Deadline: 12 July 2024
The Industrial Development Corporation in partnership with the Department of Mineral Resources and Energy is initiating an exploration fund.
Objectives
The Fund is established for the following objectives:
- to assist qualifying enterprises in the mining industry to conduct prospecting work
- to increase Black Junior Miners’ access and license to mine ore bodies
- to promote economic inclusion to support equitable economic growth
The Fund will provide grant funding which is convertible to equity when a viable ore body is discovered. The adjudication committee will determine the rate of conversion from grant to equity but this will be limited to 49%. The Fund will not offer any Grant Funding for the prospecting of diamonds.
Fund Size
R400 million
- R200 from DMRE
- R200 million from IDC
Eligibility Criteria
- Be a Junior Miner
- Be a South African registered juristic person
- Be domiciled in South Africa
- Have a valid prospecting licence
- The applicant must be at least 51% black-owned
For more information, visit Industrial Development Corporation.
