Mineral Resources and Energy Minister Gwede Mantashe said during his budget speech vote yesterday that the planned projects would involve exploration, expansion, new mines and processing plants which would be resuscitated to capture at least 5 percent of the $10bn (R141.8bn) a year global industry.
Mantashe said the industry was not on its deathbed, and the government was willing to invest more in the sector.
“Mining is a sunrise industry,” Mantashe said. “We must prospect, explore and exploit the world-class mineral deposits we have. We will resuscitate green field exploration. The investment will attract a minimum of R8bn into the exploration sector.”
Mantashe acknowledged the tough times facing the industry, citing the economy's 3.2 percent contraction in the first quarter of 2019.