South Africa targets energy security through mineral investment and oil reserves

South Africa is pursuing dual strategies to bolster its energy security and position itself as a key player in the global green transition. At a roundtable in New York, officials highlighted the nation's significant mineral endowment, which includes approximately 88% of global platinum group metal reserves, 80% of manganese reserves, and 72% of chromite reserves. The country aims to move beyond being a raw material exporter by developing downstream industries, manufacturing capabilities, and technology transfer to support global supply chains for renewable energy and electric mobility.

Simultaneously, President Cyril Ramaphosa confirmed that the government is rebuilding its strategic oil reserves to protect against global supply shocks and volatile fuel prices. This initiative is intended to create a buffer against market disruptions, such as those caused by conflicts in the Middle East, and to stabilize fuel availability for households and businesses. The move comes as the government seeks to balance energy resilience with the need to maintain fuel levy revenues for public programs.