Gold remains a major contributor to the South African economy.
Speaking at the China Mining Conference and Expo, Phumzile Mgcina, the Deputy Minister of Minerals and Petroleum resources, said a recent study on the State of Mining, revealed South Africa is currently the thirteenth (13th) largest gold producer globally and fourth (4th) largest in Africa, with approximately 40% of gold exports destined to China.
The natural diamond sector also remains globally competitive.
“Projects such as the Cullinan and Venetia, among others, continue to produce exceptional diamonds, supported by significant investment aimed at extending their operational lifespans. This underscores our confidence that the diamond sector remains well-positioned to serve the markets” said Mgcina.
The country has the world’s largest known reserves of platinum group metals (PGMs), including manganese, and chrome.
“These minerals are not only vital to our domestic economy but also integral to the global transition towards cleaner and more sustainable technologies.”
She said there is a need for greater and more inclusive collaboration in sustainable and mining development
due to a rise in demand for minerals. This is despite intensified competition and geopolitical tensions.
“A key priority for us is rebalancing global mineral value chains in a way that benefits all nations – particularly producer countries. Central to this is our commitment to driving value addition closer to the point of production.”
South Africa is engaging with G20 members on a Framework for Shared Prosperity and Sustainable Development in the minerals sector, which has six pillars. Some of these are mobilising investment in infrastructure and processing facilities within producer countries, to enhance the resilience of global mineral supply chains by promoting diversification of sources, routes, and markets.
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