South Africa’s Mining and Energy Industries: 2023/24 Budget Vote Speech

1 min read
south africa mining

Dr. Nobuhle Nkabane, the Honourable Deputy Minister of Mineral Resources and Energy, recently delivered the 2023/24 Budget Vote speech, outlining the key goals and initiatives for South Africa’s mining and energy industries.

Transformation, Empowerment, and Sustainable Growth

As the nation strives to balance its development goals and socio-economic challenges, the Deputy Minister emphasized the importance of transformation, empowerment, and sustainable growth within these sectors. These policies aim to dismantle socio-economic barriers and promote development across race, gender, and class lines.

Mineral and Petroleum Resources Development Act (MPRDA)

The budget vote speech highlighted the central role that the Mineral and Petroleum Resources Development Act (MPRDA) plays in ensuring that the wealth beneath South Africa’s soil benefits its citizens. This act aligns with the Freedom Charter’s principles and forms the basis for various transformative policies, including the Mining Charter.

Increasing Exploration

One of the priorities for the mining and energy sectors is to increase exploration, a goal that often faces obstacles from environmental litigation. However, Deputy Minister Nkabane emphasized the importance of finding ways to satisfy the country’s energy needs while addressing its socio-economic challenges.

State-Owned Enterprises (SOEs)

In the past fiscal year, all State-Owned Enterprises (SOEs) under the Department of Mineral Resources and Energy’s oversight received unqualified audit opinions. The Council for Geoscience, a key player in implementing the exploration strategy, is making progress in geo-mapping key minerals.

Carbon Capture Usage and Storage

The Carbon Capture Usage and Storage research conducted by the Council for Geoscience will contribute to the decarbonization of South Africa’s industries. Initiated as a partnership with the World Bank, the project is expected to receive continued support from international partners.

Nuclear Energy

Nuclear energy forms an essential part of South Africa’s strategy to mitigate climate change. Recognized as a clean energy source with baseload capacity, nuclear power is known to contribute to economic growth and technology development.

National Radioactive Waste Disposal Institute (NRWDI)

The National Radioactive Waste Disposal Institute (NRWDI) is working on the establishment of a Centralised Interim Storage Facility (CISF) for used nuclear fuel. With a draft Feasibility Report currently under review, the project is expected to be shovel-ready soon.

Central Energy Fund (CEF) Group

The Central Energy Fund (CEF) Group is working on strategic initiatives to address structural energy challenges, such as acquisitions, infrastructure refurbishments, and repurposing.

Youth and Gender Strategies

In line with the transformation and empowerment agenda, the Department is focusing on youth and gender strategies within the mining and energy sectors. These efforts include approving and launching the Draft Mining Sector Youth Strategy, Youth in Energy Strategy, and Mining Sector Women Empowerment and Gender Equality Strategy.

A Prosperous and Inclusive Future

As South Africa moves forward, the government’s commitment to a mixed economy with public and private ownership playing complementary roles in economic development remains steadfast. The budget vote speech highlights the importance of transformation, empowerment, and sustainable growth in the mineral resources and energy sectors, setting the stage for a prosperous and inclusive future for all South Africans.

A Russian-Spanish journalist and Cape Town native, channels his lifelong passion for South Africa into captivating stories for his local blog. With a diverse background and 50 years of rich experiences, Serjio's unique voice resonates with readers seeking to explore Cape Town's vibrant culture. His love for the city shines through in every piece, making Serjio the go-to source for the latest in South African adventures.

Leave a Reply

Your email address will not be published.

Previous Story

A Closer Look at South Africa’s Latest Quarterly Labour Force Survey Results

Next Story

Cape Town’s Unemployment Rate Drops, Retaining the Lowest Rate Among Metros

Latest from Blog

South Africa’s Fight Against Plastic Pollution

South Africa is taking unique and proactive measures to combat plastic pollution, including the South African Plastics Pact and governmentled actions. They aim to eradicate unnecessary and problematic plastic products, ensure plastic packaging is reusable, recyclable, or compostable, and have 70% of plastic packaging effectively recycled by 2025. The government has also implemented The National Waste Management Strategy and introduced regulations for recycled content in plastic carrier bags. These measures have led to the disposal of 368,600 tons of plastic waste, created jobs, and supported waste reclaimers. However, regulatory measures and enforcement remain crucial in eradicating problematic plastics from our ecosystems.

Gearing Up for Glory: How Coach Desiree Ellis Prepares Banyana Banyana for Key Burkina Faso Encounter

Coach Desiree Ellis is preparing the Banyana Banyana team for a crucial match against Burkina Faso to secure their place in the CAF WAFCON tournament. Ellis expresses her confidence in the team’s preparation and tactical abilities and highlights their thorough approach to preparation. The match is essential in the team’s quest to qualify for the tournament, and a victory will be a vital stepping stone towards their tournament dreams in Morocco next year.

Preparing for the Upcoming Rugby Season: The Stormers’ Game Plan

The Stormers coach, John Dobson, is preparing his team for the upcoming rugby season by implementing a strategic game plan. He is focusing on tactical utilization of star players and balancing player wellbeing and performance by sending a 5050 team for some matches and a fullstrength team for others. Dobson’s approach showcases a refreshing perspective in a sport known for its intense physical demands and could prove to be the Stormers’ secret weapon as they face a challenging journey through the United Rugby Championship and Champions Cup games.

Unraveling the Threads of a Racial Controversy in South Africa

A 15yearold student in South Africa recently used a racial insult on a wellknown YouTuber, causing uproar across the country. Public figures, including media personality Anele Mdoda and the radical Economic Freedom Fighters, have condemned the incident and demanded the student’s expulsion. However, there has also been backlash and critique surrounding the incident, highlighting the multifaceted nature of the issue. The event has sparked discussions about racism, freedom of speech, and the role of public figures in tackling societal issues, emphasizing the ongoing racial tensions within South African society.

South Africa’s Elite Rugby Warriors: The Celebrated Centurions

Meet the select seven rugby players who have played 100 or more test matches for the Springboks: Percy Montgomery, Jean de Villiers, John Smit, Tendai ‘Beast’ Mtawarira, Eben Etzebeth, Bryan Habana, and Victor Matfield. These celebrated centurions are the cornerstone of South African rugby, with distinguished careers adorned with exceptional accomplishments that have left a permanent mark on the sport. Their legacy is a testament to the determination, perseverance, and talent that defines the world of rugby, and their impact on South African rugby will be celebrated for future generations.