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  • Writer's pictureOmran Aburayya

IDC Junior Mining Exploration Fund for South African Mining Enterprises 2024

Updated: Jun 13

Junior Mining Exploration Fund

Applications are now open to benefit from IDC Junior Mining Exploration Fund (JMEF). IDC Junior Mining Exploration Fund (JMEF) is an initiative established by the Industrial Development Corporation (IDC) in partnership with the Department of Mineral Resources and Energy (DMRE) in South Africa to support mining enterprises and their business growth.

In this article we provide you with essential information about this opportunity to expand your mining business in South Africa.

 

JMEF Objectives

The primary aim of the JMEF is to support eligible South African junior mining enterprises in several ways:

1). Conduct Prospecting Work: The fund enables these enterprises to carry out prospecting work, which is essential for identifying potential mineral deposits.


2). Increase Access to Mine Ore Bodies*: By providing funding, the JMEF helps junior miners gain access to ore bodies, contributing to their growth and development.


3). Promote Economic Inclusion: The fund supports equitable economic growth by empowering black junior miners and promoting their participation in the mining industry.

 

Funding Mechanism

The JMEF provides grant funding that is convertible to equity when a viable ore body is discovered.

The adjudication committee determines the rate of conversion from grant to equity, with a maximum limit of 49%


Note: the fund does not offer grant funding for prospecting related to diamonds.

 

Eligibility Criteria for Junior Miners

To qualify for the JMEF, a junior miner must meet the following requirements:

  1. Be a non-listed private company incorporated under the Companies Act 71 of 2008.

  2. Possess a valid prospecting right (with an expiration date at least 12 months from the application closing date).

  3. Engage in greenfield or brownfield exploration activities within South Africa.

  4. Have a combined direct and/or indirect ownership by black people (as defined in the Broad-Based Black Economic Empowerment Act) of at least 51%.

  5. Neither the entity nor any controlling shareholder should generate revenue from other mining rights.

  6. Exploration for the following minerals is considered: **Copper-Nickel, Graphite, Lithium, and Rare-Earth Elements**

 

Application Process


Applications must be submitted to (jmef@idc.co.za) or physically delivered to the

IDC Head Office


• Download the application form (PDF) here.

• Application deadline: July 12, 2024.


Only junior miners that are more than 50% black-owned will be considered.

 

LINKS

• For further info:

Visit the official website of: JMEF

 

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