Gwede Mantashe unveils R2. 86 billion budget to revive SA's mining and petroleum sectors
Minister of Mineral Resources and Petroleum Gwede Mantashe says the reconfiguration of the Department of Mineral and Petroleum Resources (DMPR) has created an opportunity to streamline regulation and promote investment in South Africa's mineral and petroleum sectors.
Tabling his department's budget in Parliament on Wednesday, Mantashe said the department has been allocated R2.86 billion for the 2025/26 financial year with R1.16 billion earmarked for transfers to public entities.
'Although constrained due to prevailing economic hardships, this budget is geared towards enabling the department to efficiently regulate the mining and petroleum sectors for transformation, inclusive growth, development, and ensure that all South Africans derive sustainable benefit from the country's natural wealth,' Mantashe told MPs.
He noted that despite geopolitical tensions and depressed commodity prices, particularly for platinum group metals (PGMs), manganese, and chrome, South Africa's mining sector still contributed R451 billion to GDP in 2024, sustaining a 6% share. Export earnings totaled R674 billion, a slight decline from R678 billion in 2023. However, jobs in the sector fell by 0.9%, with the PGM sector hardest hit.
Mantashe reported progress in regulatory reforms. 'Since our last tabling of the budget last year, the department has finalised and published for public comment the draft Mineral Resources Development Bill (MPRDB),' he said.
The revised Petroleum Products Bill is also being finalised for Cabinet submission, while the Upstream Petroleum Resources Development Act (UPRDA) signed into law in October 2024 aims to attract investment in the oil and gas sector.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Citizen
3 hours ago
- The Citizen
Petrol and diesel prices rise sharply as Middle East tensions impact global oil
Concerns over an increase in the fuel price have been realised with the Department of Mineral and Petroleum Resources confirming a notable fuel price increase effective today (July 2). This marks the first upward adjustment in four months, potentially a sign of a shifting trend for motorists and businesses. Commenting on the development, Lebo Ramolahloane, national vice chairperson of the South African Petroleum Retailers Association (SAPRA) – an association of the Retail Motor Industry Organisation (RMI) – said the adjustment is largely due to average global oil prices and exchange rate movements during June. 'Global tensions between the warring parties in the Middle East have contributed to short-term volatility in oil markets, which in turn has impacted the monthly average of Brent crude and the rand/dollar exchange rate. 'This was reflected in the resultant under-recoveries that built up throughout June, increasing prices at our fuel pumps.' He explained the price adjustments come despite a significant easing in Brent crude prices in the latter half of June, with the monthly average still resulting in under-recoveries. 'The rand also showed some resilience but was not strong enough to counter the cumulative impact of earlier market volatility. 'The spike in diesel prices is especially concerning, as it affects both logistics and agriculture, key pillars of our economy. 'For petroleum retailers, the volatility adds further complexity to already tight margins.' Ramolahloane added that while the current increase is disappointing, there may be some light on the horizon. 'If the ceasefire between Iran and Israel holds and tensions in the Middle East continue to ease, coupled with the recent weakening of the dollar and a further drop in international oil prices, there is a possibility that motorists could see a welcome fuel price decrease again in the coming month.' Fuel price adjustments from July 2: Petrol (Gauteng and Coastal) • 93 ULP & LRP: 55.00 c/litre increase • 95 ULP & LRP: 52.00 c/litre increase Diesel (Gauteng and Coastal) • 0.05% Sulphur: 82.00 c/litre increase • 0.005% Sulphur: 84.00 c/litre increase Illuminating paraffin • Wholesale: 67.00 c/litre increase • SMNRP: 89.00 c/litre increase LPG • Retail: 57.00 c/kg decrease At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
The South African
5 hours ago
- The South African
Family business? Gayton McKenzie's son buys PSL club
Calvin Le John, the first-born son of Minister of Sport, Art and Culture Gayton McKenzie, is the new owner of PSL club SuperSport United – and South Africans are unsurprised at the 'convenience.' The news was announced by sports broadcaster Robert Marawa on the X platform. The club, which was reportedly sold for R50 million, will change its name to Siwelele FC. Its goal is to revive the glory days of the now-defunct Bloemfontein Celtics, which later became Royal AM. In an X post, Robert Marawa broke the news that SuperSport United had been sold to a new owner, Calvin Le John. The deal – which cost R50 million – took place through a closed bidding process. Interestingly, Calvin is the son of Minister of Sport Gayton McKenzie and reportedly changed his last name to avoid public scrutiny. Calvin now takes up the post of chairman of the PSL club. He wants to officially rebrand as Siwelele FC and fill a void that the now-defunct Bloemfontein Celtics left behind. Calvin Le John said in a statement: 'As Siwelele FC, we are privileged to have been given the responsibility of continuing with a rich winning tradition in the PSL. SuperSport and the MultiChoice Group laid an incredible 30-year platform that we wish to build upon, should we get the final vote of approval from the PSL Executive Committee'. SuperSport United's new owner is the son of Minister of Sport, Gayton McKenzie. The R50 million closed bidding deal has sparked controversy. Image via Facebook. Marawa said of the deal – and Calvin's relation to the minister: 'Football holds a special place in his heart. Siwelele FC is not just a club – it's a promise to the people of Bloemfontein. Calvin is not doing this for attention. He's doing it for legacy.' News that SuperSport United's new owner, Calvin Le John, is the son of Gayton McKenzie did not come as much of a surprise to South African football fans. Some have even accused the minister of having a hand in the closed bidding deal. Gayton Mackenzie is the real Mafia!🤣 — YourServant (@ArnoModd) July 3, 2025 According to a profile of the new PSL club owner, Calvin Le John changed his name several years ago in the hopes of also becoming a hotshot businessman like his dad. The eldest son of Minister of Sports, Arts and Culture, Gayton McKenzie, was entrusted with running the family's extensive business empire in the sectors of mining, transport, hospitality, entertainment, properties, and publishing. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 . Subscribe to The South African website's newsletters and follow us on WhatsApp , Facebook , X, and Bluesky for the latest news.
Daily Maverick
6 hours ago
- Daily Maverick
After the Bell: Capitec's Gerrie Fourie and the power of family in producing extraordinary people
I read once that producing really standout people in business, people who are extraordinarily successful, might require more than just two parents and a village. It requires their parents' parents too. One of the absolute joys of my chosen profession is that I get to speak to people who have managed to either occupy or create a really important position for themselves. When I meet such a person, I often wonder what went into making them extraordinary. Usually the most important factor is the person themselves, whether they have the maths skills, or the EQ and, most importantly, the sheer ambition and drive to succeed where others have not. Even the ubernerd Bill Gates, blessed with a middle-class upbringing and in the right age and the right place at the right time, had a huge amount of drive. He was prepared to do things other people did not do. I was reminded of that when I spoke to Capitec's outgoing CEO, Gerrie Fourie, on The Money Show on Wednesday. While researching his background for our conversation, I noticed that his full name is Gerhardus Metselaar Fourie. I've always found that for many South Africans, their middle name will tell you more about them, and their family, than the name they normally use. It's where many of us, myself included, carry our family history. So I started our conversation by asking him about it. Out came the most interesting story, about how his grandfather, who was from the Netherlands, was actually 'Gerhardus Metselaar'. And that 'Metselaar' means 'builder' in Dutch. More than that, he had been to visit his family's company in the Netherlands. Gerrie being Gerrie, he had even gone through their books from the early 1900s and could tell you how they did during World War 1. I read once that producing really standout people in business, people who are extraordinarily successful, might require more than just two parents and a village. It requires their parents' parents too. It can be about the conversations and the life experiences that your grandparents had that can help you succeed. I think there is something to this; families that are able to pass down experience and wisdom, and perhaps skills in managing money or farms, or even a cricket bat, might be able to produce extraordinary people. Quite often I will be speaking to someone and be suddenly reminded of someone else in public life. When I ask if they are related, sometimes they say yes, sometimes no. In our society we have also seen the most extraordinary social mobility in the past 30 years. People who are the children of security guards and domestic workers and miners and maybe police officers have become important business leaders. Our previous and current presidents are the sons of a police officer and a domestic worker, respectively. While they have done it without the benefit of a comfortable middle-class upbringing, they have also often had to do it without the continuity of a long-term family. Jacob Zuma did not know his father, Cyril Ramaphosa has spoken of how his communities were broken up by forced removals during apartheid. As a parent, I feel it is a duty to pass on as much as I can to my two children. The fact that private schools can charge what they charge is proof that just about everyone else also believes this. Now, one of the biggest problems facing our country, and many others around the world, is that finding jobs for younger people is getting harder and harder. Even China, the big economy we are told is taking over the world, cannot find work for about 15% of its young people. I think what people are trying to do now is create jobs for their children. Often in their own family companies, or whatever service it is that they provide. Quite recently I've noticed billboards advertising estate agents that are clearly mother-and-daughter establishments. Fathers help their children take over their trade. And in a good example of why middle-class networks still really matter, some parents will be finding ways to get their kids internships in law or accountancy firms. Others will keep their children in higher education for as long as possible. When I finished school a simple degree was considered enough. Now people are studying for years and years, as their parents encourage them to become as qualified as humanly possible. One of the consequences of this is that having young adults as children has become much more expensive. You now need to educate them into their mid-twenties. You can't blame them; as a parent, you will do anything for your children. And, from what I can see, grandparents will do anything for their grandchildren too. They really want to see them succeed. How often have you seen older people getting together and discussing their children and grandchildren? I've sometimes come across an older person who knows my parents and discovered they know an awful lot about me.
