Junior mining as innovation entrepreneurship in minerals industry in South Africa

South Africa is well endowed with mineral resources which is estimated to be worth approximately US$2.5 trillion and is a leading producer of gold, platinum group metals, chromium, coal, iron ore, diamonds and vanadium. Junior mining companies or "Junior Mining" as it is known today are exploration companies that search for new mineral deposits that are believed to have significant potential for finding larger mineral deposits. The junior mining sector however faces a number of challenges. These include access to finance for capital intensive prospective green and brown field mining projects and also the very high economic and technical risks. With the changing political climate within the country and global trends in the supply and demand of minerals and metals, it is foreseen that Junior Mining has a major role to play in the future as there are many potential undiscovered deposits. It is hence a space where both Innovation and Entrepreneurship are critical in order for these Junior mining companies to not only achieve their medium to long terms goals but to also help attract much needed foreign investment into the country. This paper looks at the current status of Junior Mining in South Africa, the challenges/gaps faced by the sector, opportunities for development and the role of both Innovation and Entrepreneurship in order to succeed in this difficult industry which is dictated by fluctuating commodity prices. Recommendations will also be made on how this sector could be further improved and supported into the future.