South Africa is seeking a two-fold increase in mining sector investments. The minerals council in South Africa made the announcement and said the move aims to reposition the country’s mining industry as its chief industrial sector.
As a preliminary step towards achieving this, the council seeks the hike in real investment in the mining sector by 2030. This target will be made possible through council partnerships with major stakeholders in the creation of a valuable policy, legislative and operating environment.
National Development Plan
In line with the country’s National Development Plan, this target aims at enhancing South Africa’s economic growth and its developmental and transformational vision. The mining and quarrying sector’s contribution to the country’s gross domestic product (GDP) reached 4.6% in 2020, down from 10 percent in 1993, according to data from Statistics South Africa.
South Africa is well known for its abundance of mineral resources, accounting for a sizable proportion of global reserves and production. Despite coal, gold, platinum and diamond being the most prominent reserves, the country is also home to other minerals, such as chrome, vanadium and titanium.
The key players in the industry include Anglo American Platinum, Kumba Iron ore, Impala Platinum, Sibanye-Stillwater, Gold Fields, Northam Platinum, Exxaro Resources, ARM, Harmony Gold and Royal Bafokeng Platinum.
Taking into consideration the nature of the mining sector, casualties and fatalities are a key concern that the country has pledged to reduce. Accordingly, the South African mining industry has renewed its commitment to “zero harm” in 2021 by revisiting health and safety issues with all market players.