President Ramaphosa, said South Africa is committed to contributing its fair share to reducing greenhouse gas emissions, and adapting to and mitigating the impacts of climate change.
He said South Africa’s and Africa’s critical minerals sector has a crucial role to play in this regard, and we recognize the importance of collaboration with other countries to develop the potential of our critical minerals sector.
Flanked by Ministers of Trade, Parks Tau and of International Relations, Ronald Lamula, Ramaphosa, Ramaphosa, addressed the African Minerals Forum, hosted by the Business Council for International Understanding (BCIU) and Prosper Africa on the sidelines of the United Nations General Assembly (UNGA 79), in New York, USA, on Monday.
“Thirty percent of the world’s proven critical mineral reserves are found in Sub-Saharan Africa.”
South Africa, therefore, aims to improve the business operating environment and attract investment, through a combination of driving key structural reforms and leveraging the strengths of key economic sectors such as mining, energy, and manufacturing.
“We are advancing a Just Energy Transition Plan that will guide our shift from coal to renewable energy sources while ensuring equitable economic opportunities and social inclusion for affected communities.
The US in particular has established expertise in advanced mining technologies, automation and sustainability practices.
We want to strengthen our ties with US companies and institutions to foster technological advancements, enhance supply chain efficiencies and attract investment into our mining sector.”
South Africa has substantial reserves of platinum group metals, manganese, vanadium as well as chromium.
It is estimated that the extraction of select minerals could boost the region’s GDP by 12 per cent or more by 2050.
According to the International Monetary Fund (IMF), the global market for critical minerals is at approximately USD 16 trillion, over the next 25 years.
Of this amount, African countries could generate USD 24 billion a year in GDP and create 2.3 million jobs from investing in mining beneficiation and domestic processing.
Picture: GCIS