By: Creamer media

Some of the funded projects had already advanced to early fieldwork, geophysical surveys and drilling, Mcgina reported. She added that a second funding call, with a specific focus on critical minerals, would be launched soon.

The JMEF was launched in 2024 as a joint initiative between the then Department of Mineral Resources and Energy, the Industrial Development Corporation and the Council for Geoscience. The fund provides non-repayable and convertible grants to eligible junior miners to conduct prospecting work, increase access to ore bodies and promote inclusive growth in the mining sector.

Notwithstanding progress by companies such as Orion Minerals, which is redeveloping copper deposits in Copperton and Okiep in the Northern Cape, Mgcina said South Africa recognised the urgent need for greater investment in greenfield exploration, particularly in minerals that were fundamental to the low-carbon future.

“The fact remains that Africa holds a far greater share of global mineral reserves than it does of global production. This gap underscores the continent’s untapped potential,” she said. “By prioritising exploration and resource discovery, South Africa and Africa at large can reclaim a leading position in the global minerals landscape.”

The JMEF requires applicants to meet regulatory and empowerment criteria, including compliance with the Mineral and Petroleum Resources Development Act, environmental legislation and the Mining Charter. Companies must also have at least 51% black ownership.

Funds disbursed may be converted into equity or profit share upon successful discovery of an orebody, ensuring the State benefits from exploration successes.