[South Africa] Mineral resources department approves R4 billion investment in Northern Cape
The Department of Mineral Resources and Energy (DMRE) has approved a mining right for Orion Minerals, paving the way for the development of a R4 billion copper-zinc project in the Northern Cape.
Speaking at the Australia Down Under mining conference currently under way in Perth, Australia, Minister Gwede Mantashe (MP) said this latest investment confirms that South Africa remains a preferred investment destination for mining. Adding that the requisite regulatory and policy certainty have attracted more investment into the country.
The revival of copper and nickel mining in the country provides a good replacement pipeline for the depleting minerals which have been mined for over 130 years. They are also an indication that mining is indeed a sunrise industry in South Africa. Therefore, the decline of other minerals should not be interpreted to mean the death of the entire mining sector.
In 2018, South Africa’s mining sector received over US $3.2 billion in investments, which resulted in the creation of an estimated 5000 jobs. Furthermore, there are about 60 projects currently in the pipeline, with an estimated value of US $7.8 billion and potential job opportunities of over 30 000 in the medium to long term.