Mantashe announces fund for junior mining companies
Gwede Mantashe signed a memorandum of agreement with the Industrial Development Corporation (IDC) and the Council for Geoscience at the Mining Indaba on Tuesday.
Mineral Resources and Energy Minister Gwede Mantashe at the 2022 African Energy Week at the V&A Waterfront, in Cape Town on 18 October 2022. Picture: @GwedeMantashe1/Twitter
CAPE TOWN - Mineral Resources and Energy Minister Gwede Mantashe has announced some financial reprieve for junior mining companies, as the mining industry scrambles for investment.
Mantashe signed a memorandum of agreement with the Industrial Development Corporation (IDC) and the Council for Geoscience at the Mining Indaba on Tuesday.
The fund is expected to inject millions of rands in funding towards scaling up operations for junior miners.
Mantashe said the launch of the fund comes after ticking all the boxes, and passing regulatory hurdles.
"Through this fund, we seek to financially assist qualifying enterprises in the mining industry to conduct prospecting work, increase the junior miners’ access to mine ore bodies, and promote economic inclusion that will support equitable economic growth."
Mantashe added that artisanal and small-scale miners would also be roped in.
"Based on allocated budget, we intend on providing financial support to at least 13 small-scale miners. All these initiatives form part of government’s efforts to redress the injustices of the past and accelerate the participation of previously disadvantaged people in the mainstream economy."