FINANCE •

Edited by Sharyn Macnamara

Mining a renewable future .

The mining industry remains integral to fast tracking South Africa ’ s economic growth and transformation . This among others were key outcomes of the Investing in African Mining Indaba held in Cape Town in May this year .

“ The industry has begun to embrace Environmental , Social and Governance ( ESG ) commitments . This is encouraging because the future of mining includes an increased focus on adoption of decarbonisation strategies , that will help mining entities to focus on renewables as an alternative to fossils . For the IDC , this transition provides the country with a great opportunity to transform the economy and create more employment opportunities .”

Nchocho says that enabling a competitive mining industry which is climate-resilient requires public-private sector coordination along with a common commodity exploration , production and beneficiation strategy ; cheap finance ; access to reliable , affordable clean energy ; and a conducive policy environment .

It ’ s encouraging that these discussions dominated interactions which is why Nchocho was quick to remind stakeholders to follow through on outcomes and resolutions of the Indaba .

Of particular significance , President Ramaphosa provided a clear role for government in the sector committing that government would provide an enabling regulatory framework that will boost the industry ’ s fortunes .

In a boost to mining entities and to SA ’ s adoption of renewables , three leading South African development finance institutions

all photos by Meropa Communications on behalf of the IDC

Recycling gold mine dumps , Johannesburg .

announced the establishment of a collaborative platform that will support the financing of the country ’ s Just Energy Transition to a low-carbon economy and a climate-resilient society by 2050 . These include , the IDC , the Development Bank of Southern Africa ( DBSA ) and the National Empowerment Fund ( NEF ). The IDC ’ s current exposure to renewable energy stands at over R15,4-billion .

“ This gave us a platform to communicate our commitment to funding entities that want to play a role in SA ’ s transition to a Just Economy . There is also a growing demand for certain minerals arising out of decarbonisation of our economy ,” said Nchocho .

Given Africa ’ s mineral resources endowment , decarbonisation also presents an opportunity for the continent to accelerate growth of its industrial and infrastructure base . •