• BUSINESS
THE POWER OF MINING – MOVING BEYOND THE DEFINITION OF MODERN MINING
By Sharyn Macnamara
Amid the global warming crisis and additional extensive economic disruptions , mines have evolved their strategies and have moved “ beyond the definition of modern mining ”. Taking the opportunity presented in crisis , miners ’ responsibilities have never been greater as “ a force good ,” said Neal Froneman , CEO of Sibanye- Stillwater .
In an opening address at the Joburg Indaba held in October last year , Neal Froneman , CEO of multinational mining and metals processing group Sibanye-Stillwater , painted a pragmatic and realistic picture of the current world and the relevance of mining and the leading role mining companies play within it , as exemplified by Sibanye-Stillwater . His parting words – a poignant summary of his keynote address – are an excellent starting point as they rang so true that they hit a cord in the audience setting the tone for robust dialogue at the conference , and no doubt conversations deep into the future .
“ The world is at a major inflexion point where the future of humanity is at stake if global leaders do not embark on radical action to safeguard the climate of our planet ,” said Froneman – and for those who do not believe that global warming is real , he had this to say : “ we cannot risk being wrong .” Froneman focused on mining ’ s central role in supplying the critical minerals required in everincreasing quantities to support the adoption of low carbon energy technologies . He said , “ I would put it to you that our responsibility as miners has never been greater in supporting development , innovation and progress than at the current juncture . As Sibanye- Stillwater , we certainly intend to play an increasing part through our unique global portfolio of green metals , and as a ‘ force for good ’.”
The power of mining – its past , current and future relevance Froneman presented the future of mining in the global economy as a “ given ” due to the immense power of the industry as a driving force for progress . He argued that the dire need for critical minerals and ‘ the transformation that business , in general , is undergoing to embrace stakeholder capitalism and repair legacy perceptions ’ would further enable this impact and influence .
Drawing on the age-old significance of mining historically , Froneman pointed out that the development of the human species has always been inextricably bound to mining – right “ from the days of using rock to create crude tools to extracting and refining metals that accelerated the development of new industries and technologies critical to human advancement .”
This development of human society has historically occurred in phases of “ sudden change and societal upheaval , primarily in response to a changing environment or technological breakthrough ,” said Froneman . He cited an American anthropologist , Julian Steward who wrote “ The theory of Culture Change : The Methodology of Multilinear Evolution ” and stated that different societal adaptations could be studied through the examination of the specific resources a society exploited , the technology the society relied on to exploit these resources and the organisation of human labour at the time ;
Neal Froneman , CEO of Sibanye- Stillwater
further arguing that as the resource base or technology changed , so too would a culture .
Froneman expanded , “ We are currently undergoing one of the most profound periods of environmental change in the history of humanity with the pace of change accelerating and with disruptions becoming ever more frequent , requiring transformation of society and the world economy at an unprecedented scale and pace ,” adding that this shift to a clean energy global economy would make previous industrial revolutions seem ‘ pedestrian ’. Mining and the significance of resources are undeniably linked to cultural change in response to environmental prompts – and therein lies this industry ’ s global power , influence and impact .
Furthermore , Froneman quoted an article in Forbes magazine written by Ian Saunders of Deloitte which noted that a 2022 Deloitte Economics Institute research publication found that , if left unchecked , climate change could create USD178-trillion in global economic losses between 2021 and 2070 ; and a quarter of the global workforce ( approximately 800 million people ) is vulnerable to climate extremes . However , in contrast , a co-ordinated effort in climate change mitigation could deliver an additional 300 million jobs by 2050 and boost the global economy by over USD43-trillion by 2070 .
Citing the Bill Gates visionary think tank – Breakthrough Energy – Froneman added that over the course of the next decade or two , a radical transformation in the way the world accesses energy must be delivered through innovative solutions addressing : “ How we
Images supplied by Sibanye-Stillwater
54 • African Mining • January 2024 www . africanmining . co . za