Question NW1373 to the Minister of Mineral and Petroleum Resources
11 December 2024 - NW1373
Mhlongo, Ms N to ask the Minister of Mineral and Petroleum Resources
(1) Considering that the mining industry remains a vital sector in the Republic with significant growth potential that could play a key role in addressing the country’s unemployment crisis, what (a) initiatives are being pursued to attract (i) foreign and (ii) local investment in the mining and petroleum sectors and (b) are the full details of the mechanisms that his department has put in place to address concerns about policy uncertainty and regulatory bottlenecks; (2) (a) what are the details of his department’s strategy to support the transition from traditional fossil fuels to renewable energy and (b) and how will the transition impact jobs in the mining and petroleum sectors? NW1698E
Reply:
1. (a) The department actively engages in investment drives through participation and marketing in local and international mining and petroleum conferences and events. An Exploration Fund to enable South Africans to participate in exploration in the country has been established.
(b) The Department is currently reviewing the Minerals and Petroleum Resources Development Act (MPRDA and the Upstream Petroleum Resource Development (UPRD) Bill 2022 was adopted by Parliament in 2023 and is awaiting sign off for promulgation into law.
2. (a) The Department has developed a Just Energy Transition Framework to support the transition from traditional fossil fuels to renewable energy.
(b) The impact on jobs will be addressed through industrialisation and setting up financing facilities (especially for small and medium entrepreneurs) to ensure beneficiation of critical minerals and thereby create jobs.