SOUTH AFRICA will ramp up investment in its critical mineral industries to boost the economic transformation of the country, the country’s president said in his State of the Nation Address on Thursday.

President Cyril Ramaphosa said his focus for the next year was to fire up South Africa’s sluggish economy to create jobs for inclusive growth in a country marked by massive economic inequalities.

He said: “After many years of declining investment in exploration, we are dedicating funds towards geological mapping and exploration to harness our critical mineral reserves.

“South Africa has some of the world’s largest reserves of critical minerals.”

He said projects to exploit rare earth minerals needed for products like smartphones and lithium batteries were already attracting massive investment in South Africa, leading to the opening of new mines for gold, copper, rare earths, platinum and coal.

“The transformation of our economy is necessary to drive sustained growth, to reduce inequality and correct the injustices of the past,” Mr Ramaphosa said.

Prior to the end of apartheid 30 years ago, South Africa’s mineral wealth was largely in the hands of its white minority.

Mr Ramaphosa told the nation that the government has adopted policies to ensure black representation in business, even in the face of criticism from United States President Donald Trump.

He said the government was refining its black economic empowerment programme “to ensure that it supports greater transformation and inclusive growth.”

The president insisted that “as the economy grows, it should bring into its fold those who have lived on its margins for decades.”

Mr Ramaphosa said that it was important that the whole country shared in the growth of the nation.

He said: “Our fight against crime should be felt in the townships and informal settlements as well as the suburbs.

“In this way, we can build a stronger, more resilient and equal society — one that stands tall among the nations of the world.”