South Africa and Russia recommitted themselves to the continued implementation of the memorandum of understanding (MoU) on platinum group metals (PGMs), following the third yearly PGMs conference, which took place in Johannesburg, on Tuesday.
Delegates at the conference agreed on the need to increase the demand for PGMs and develop alternative uses of PGMs. This includes in fuel cell technology, jewellery fabrication, as well as investment applications.
“To further sustain our mining [industry] we must strengthen collaboration in the exploration and geological spheres. In this regard, we intend to partner with Russia in the area of airborne geophysics,” Mineral Resources Minister Gwede Mantashesaid at the conference.
The MoU was signed in 2013 on the sidelines of the Brazil, Russia, India, China and South Africa Summit, in Durban, and resulted in the creation of a Joint Working Group on PGMs.
Meanwhile, the two countries on Tuesday further engaged on risks to the growth and sustainable development of the sector including the illicit trafficking of raw PGMs.
“To make a sustainable difference, we must make our MoU implementable, and continuously work to strengthen our partnership, including the exchange of knowledge and skills transfer,” he said.