The Department of Minerals and Energy has launched a funding initiative to make it easier for women to access finance for mining pre-feasibility studies.
State news agency BuaNews reported on Friday that access to finance for pre-feasibility studies was still the greatest challenge facing women in the mining industry.
“The Sectoral Empowerment Fund for Women is a [department] initiative that gives women in the mining industry finance opportunities that financial institutions are hesitant to grant,” the agency said.
Newly appointed chairperson of the South African Women in Mining Association (Sawima) Alice Phatudi said financial opportunities and existing collateral for women in the industry were very limited.
“Pre-feasibility studies are seen by financial institutions as a risk, and it is therefore very difficult for women to get the money to finance these studies,” Phatudi said.
Finances for the initiative are dependent on commitments from industry players, and to date, about R2-million had been pledged.
The traditionally male-dominated industry is slowly starting to see women rise through the ranks; however, progress to date has been sluggish at best.
Speaking to media at the fourth Sawima annual general meeting, Minerals and Energy Minister Buyelwa Sonjica said the empowerment of women in the industry was slower than she expected.
“But what is important is that women are finally involved in the industry and benefiting from procurement,” Sonjica said. — I-Net Bridge