Director's Cut: Unearthing SA’s rare earth power - Graham Soden on Steenkampskraal, thorium, and global geopolitics

Alec Hogg speaks with Graham Soden, CEO of Steenkampskraal Mine, about the growing geopolitical significance of rare earth elements and South Africa’s potential role in this global race. Soden reflects on his journey in mining, the promise of the Steenkampskraal project, and the rising demand for thorium and radium. He also addresses misconceptions about radioactivity, the challenges of attracting investment, and the importance of strategic partnerships in navigating a politically sensitive environment..Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here.Support South Africa’s bastion of independent journalism, offering balanced insights on investments, business, and the political economy, by joining BizNews Premium. Register here.If you prefer WhatsApp for updates, sign up to the BizNews channel here..Watch here.Listen here.BizNews Reporter.Rare earth elements (REEs) have become the quiet currency of global power - vital to technologies from electric vehicles and wind turbines to defence systems and medical isotopes. In an age when access to these resources defines geopolitical leverage, South Africa may hold one of the world’s most significant but under-appreciated opportunities.At the heart of this story is Steenkampskraal, a historic mine in Namaqualand that once supplied rare earth concentrates to Britain’s nuclear programme. Today, under the leadership of Graham Soden, the project is being revived to meet the surging international demand for elements such as thorium and radium, both increasingly valuable in clean energy and advanced medicine.Soden, a veteran mining engineer with more than four decades’ experience, joined the project after conducting a technical due diligence three years ago. “What we found surprised us,” he recalls. “After twenty-five years of inactivity, all the documentation, licensing and compliance were still in place. We couldn’t find a single critical fault.”Originally mined by Anglo American in the 1950s and later refurbished by Canadian company Great Western Minerals, the site has lain dormant since 2014. Yet much of the infrastructure remains intact, including a partially equipped decline shaft and surface stockpiles of high-grade ore. “They mined only about ten percent of the known ore body,” Soden explains. “The remaining deposit is easily accessible and among the richest in the world.”The renewed global focus on rare earths has altered the economic equation. Where thorium was once considered waste, it is now a key revenue stream. “Thorium is extremely stable and cannot be weaponised,” Soden notes. “It’s being tested as a safer alternative to uranium in next-generation reactors in Europe and the United States.” Radium-228, a decay product of thorium, has also found a lucrative niche in targeted alpha therapy for cancer treatment - a rapidly expanding medical field.Yet despite its promise, attracting investment has been a challenge. “We’ve been surprised that the Americans haven’t come knocking,” says Soden. “It’s probably geopolitical - South Africa isn’t seen as the most stable partner right now.” Nevertheless, the Industrial Development Corporation (IDC) has stepped in to fund the project’s first phase, with European partners in Norway and France expressing strong interest in later stages.Soden insists the mine’s modest scale is an advantage. “Our plant will process about fifteen tonnes an hour - tiny compared to big industrial operations. That keeps costs low and makes it easier to manage environmental and safety risks.” Concerns about radioactivity, he adds, are largely misplaced. “If you fly for eighteen hours at 45,000 feet, you’ll receive more radiation exposure than working on our site for a year.”The next two years will be critical. Construction of a concentrate plant is under way, with a target to begin production by the third quarter of 2026. A downstream hydrometallurgical “cracking” plant will follow soon after to extract thorium and associated elements. Once operational, the mine could generate over R100 million a month in export revenue - a welcome injection for South Africa’s balance of payments.Beyond the financials, Soden views Steenkampskraal as a test case for revitalising South Africa’s mining reputation. “We’ve had our share of cynics,” he says. “Some claim the project’s too radioactive or uneconomic. But we’ve passed due diligence from the IDC, Norwegian partners and independent auditors. The facts speak for themselves.”Ultimately, Soden attributes the project’s resilience to its people. “Our team has put everything on the line. We’ve invested our own capital, moved our families, and kept the faith. This mine can help position South Africa as a credible supplier of strategic minerals to the West.”As the global tug-of-war over rare earths intensifies, Steenkampskraal stands as proof that South Africa’s mining story is far from over - it may just be entering its most strategic chapter yet.

Director's Cut: Unearthing SA’s rare earth power - Graham Soden on Steenkampskraal, thorium, and global geopolitics

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