Egypt awarded 82 exploration blocks to 11 companies in an international bid round for mineral exploration that took place briskly, with foreign investors quick to take part.
Egypt is targeting $1-billion in investment in the mining sector and has opened up a second bid round for gold and mineral exploration to last four months. Once South Africa implements its exploration strategy, there is potential for the country to attract valuable interest. Our Department of Mineral Resources and Energy has promised to deliver a new exploration strategy early next year. As has been reiterated, red tape has to be thrown out.
That’s a must. Thereafter, the database has to be helpful and everyone who is exploring must be made to report results back to the State custodian. On average, it’s only the fifth explorer that makes the discovery. Let’s hold thumbs that we get this right. If we do, South Africa could see valuable immediate investment, as Egypt is showing.