare organisationally to lead under new conditions. The revolution will not be defended by sentiment; it will be defended by clarity of theory, unity of action, and the courage to break with illusions before illusions break us. * Zamikhaya Maseti is a Political Economy Analyst. ** The views expressed do not necessarily reflect the views of IOL, Independent Media or The African.
