South Africa's mining sector hails new critical minerals strategy as key to investment, growth
JOHANNESBURG, May 22 (Xinhua) -- South Africa's mining industry has welcomed the government's newly launched Critical Minerals Strategy and the Cabinet's approval of the Mineral Resources Development Bill (MRDB), calling them major steps toward boosting investment, enhancing local value addition, and strengthening regional industrialization.
South African Minister of Mineral and Petroleum Resources Gwede Mantashe announced the approval of the two policy documents on Tuesday, noting that they are critical for ensuring policy certainty and unlocking South Africa's potential in the global minerals market.
"The approval of these two policy documents marks a major milestone in our concerted efforts that are aimed at ensuring policy and regulatory certainty, as well as maximizing the country's potential in the global market for minerals," Mantashe said.
He noted that while the term "critical minerals" is widely used internationally, definitions vary based on each country's strategic priorities -- including economic growth, technological development, supply chain security, and geopolitical interests. For South Africa, the strategy prioritizes minerals such as platinum, manganese, iron ore, coal, and chrome ore, which are identified for their potential to drive economic and industrial development.
At the heart of the new strategy is a push to "foster" regional cooperation, promote local beneficiation, build resilient value chains, and attract investment in exploration and research. Mantashe emphasized that the aim is not just national growth but broader regional industrialization through a more strategic and localized approach to mineral resources.
The strategy has been positively received by the mining industry. The Minerals Council South Africa, the sector's main representative body, confirmed that it was consulted during the drafting process and welcomed the government's inclusive approach.
Independent analyst and businessman Sandile Swana described the policy shift as a "game changer" for the mining sector. "These new strategies and policies that have been issued by Gwede Mantashe and the Cabinet do change the game," he told Xinhua in a phone interview on Thursday.
Swana highlighted the significance of this shift for both economic and geopolitical security, particularly in an era of increasing global trade tensions. "We've seen with the international trade wars that are in progress at the moment that during times of sensitivity, critical minerals are weaponized," he said. "That means that even in considering your security, you need to know what strategic minerals come out of your country, even your region."
"I think South Africa wants to lead the Southern African Development Community (SADC) region into knowing how to manage the strategic minerals. It means that when these strategic minerals are sold, they are more likely in the future to be sold in a value-added form," he added.
The new MRDB, expected to be published for public comment soon, is seen as an essential complement to the Critical Minerals Strategy, aimed at streamlining regulatory frameworks and encouraging sustainable development in the sector.
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