Mineral Resources and Petroleum Minister Gwede Mantashe has dismissed widespread fears emanating from threats of financial consequences made by United States President Donald Trump.

Mantashe was delivering the keynote address at the Mining Indaba, which kicked off on Monday at the Cape Town International Convention Centre, where he told delegates that African countries, which are highly endowed with minerals and natural resources, cannot be held ransom by Trump’s threats of cutting financial aid.

“I have ministers in my Cabinet who always worry about geopolitics. We have this standing threat that because we passed the Expropriation Act, therefore Trump will withhold funding to South Africa. I said let us mobilise Africa, let us withhold minerals to US (United States). That is it

“If they don’t give us money, let us not give them minerals. They take our minerals, but say we are withholding funding. No. We have minerals in the continent and therefore we have something that we have. We are not just beggars.

“We must just use that endowment for our benefit as a continent. But if, as a continent we are frightened, we fear everything, we are going to collapse and we will collapse with minerals at our doorstep.

The minister, who is also African National Congress’ chairperson reminded guests from different parts of the world that Africa is the world’s richest mining jurisdiction.

“That is an issue we must internalise as a continent, use it to our advantage. It’s one of the things we can use to compete in the world. We cannot be the poorest continent and being the richest mining destination in possession of 90 percent of the world’s chromium. We produce a lot of chrome in South Africa,” said Mantashe.

The veteran politician and former trade unionist represented President Cyril Ramaphosa at the high-level conference.