As we come to the end of this year’s Joburg Indaba, I would like to reflect on the state of the industry and, more importantly, on what we must do to unlock its next phase of growth. I want to focus on four pillars that we believe are fundamental to the future of mining in South Africa: exploration, value addition, skills development, and market diversification.
Speaking Notes by the Honourable Minister of Mineral and Petroleum
Resources
Mr Gwede Mantashe
Joburg Indaba 2026
The Inanda Club, Sandton
08 October 2026
Chairperson, Mr Bernard Swanepoel
Captains of the Industry,
Distinguished Guests,
As we come to the end of this year’s Joburg Indaba, I would like to reflect
on the state of the industry and, more importantly, on what we must do
to unlock its next phase of growth.
I want to focus on four pillars that we believe are fundamental to the
future of mining in South Africa: exploration, value addition, skills
development, and market diversification.
1These are practical imperatives if we are serious about building a globally
competitive and more inclusive mining industry.
Let me start with investment in exploration.
The reality that we must all accept is that there can be no mining without
exploration.
If we want new discoveries, new opportunities, and new mines, then we
must invest in finding minerals that will underpin the next generation of
our mining industry.
The government is making tangible progress through the Junior Mining
Exploration Fund (JMEF), where we are deliberately driving the
participation of historically disadvantaged South Africans in the industry
while, at the same time, reigniting mineral exploration and development.
However, we face a stubborn reality.
The industry’s investment in exploration remains far below what is
required.
2With the notable exception of Anglo American, which has pledged R600
million to the Fund, the broader industry has not yet come forward with
the level of commitment that this challenge demands.
it is not desirable for established mining companies to wait for junior
miners to make discoveries and then enter the picture once the risk has
been reduced.
We need partnerships from the beginning.
We need established companies to work with junior miners, share
expertise, technology, capital, and geological knowledge.
The industry itself must take calculated risks in order to discover the
deposits that will become tomorrow’s mines.
We must be clear that exploration cannot be the responsibility of
government alone.
Yes, government must create an enabling environment - which we are
working on - but the industry must also carry their share of the
responsibility.
34
The second pillar is investment in value addition closer to the point
of production.
Let us be frank. We cannot continue with a mining model that is
fundamentally based on pit-to-port.
For far too long, the industry has extracted minerals from our country,
exported them elsewhere and watched other economies capture
much of the value, industrial capacity, and employment associated with
those minerals.
The reality is that, when we export raw minerals, we are not only exporting
a commodity. We are actually exporting jobs and, in many instances, the
opportunity to build value chains around our mineral wealth.
This is not about placing the entire burden of beneficiation on the mining
industry. It is about recognising that government and industry have a
shared responsibility to build the infrastructure, systems, and
investment environment required for value addition.
We must collectively mobilise investment into processing, manufacturing,
and downstream industries closer to where minerals are produced. South Africa should not merely be a country that digs minerals out of the
ground. We must be a country that captures more of the value our
minerals create.
The third pillar is skills development.
We need geologists, mining engineers, metallurgists, artisans,
technicians, researchers, managers, and entrepreneurs.
We also need institutions that are capable of producing these skills and
supporting the transformation of the sector.
Without the right skills and institutional capacity, we will not fully benefit
from our mineral endowment. That is why investment in education and
training is not a peripheral issue, but an investment in the future of
mining itself.
We must, therefore, pay attention to young people and women. We must
ensure that the mining industry of tomorrow is not only technologically
advanced, but also diverse, sustainable, and socially inclusive.
This is why the establishment of the mining school in the North West
remains so important.
5Government has a role to play, but we need the industry to help us get
that institution running.
The fourth pillar is market diversification.
The geopolitical volatility we are experiencing has demonstrated that the
dependence on a limited number of markets creates vulnerability.
If we are serious about sustaining the mining industry and growing the
South African economy, we must diversify our markets.
We must deepen our trade relationships, by developing new markets
while strengthening existing ones.
We must position South Africa to participate meaningfully in the mineral
value chains emerging around the world.
There is another matter that must remain central to our discussions, and
that is: economic inclusion and transformation.
Our transformation policy is rooted in a historical reality that, for many
decades, black South Africans were deliberately excluded from
meaningful participation in the economy.
6Transformation is, therefore, about correcting that exclusion and
ensuring that more black South Africans participate meaningfully in the
ownership, management, and development of our economy.
That is not an ideological argument, but a question of economic justice
and practical experience.
Quite clearly, the difference between us and those who oppose
transformation is, among other things, a difference about who should
benefit from economic change.
There are those who benefited from apartheid and there are those who
were excluded by it.
That historical difference continues to shape our economic realities, and
frankly speaking, that is not ideology. It is lived experience.
That is why we continue to urge the industry to invest in impactful
projects in mining affected communities and labour sending areas,
through their Social and Labour Plans (SLPs).
Encouragingly, these investments are increasingly translating into lasting
infrastructure that will benefit future generations, including the Steelpoort
Bridge, Tlhokomelong Clinic, SJ Skenjana School, and the fencing of
agricultural land to support sustainable food production.
7The study on the state of South Africa’s mining industry has
demonstrated not only the depth and diversity of our mineral
endowment, but also the contribution that different commodities can
make to inclusive economic growth, job creation, and poverty alleviation.
Every mineral has a role to play. We are already seeing important
developments.
Just last week, we officially opened Phase 1 of the Steenkampskraal
Monazite Plant – a significant milestone as one of the world’s highest
grade rare earth deposit moves from the laboratory to commercial mineral
processing.
This is an important development, not only for the mine itself, but for South
Africa’s position in the global critical minerals’ economy.
It adds to a number of developments taking place across the industry,
including the opening of Qala Shallows Gold Mine, New Mine 1 at Matla
Colliery, Naudesbank Colliery, and the Platreef Mine.
These developments speak to the reconfiguration of the South African
mining industry.
8Some people do not fully appreciate this reality because many of these
investments are being driven by black South Africans and speak
directly to our transformation objectives.
We have seen the emergence and growth of companies such as the
African Rainbow Minerals (ARM), Exxaro, Seriti, Thungela, and
Valterra, reflecting changes in ownership and control that have taken
place across the sector.
These companies did not emerge in isolation.
They emerged from a broader reconfiguration involving companies and
assets historically associated with Anglo American, Anglovaal, Rand
Mines, Johannesburg Consolidated Industries, and Gencor.
Companies such as Sibanye-Stillwater and Harmony are themselves
products of the reconfiguration of the industry.
This is the reality of a changing mining industry.
We must appreciate that a mining industry that does not broaden
participation will struggle to retain its social legitimacy and its place in a
changing South African economy.
Before I conclude, there is one issue that the industry cannot compromise,
that is the health and safety of mineworkers.
9Yes, we have made progress over the years.
In 2025, the industry recorded 41 mine fatalities - the lowest record in the
history of mining in South Africa.
Regrettably, this year began with a disaster at Ekapa mine, where five
mineworkers lost their lives.
As we meet today, the industry has already recorded 52 fatalities, with the
gold and platinum sectors being the largest contributors.
Every one of those deaths represents a family that has lost a loved one.
It is clear, we still have a lot of work to do to realise the goal of Zero Harm.
We, therefore, urge the industry to confront these shortcomings with
urgency, and ensure that every mineworker returns home unharmed.
Without further ado, let me congratulate the organisers for once again
convening a productive Joburg Indaba, despite the difficult conditions
under which it takes place.
10These conditions have been compounded by rising fuel prices, which
have a direct impact on the cost of living, as well as on the operational
costs of mining companies.
The continued instability in the Middle East serves as a strategic warning
that Africa cannot continue to consume energy while remaining heavily
dependent on others to refine and supply that energy.
In line with the four pillars we have outlined, our medium- to long-term
response to this crisis must be to invest in the exploration, development,
and refining of our own petroleum resources.
This is essential not only to strengthen our energy security, but also to
build greater resilience in our economy and reduce our dependence
on external energy supply chains.
I thank you.
11