COMMENT •
Sharyn Macnamara – Senior writer • sharyn @ interactmedia . co . za
MINING INDABA 2024 – A POSITIVE DISRUPTION IN AFRICA
Visiting the Investing in African Mining Indaba is an annual highlight for many in the industry . It offers a holistic view of the African mining industry , of both its highs and lows , within the global context , and allows one the opportunity to speak to stakeholders from all areas of the value chain . Although we seem to talk about much of the same each year – this year was different in that within the theme of positive disruptive discussion , I found glimmers of ignited hope lighting our way through the challenges of the race for critical minerals to solve the global warming woes ; local power , rail , port and crime crises and growing world water and ESG ( Economic , Social and Governance ) concerns . The rhetoric of government , mining houses , suppliers and consultants – though in some cases the ‘ same old , same old ’ – was directed by the theme and was in fact in many instances buoyed by the power of solution seeking public-private partnership and the friction of some difficult conversations .
North versus South Although the global North has been driving the demand within the race for critical minerals defined largely by self-interest , the global South holds a substantial part of the solution , and wants to know , “ what ’ s in it for us ”? South Africa , Zambia and the Democratic Republic of Congo , amongst many other African countries endowed with the critical minerals and renewable resources in demand , were at pains to show their intent to facilitate much needed international investment in mining for urgent economic growth ( with businessfriendly policy , amongst other initiatives ), but not without the prerequisite ESG , beneficiation and community buy-in . Robert Friedland founder , executive co-chair and nonindependent director Ivanhoe Mines , always a speaker at the event noted , “ The biggest challenge for mining in Africa is governance .” So , only time will tell – as it has over the past year in Zambia ’ s case with a spate of new investment interest where regulatory action has prompted movement – if these countries put action to their promises .
where the level of employment of Q3 2023 was higher than the pre- COVID-19 period in Q4 2019 .
Power in partnership Mthenjane was cautiously optimistic saying that global inflation seems to have turned the corner , with policy interest rates due to follow suit . Added to this , domestic collaboration was showing a sense of alignment between business and government . Slow , positive inroads on the energy , rail , port and crime challenge front have been made , and he noted that these issues are on the “ cusp of a turnaround ”.
We can only hope that this year – ignited by these positive developments created by disruption globally and locally – we will see a faster trajectory of positive developments globally and in this local turnaround in South Africa so that we can attract a share of the investment clearly available globally to reach Net Zero together .
The African Mining , incorporating Mining Mirror March 2024 issue , as well as our forthcoming April issue , cover more on Investing in African Mining 2024 insights . Also go to : https :// www . africanmining . co . za / african-mining-events / miningindaba-2024 /
References :
1 . Minerals Council South Africa ’ s Facts and Figures Pocketbook 2023 https :// www . mineralscouncil . org . za / industry-news / publications / factsand-figures
On the local front From a local perspective , the issue of “ inclusivity ” and true win-win partnership is critical for the road ahead for African Mining and its global partners , said Mzila Mthenjane , CEO of the Minerals Council South Africa ( with 73 members , representing 90 % of South Africa ’ s mineral production , valued at R1.1-trillion in 2023 ). 1 He added , “ Never before has more been expected of an industry so little trusted ” emphasising , “ Mining must reposition and renew itself !”
In the past year , the mining sector has proved it is critical to economic growth in South Africa once again . It was the only sector in South Africa , per Stats SA ’ s Quarterly Employment Statistics , outside of the community , social and personal services sector ,
Mining in South Africa 2023 .
Minerals Council South Africa ’ s Facts and Figures Pocketbook 2023 www . africanmining . co . za African Mining Publication African Mining African Mining • March 2024 • 3