The 136^th Annual General Meeting of the Minerals Council South Africa

The Minerals Council’s 136^th Annual General Meeting brought together industry leaders and stakeholders to reflect on the state of the mining sector and the critical role it plays in South Africa’s economy and development. The meeting provided an opportunity to engage on key enablers, including safety, policy reform, infrastructure, sustainability, investment and growth.

The 2025 Integrated Annual Review, which outlined the Minerals Council’s activities, achievements and advocacy efforts over the past year was released at the AGM. Through these engagements, the organisation continued to promote collaboration, accountability and a shared commitment to a modern, inclusive and globally competitive mining industry that attracts investment and grows.

Tumela Mine

"As we have said many times, mining is a powerful multiplier, and we must unlock its potential through pragmatic policies and an enabling environment."

Paul Dunne
President - Minerals Council South Africa

"With disciplined policy reform, modernisation and partnerships, mining can anchor and elevate South Africa’s economic development, industrial capability, and social progress."

Mzila Mtenjane
CEO - Minerals Council South Africa

Resources

Media statement

Minerals Council South Africa’s Annual Review Highlights Mining Sector Progress on Safety, Investment and Sustainability at its 136th AGM

PDF

Keynote address: Minerals Council South Africa 136^th Annual General Meeting

Paul Dunne, President, Minerals Council

PDF

Sound bite

Paul Dunne on mining reform, infrastructure and investor confidence.

LISTEN

Keynote address: Minerals Council South Africa 136^th Annual General Meeting

Mzila Mthenjane, CEO, Minerals Council

PDF

Sound bite

Mzila Mthenjane on mining’s economic contribution and the need for policy certainty.

LISTEN

Minerals Council Office Bearers 2026/2027

Paul Dunne
President, Minerals Council

BSc (Hons)(Electrical Engineering), Master of Business Administration

Paul Dunne joined Northam as Chief Executive Officer in March 2014 and has served on the Board since then, becoming a Board member of Northam Holdings in 2020.

He previously served as an executive director at Impala Platinum Holdings, where he was responsible for mining, concentrating and smelting operations at the Rustenburg and Marula mines, and also served as a non-executive director of the International Platinum Group Metals Association.

Paul became an Office Bearer of the Minerals Council in 2021 and served as caretaker President from December 2024. He was elected President in May 2025.

Moses Madondo
Vice President, Minerals Council

BSc (mechanical engineering) from the University of Cape Town (UCT); Post GDip Management Practice; Master of Business Administration (UCT Graduate School of Business); Management Development Programme (Gordon Institute of Business Science); Advanced Management Program (Harvard Business School); Programme in Technical and Operational Surface Mining Excellence (University of Pretoria, in progress).

Moses Madondo is CEO of Thungela Resources and has more than 25 years of strategic and operational mining leadership experience.

He has previously held senior leadership roles at De Beers Group and AngloGold Ashanti, building a strong track record in operational turnaround, safety improvement and performance delivery while managing teams across the sector.

He also serves on several industry boards, including the Minerals Council South Africa. Moses was appointed Vice President of the Minerals Council in 2025 and continues to serve in the role.

Richard Stewart
Vice President, Minerals Council

BSc (Hons), PhD (Geology), University of the Witwatersrand; MBA, Warwick Business School (UK); PrSciNat

Richard Stewart became Chief Executive Officer of Sibanye-Stillwater in October 2025, after serving as Chief Regional Officer: Southern Africa, Group Chief Operating Officer and EVP: Business Development.

He joined Sibanye-Stillwater in 2014 and has contributed significantly to the company’s acquisition and growth strategy following earlier executive and technical leadership roles across the mining sector.

Richard has more than 25 years’ experience in South Africa’s geological and mining industries and has served on the Minerals Council South Africa Board since 2021, becoming Vice President in 2024.

Mpumi Zikalala
Vice President, Minerals Council

BSc (Chemical Engineering), Wits University; Leadership Development Programme, London Business School

Mpumi Zikalala has been CEO of Kumba Iron Ore since January 2022 and serves on the Kumba Board as an executive director and Chair of Sishen Iron Ore Company.

She joined the Minerals Council South Africa Board in May 2022 and currently serves as Vice President, contributing to leadership and transformation initiatives across the mining sector.

Mpumi began her career at De Beers in 2001 and became the company’s first female General Manager in 2007 at Kimberley Mines. She later served as Deputy CEO of De Beers Consolidated Mines and Managing Director of De Beers Group Managed Operations.

Paul Dunne
President, Minerals Council

BSc (Hons)(Electrical Engineering), Master of Business Administration

Paul Dunne joined Northam as Chief Executive Officer in March 2014 and has served on the Board since then, becoming a Board member of Northam Holdings in 2020.

Paul became an Office Bearer of the Minerals Council in 2021 and served as caretaker President from December 2024. He was elected President in May 2025.

Moses Madondo
Vice President, Minerals Council

Moses Madondo is CEO of Thungela Resources and has more than 25 years of strategic and operational mining leadership experience.

He also serves on several industry boards, including the Minerals Council South Africa. Moses was appointed Vice President of the Minerals Council in 2025 and continues to serve in the role.

Richard Stewart
Vice President, Minerals Council

BSc (Hons), PhD (Geology), University of the Witwatersrand; MBA, Warwick Business School (UK); PrSciNat

Mpumi Zikalala
Vice President, Minerals Council

BSc (Chemical Engineering), Wits University; Leadership Development Programme, London Business School

Mpumi Zikalala has been CEO of Kumba Iron Ore since January 2022 and serves on the Kumba Board as an executive director and Chair of Sishen Iron Ore Company.

She joined the Minerals Council South Africa Board in May 2022 and currently serves as Vice President, contributing to leadership and transformation initiatives across the mining sector.

MEET THE BOARD

Valterra Platinum - Mototolo Der Brochen Mine Complex

2025 Integrated Annual Review

This Integrated Annual Review of the Minerals Council South Africa covers the period 1 January to 31 December 2025. It highlights progress against strategy, key developments across the mining sector, and our efforts to create lasting value. The review provides stakeholders with insight into the Minerals Council’s work, advocacy and industry-wide priorities.

VIEW THE DIGITAL 2025 INTEGRATED ANNUAL REVIEW

VIEW THE PDF 2025 INTEGRATED ANNUAL REVIEW

VIEW THE 2025 ANNUAL FINANCIAL STATEMENTS

Our numbers show and tell the story*

Industry turnover (1.1%)R1.1
trillion(2024: R1.08 trillion)

Direct GDP contribution
(current prices)**R477.1billion(2024: R442.7 billion)

Percentage
contribution to GDP6.2%(2024: 6.0%)

Total primary sales (7.3%)R861.1billion(2024: R802.7 billion)

Mineral exports (5.5%)R816.1 billion(2024: R773.6 billion)

Employment^# (-0.6%)470,457(2024: 473,484)

Employee earnings (1.4%)R200.2billion(2024: R197.4 billion)

PAYE by mining employees* (2.5%)R37.0
billion(2024: R36.1 billion)

VAT (payments)* (2.4%)R22.1billion(2024: R21.6 billion)

Company tax paid^ (10.1%)R48.0billion(2024: R43.6 billion)

Royalties* (10%)R17.6billion(2024: R16.0 billion)

Source: Statistics South Africa (Stats SA), Department of Mineral and Petroleum Resources (DMPR), South African Revenue Service (SARS)
* 2025 refers to the 2024/25 financial year ending in March 2025; 2024 refers to the 2023/24 financial year.
** Based on current market prices.
# Full-year employment.
^ Based on fiscal not calendar year.

Media coverage

CNBC Africa

Exploration spend falls short of industry benchmark

South Africa spent R781m on exploration in 2024, far below the R12bn annual benchmark identified by the Minerals Council South Africa.

Businessday

Minerals Council Urges Energy Relief in Sona 2026

Minerals Council calls on Sona to address electricity cost pressures on miners and outline solutions to support energy-intensive sectors.

The Citizen

Exploration slump threatens Africa’s critical minerals ambitions

Minerals Council SA says SA attracts under 1% of global exploration spend, as Africa’s share drops to 10.4%, risking future projects.

Financialmail

Gwede Speaks as Minerals Council Flags Risks

Minister Gwede Mantashe outlines new mining plans, while Minerals Council CEO Mzila Mthenjane stresses exploration and regulatory uncertainty remain key challenges.

BusinessDay

Minerals Council Urges Action on Rising Power Costs

“Though tariffs rose 12%, mines feel a 19% increase,” says Minerals Council’s Tebello Chabana, urging solutions as Sona highlights electricity pressures.

CNBC Africa

Exploration spend falls short of industry benchmark

South Africa spent R781m on exploration in 2024, far below the R12bn annual benchmark identified by the Minerals Council South Africa.

Businessday

Minerals Council Urges Energy Relief in Sona 2026

Minerals Council calls on Sona to address electricity cost pressures on miners and outline solutions to support energy-intensive sectors.

The Citizen

Exploration slump threatens Africa’s critical minerals ambitions

Minerals Council SA says SA attracts under 1% of global exploration spend, as Africa’s share drops to 10.4%, risking future projects.

Financialmail

Gwede Speaks as Minerals Council Flags Risks

Minister Gwede Mantashe outlines new mining plans, while Minerals Council CEO Mzila Mthenjane stresses exploration and regulatory uncertainty remain key challenges.

BusinessDay

Minerals Council Urges Action on Rising Power Costs

“Though tariffs rose 12%, mines feel a 19% increase,” says Minerals Council’s Tebello Chabana, urging solutions as Sona highlights electricity pressures.

Corporate profile

Social indicators in mining

Facts and Figures Pocketbook 2025

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The 136th Annual General Meeting of the Minerals Council South Africa

Resources

Media statement

Keynote address: Minerals Council South Africa 136th Annual General Meeting

Sound bite

Keynote address: Minerals Council South Africa 136th Annual General Meeting

Sound bite

Minerals Council Office Bearers 2026/2027

2025 Integrated Annual Review

Media coverage

CNBC Africa

Exploration spend falls short of industry benchmark

Businessday

Minerals Council Urges Energy Relief in Sona 2026

The Citizen

Exploration slump threatens Africa’s critical minerals ambitions

Financialmail

Gwede Speaks as Minerals Council Flags Risks

BusinessDay

Minerals Council Urges Action on Rising Power Costs

CNBC Africa

Exploration spend falls short of industry benchmark

Businessday

Minerals Council Urges Energy Relief in Sona 2026

The Citizen

Exploration slump threatens Africa’s critical minerals ambitions

Financialmail

Gwede Speaks as Minerals Council Flags Risks

BusinessDay

Minerals Council Urges Action on Rising Power Costs

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Mining in SA

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The 136^th Annual General Meeting of the Minerals Council South Africa

Keynote address: Minerals Council South Africa 136^th Annual General Meeting

Keynote address: Minerals Council South Africa 136^th Annual General Meeting