Written by Rahima Essop & Janice Healing | From Eye Witness News

Mineral Resources Minister Susan Shabangu says Africa’s mineral development potential is unparalleled, but the continent remains grossly under-explored.

Addressing a ministerial symposium held behind closed doors at the annual Mining Indaba in Cape Town on Monday, Shabangu elaborated that the exploration expenditure per square meter averaged US$65 in Canada, Australia and Latin America, whereas the African equivalence remained below $5 per square kilometre.

“The mineral exploration prospect in Africa remains extremely high, requiring both local and international partners and investment to unearth. This necessitates responsible investment on the continent, not based on exploitative principles centred solely on expectations for unrealistic rates of returns that are disguised on the principle of high risk high return.

“As you know, mining is a long term investment and not about quick wins. Those who balance Africa’s mineral development with growth will ultimately receive the greatest reward in the long term.”

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