By The Minister in the Presidency responsible for electricity Dr Kgosientsho Ramokgopa will grace the Free State Province investment Conference with his presence today at the University of the Free State (UNFS) in Bloemfontein, and give an update on the Energy Action Plan.
Energy plays a crucial role in driving the economy; the lack thereof may affect investor confidence as it affects productivity and jobs. South Africa is losing R1 billion a day due to load-shedding. According to the Minister for the Department of Mineral Resources and Energy (DMRE) Mr. Gwede Mantashe; the mining sector experienced a 9% decline in production due to power cuts in the previous financial year.
The mining sector is one of the most affected industries in the country; switching to renewable energy is a progressive step that will avert lost production time. Goldfields mine is by far the only mine that has implemented the renewable energy strategy. While other mines were losing production time, Goldfields increased its production by 10%.
During the session, Dr Ramokgopa will provide a progress update on the Energy Action Plan on addressing infrastructure challenges to enable investments. Later on in the day, together with the Free State Premier Mr. Mxolisi Dukwana will visit Letsatsi Solar Power Plant to further encourage and support the green energy sector.
The Investment Conference seeks to promote the province as an investment destination and expose potential investors to the diverse industries and emerging industries worth investing in across the province. The conference has attracted investors from BRICS member states like China and Russia; it has also attracted America, Sri Lanka, South Korea and African countries including Ethopia and Angola.
