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SAYEC is proud to have successfully engaged the Department of Mineral Resources and Energy, together with the IDC to launch a fund for young people in the mining sector.
Pictured: Kanakana Mudzanani, President of SAYEC delivering the welcoming address at the 2nd Annual Mining Indaba Business Dialogue
The South African Youth Economic Council (SAYEC) is pleased to share the outcomes of the 2nd Annual Mining Indaba Business Dialogue held on the 6th of February 2024. The dialogue convened esteemed government officials, industry leaders, and youth representatives to discuss critical matters pertaining to youth engagement and development in the mining sector.
The Mining Indaba Business Dialogue served as a platform for robust discussions on leveraging opportunities within the mining industry to promote youth participation and economic growth.
Youth engagement was central to highlighting the importance of youth participation in strategic sectors of the economy such as mining. Our keynote address by H.E. Paul Mashatile reiterated his commitment to fostering an environment conducive to youth participation in decision-making processes and economic development initiatives. His support for the creation of a ‘Young Industrialists Fund’ which seeks to raise funds for youth industrialists across South Africa is noted as a commitment to aid the process of integrating young people into the mainstream economy, with joint efforts from the NYDA, National Empowerment Fund, the Industrial Development Corporation of SA, and other institutions.
This emphasised the importance of collaboration with relevant government departments and finance institutions to realise the vision of empowering young entrepreneurs in the mining sector. SAYEC was honoured by the acknowledgement of its recent achievements in the mining sector. The recognition underscores the pivotal role of youth-led initiatives in advancing the nation's economic agenda.
The Office of the Presidency reaffirmed its commitment to investing in youth development and empowerment. The dialogue highlighted the need for collaborative efforts to provide skills development opportunities and integrate youth voices into broader economic growth strategies.
SAYEC is pleased to announce that it has successfully lobbied the DMRE in partnership with the Council of GeoSciences and the Industrial Development Corporation to establish the ‘Exploration Fund’ which has set aside R400 million in order to invest in junior miners for exploration purposes. The fund will be treated as a grant pending the successful discovery of minerals by recipients.
Stakeholders underscored the need for equitable sharing of social and economic benefits, irrespective of background or status. A long-standing commitment to support particular ventures that promote diversity and inclusion within the mining sector was made. Lastly, the commitment to sustainable development reaffirmed much-needed support for sustainable practices in the mining sector.
The Mining Indaba Business Dialogue underscored the significance of youth engagement and development in shaping the future of the mining industry. SAYEC expresses its gratitude to all participants for their valuable insights and commitment to advancing youth empowerment initiatives.
Applications and more information can. be obtained via the IDC website: https://www.idc.co.za/junior-mining/
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