SA needs new mining giants

SUMMIT: AFRICA MUST OWN ITS RAW MATERIALS, NOT WEST

- Eric Mthobeli Naki

New mining giants for critical minerals are the new hope to sustain Africa's mining sector and build wealth for the continent. This was raised by former ANC treasurer-general and businessman Mathews Phosa, during his address on the first day of the two-day Critical Minerals Summit in Fourways, north of Johannesburg, yesterday.

An opportunity has opened for new local mining giants to emerge to replace the mineral giants that are gone and those preparing to leave the continent, Phosa said.

With mining slowing down, local miners should use existing and new minerals produced in the country. But there is a need for all stakeholders to cooperate for the benefit of all, he said.

Data from the United Nations Environment Programme indicates Africa is home to about 30% of the world's mineral reserves, 8% of the world's natural gas and 12% of the world's oil reserves.