Finance · South Africa
South Africa Gets R323m to Boost Rare Earth Minerals Project
Moneyweb · 2026/02/05
Summary
The South African government has invested R322.97 million into a local rare earths project. This funding aims to boost the production of critical minerals that are essential for many modern technologies. The project supports the European Union’s goal to reduce its reliance on China for these important materials. By developing South Africa's rare earth resources, the country can play a key role in supplying these minerals to global markets. This could also create jobs and promote economic growth within the mining and processing sectors. Rare earth minerals are used in products like smartphones, electric vehicles, and renewable energy technologies. The government's support shows a commitment to strengthening this strategic industry and helping South Africa become a significant player in the global supply chain for critical minerals.
OnABudget takeaway: This government investment could lead to new job opportunities and economic growth, which may help stabilize communities dependent on mining. For consumers, it means South Africa is working towards becoming more important globally in technology mineral production.