Cape town: Minister of Mineral and Petroleum Resources Gwede Mantashe has tabled the department's R2.86 billion budget in Parliament today.
According to South African Government News Agency, the budget includes operational allocations such as R70.46 million for the South African Diamond and Precious Metals Regulator, R94.98 million for the Petroleum Agency South Africa (PASA), R666.9 million for the Council for Geoscience, R328.7 million for Mintek, and R4.89 million for the Mine Health and Safety Council.
Project-specific allocations include R23.48 million for the Mine Rehabilitation Research Project, R140.87 million for the Rehabilitation of derelict and ownerless mines, R48.1 million for the implementation of the Shale Gas Project, R33.83 million for the Mine Water Ingress Project, and R31.12 million for the Artisanal and Small-Scale Mining Project. Mantashe stated that the budget is a strategic response to global challenges, particularly regarding energy security and economic stability amid international conflicts.
Central to the strategy is the acceleration of the Upstream Petroleum Industry and expanding South Africa's refining capacity, despite opposition from environmental groups. Mantashe emphasized the importance of petroleum security and the need to operationalize the South African National Petroleum Company (SANPC) to enhance state participation in the oil and gas sectors.
Mantashe assured the public of sufficient and stable fuel supply and highlighted the mining sector's resilience, with a significant contribution to the GDP and increased mining royalties. Despite challenges from rising electricity costs, the sector continues to be a cornerstone of the economy.
The minister also discussed the Critical Minerals and Metals Strategy, emphasizing the government's commitment to transforming mineral resources into industrial and economic growth catalysts. Through the Council for Geoscience, significant investments are being made in geoscientific data to attract exploration and investment.
In terms of mine safety and policy, Mantashe noted the progress of the Mineral Resources Development Bill and the Mine Health and Safety Bill, which aim to enhance accountability and operational safety. Despite improvements, the minister highlighted the need for vigilance following the Ekapa disaster, underscoring the commitment to achieving zero harm in the industry.