In a striking demonstration of progress and transformation, South Africa’s mining industry has seen a remarkable increase in black ownership from a mere 2% in 2004 to approximately 39% today. President Cyril Ramaphosa shared this significant achievement during his keynote speech at the 30th Investing in African Mining Indaba held in Cape Town, which drew close to 10,000 attendees.
Celebrating 30 years of democracy, Ramaphosa reflected on the profound evolution of a sector that has been the backbone of the South African economy for over 150 years. Despite facing historical challenges of exploitation and inequality, today’s mining industry upholds the rights of its 476,000 employees, encourages community development, and fosters worker participation through share ownership schemes.
However, Ramaphosa acknowledged the sector’s current challenges, including global commodity price volatility, high energy costs, geopolitical tensions, and domestic issues like the energy crisis and infrastructure bottlenecks. According to a report by Mining Weekly, he reiterated the government’s commitment to collaborative efforts to address these issues, highlighting recent strategic objectives aimed at improving the sector’s global competitiveness and sustainable development.
Key initiatives include the Electricity Action Plan to ensure a reliable power supply, economic reforms to enhance mining operations, and efforts to combat illegal mining and infrastructure vandalism. The government’s partnership with the private sector under the National Logistics Crisis Committee aims to revamp South Africa’s freight logistics system, positioning the country as a key player in global markets.
Looking ahead, Ramaphosa emphasized the mining sector’s role in the global transition to a low-carbon, climate-resilient economy. He urged the industry to prioritize discussions on leveraging Africa’s rich mineral resources for sustainable growth, highlighting the Just Energy Transition Investment Plan as a pathway to new green industries and livelihoods.
As the Indaba focuses on embracing positive disruption, Ramaphosa’s vision for the future of South African mining is one of inclusion, growth, transformation, and innovation. He called on stakeholders to collaborate in embedding just transition principles into their operations, underscoring the mining sector’s crucial role in building a more sustainable and equitable economy.
