Mining Pulse 2025 - Issue 3

THE MINING I S S U E 3 | W E D N E S DAY 5 F E B R UA R Y 2 02 5

3-6 February 2025 CTICC, Cape Town South Africa

Join the conversation | @miningindaba | #MI25

Mining Indaba Transforming Today. Empowering Tomorrow. Building Africa.

YOUR WEDNESDAY AGENDA – 5 FEBRUARY 2025 DISRUPTIVE DISCUSSIONS

REDEFINING CRITICAL MINERALS: CRITICAL FOR WHO?

LAST CHANCE TO JOIN TODAY’S INTERACTIVE WORKSHOPS

09:00-09:05 Disruptive Discussions Opens

12:35-13:20 Bauxite: Unlocking the downstream aluminium door

09:05-09:30 Leader spotlight – Africa Export Import Bank

13:50-14:35 Rare earth elements: Still rare in the just energy transition?

WORKSHOP 6

14:35-15:20 Coal and uranium: And renewables! What is the ‘sweet spot’ energy mix?

How can we leverage stakeholders’ respective perspectives, experiences, and expertise to chart pathways for future-proofing communities beyond mining?

09:30-10:00 Leader spotlight – Royal Bafokeng Nation 10:00-10:20 Leader spotlight – CMOC 10:20-11:05 Lithium and graphite: What Is Africa’s true potential for filling the long-term EV battery gap? And, how can industry support downstream battery manufacturing opportunities in-country?

11:05-11:50 Gold: Mining and supply chain integrity – earning trust and building transparency from mine to market

15:20-16:00 Potash: Growing crops, feeding Africa’s populations 16:00 -16:40 PGMs: Can the current suppressed EV market elevate the PGM price doldrum?

16:40-17:30 Iron ore: Green infrastructure catapults Africa into a new era

11:50-12:35 Manganese: Still an unspoken critical mineral?

Critical discussions, expert insights, and real solutions.

Future-proofing communities

Wednesday, 5 February

CTICC2

10:00-11:30

Sponsored by:

WORKSHOP 7 (*By invitation only) Automotive focus session The convergence of the mining and automotive sectors, and how this will shape company and countries’ industrial strategies Wednesday, 5 February CTICC2

13:00-14:30

Today’s Social Agenda

Women in Mining Breakfast 09:00-11:00 Sponsored by:

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Roof Terrace (*By invitation only)

Happy Hour 16:30-17:30

Wine Farm – Exhibition Hall

Venue: CTICC 2 | Floor 3 | Watsonia Room. *Open to all delegates, limited seating available – arrive early to secure your spot.

Tomorrow’s mining leaders taking the spotlight today!

Mining and Grid stability: What is the way forward?

Masego Maxwell Sabisa Wednesday, 05 February Tech & Innovation Hub Stage, CTICC1

YOUR WEDNESDAY AGENDA – 5 FEBRUARY 2025 INVESTMENT PROGRAMME 10:05-10:50 The New Frontier: Treasury’s Strategic Role in the Africa’s Mining Revolution 11:00-11:45 Commodity Roundtables - Copper

Rare earth elements: Still rare in the just energy transition?

Ronaldo Malapana

10:45-11:05 Tech in Action session: Revolutionising the Mining Industry through Technology 11:05-11:50 Mining and Grid stability: What is the way forward?

11:50-12:10 The hitchhikers guide to the BHP Xplor galaxy’

Wednesday, 05 February

12:00-14:00 The Global Investor Commission on Mining 2030 Reduced mining-related conflict and its drivers

TECH & INNOVATION HUB 10:00-10:45 Africa Mining...who has the Power?

11:05-11:50

11:45-12:00 Commodity Roundtable Summary

Disruptive Discussions Stage, CTICC1

13:10-13:55 How can technological innovation in mineral exploration help address the mineral discovery deficit?

13:55-14:15 Tech in Action session 14:15-15:00 Unlocking Africa’s Critical Minerals through Digital Transformation and Cutting-edge Innovations 15:00-15:30 Leadership spotlight – LiuGong

13:50-14:35

INDUSTRY INTEL

Developing the future generation – upskilling the youth

09:00-12:00 WIMSA Breakfast - Women Pioneering the Future of Mining (Strictly by invitation)

Cara Haller

17:30-19:00 LEAD Alumni Launch Event

Wednesday, 05 February Intergovernmental Summit Track 1, CTICC2

Technology Adoption and Transformation in the African Mining Industry

16:30-17:30

Enjoy an exclusive trial

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Join the conversation: @miningindaba | #MI25

15:30-17:30 Technical Frontiers and Innovations in Mining Science for the Clean Energy Transition: Examining U.S.-Africa Collaborations (CEIP) - (Strictly by invitation)

Where Ambition Meets Investment

A high-stakes arena where junior mining companies pitch Africa-focused critical minerals projects to elite investors. Only the most compelling ventures will capture the attention of industry leaders, turning vision into reality.

Innovation, opportunity, and investment – this is where mining’s future takes shape.

Be a catalyst for change in Africa’s technology revolution! Complete our survey and play a pivotal role in shaping the future of Mining Indaba and driving the conversations that matter most.

Share your insights – Scan to complete the survey today!

YOUR WEDNESDAY AGENDA – 5 FEBRUARY 2025 INTERGOVERNMENTAL SUMMIT

We connect mining CEOs & funds 1-2-1.

Intergovernmental Summit Track 1 11:00-11:30 In conversation with 14:00-14:45 The role of local capital and entrepreneurship in mining and industrialising Africa 14:45-15:45 For people and prosperity – making beneficiation work for all

15:45-16:30 Protecting mining workers’ safety through international cooperation 16:30-17:30 Developing the future generation – upskilling the youth 17:30-17:35 Closing Remarks

Intergovernmental Summit: Investment Forums 12:00-14:00 Investment Forum – *Strictly by invitation

14:00-16:00 Investment Forum – *Strictly by invitation

Intergovernmental Summit Track 2 09:30-09:45 Chairperson Opening Address

14:00-15:30 Country Showcase – Cote d’Ivoire

09:45-10:30 Home-grown capital – filling the foreign finance gap with local investment

15:30-16:00 In conversation with

10:30-12:00 Showcase: ALSF Industry Intelligence

16:00-17:30 Country Showcase – Republic of Mozambique

12:00-13:00 Planting the seed – how sovereign funds can positively impact both domestic and capital markets

OUR EVENTS

645 Mining companies

2,914

Qualified investors taking meetings

13:00-14:00 Sustainable debt or pending threat - How can Africa safeguard its mineral wealth whilst facing increasing infrastructure debt?

10:00-11:00 Future-Proofing African Mining: Building resilience across Nature, Water and Forests for People and Planet

14:00-15:00 Sustainable Investment: Catalyst or Constraint for Mining Development?

11:00-12:00 Are mining companies being honest in reporting their ESG and sustainability impacts?

15:00-16:00 Can we have a just energy transition if we don’t get better at remedy?

10,457

15

1-2-1 meetings between mining companies and investors

Meetings on average per company

OUR UPCOMING 121 MINING INVESTMENT EVENTS

12-13 May 2025

09-10 June 2025

London Spring

24-25 June 2025

New York

Hong Kong

24-25 September 2025

17-18 November 2025

24-25 November 2025

09-10 February 2026

Global Online

SUSTAINABILITY SERIES 09:00-10:00 How simplifying the global mining standards landscape can benefit mining in Africa

121 Mining Investment events connect portfolio managers and analysts from institutional funds, private equity groups and family offices with mining company management teams, both in-person and online.

Featuring cash-generating producers, near-production development companies, project generators, and exploration projects, 121 Mining Investment events offer something for everyone.

Get in contact to find out why 121 Mining Investment is the world’s leading dedicated mining investment event series.

Dubai

London Autumn

Cape Town

To find out more about our other 121 events please reach out to our dedicated account managers: APAC ada.calvert@weare121.com

Americas (Western) josie.robertson@weare121.com

EMEA dee.sember@weare121.com

Americas (Eastern) lauren.grant@weare121.com

For investors passes joao.oliva@weare121.com lucy.kelly@weare121.com

www.weare121.com

Downstream Buyers:

Leading the Way in Sustainable Growth and Industry Transformation Featured Sessions For Downstream Buyers: Lithium and graphite: What Is Africa’s true potential for filling the longterm EV battery gap? And, how can industry support downstream battery manufacturing opportunities in-country?

Wednesday, 05 February CTICC1, Disruptive Discussions Stage 10:20-11:05

The convergence of the mining and automotive sectors, and how this will shape company and countries’ industrial strategies Wednesday, 05 February CTICC2, Interactive Workshop 13:00-14:30 Moderator: • Dr. Martyn Davies, Partner, Arena Partners

CBAM: How African exporters into the EU can turn risk into opportunity

Moderator:

Speakers:

• Estelle Levin-Nally, CEO and Founder, Levin Sources

• Dave Coffey, CEO, African Association of Automotive Manufacturers

By Meghan Russell, Associate, The Carbon Trust

• Ken Osei, Principal Investment Officer-Manufacturing & Consumer Services, International Finance Corporation

The Carbon Border Adjustment Mechanism (CBAM) has entered its final year of transition, signalling the need for global economies and industries to consider the environmental impact of goods exported into the EU and prepare to respond. While much of the focus is on CBAM’s potential risks, there are opportunities for sectors embracing decarbonisation to strengthen trade competitiveness and advance greener industries, especially for exporters in Africa.

Speakers: • Hon. Kizito Pakabomba Kapinga Mulume, Minister of Mines, Democratic Republic of the Congo • Inga Petersen, Executive Director , Global Battery Alliance

• Tatiana Aguilar, Mining and Metals Industry Manager, World Economic Forum

• Shirley Webber, Managing Principal, Coverage Head: Resources & Energy Sector, Absa CIB

• Ilya Epikhin, Senior Principal & Global Head of Natural Resources Competence Center, Arthur D. Little

• Geoff Streeton, CDO, Eramet • Shaun Verner, MD and CEO , Syrah Resources

• Mark Goliath, Acting Divisional Executive: Manufacturing, Industrial Development Corporation

Mining and Grid stability: What is the way forward?

Can we have a just energy transition if we don’t get better at remedy?

Wednesday, 05 February

Wednesday, 05 February

CTICC1, Tech & Innovation Hub Stage

CTICC1, Sustainability Series Stage

11:05-11:50

15:00-16:00

Moderator:

Moderator:

• Claude de Baissac, CEO, Eunomix

• Fabiana Di Lorenzo, Senior Director, Impact, Innovation and Credibility, Responsible Minerals Initiative

Speakers: • Johan Helberg, Head of Sales – Africa, Aggreko

Speakers:

• Mike Teke, Group CEO, Seriti Resources

• Jan Morrill, Mining Programme Co-Director , Earthworks

• Vincenzia Leitich, Executive, Client Coverage Energy & Infrastructure, The Standard Bank of South Africa

• Melanie Jacques, Partner, Leigh Day

• Masego Maxwell Sabisa, Postgraduate student, North West University

• Johannes Danz, Project Coordinator Raw Materials and Human Rights, Mercedes-Benz AG

• Nivasha Singh, Business Development Manager, Siemens Energy

DON’T MISS THIS OPPORTUNITY – WHERE INNOVATION, OPPORTUNITIES, AND PARTNERSHIPS THRIVE! 10

What is CBAM? CBAM is a unilateral carbon border tax introduced by the European Union (EU) in October 2023 as part of its strategy to reduce emissions. The policy’s primary aim is to preserve the competitiveness of EU goods and prevent “carbon leakage”, which is when goods of equal value, but a higher carbon intensity are imported into the EU. CBAM addresses this by aligning the carbon price of emissions-intensive imports with that of domestic goods.

The CBAM targets high-emitting sectors, including iron and steel, aluminium, hydrogen, fertiliser, electricity, and cement. During the current transition phase, importers must report the embedded GHG emissions of these goods and from 2026 also pay a carbon tariff on their emissions content. Although the direct costs fall on importers, exporters and exporting countries will feel its impacts.

Implications for African exporters The EU is a key export market for African industries. Products covered by CBAM account for major African exports to the EU, including 26% of fertiliser, 16% of iron and steel, 12% of aluminium, 12% of cement, and 33% of manufacturing exports.1 Given the higher carbon intensities of these goods compared to global competitors, African exports will likely face higher tariffs that reduce their price competitiveness.

One study suggests that CBAM could bring a 13.9% decline in African aluminium exports, an 8.2% drop in iron and steel exports, and potential contraction of the continent’s GDP by up to 0.91%.2 Additionally, CBAM’s administrative disclosure requirements create another market barrier for exporters lacking emissions data collection processes.

The CBAM presents a dual challenge: while incentivising dec arbonisation in emissions-intensive industries, it also places a disproportionate burden on countries that have contributed minimally to historical emissions. This has prompted debate about equity in climate policy, with some BRICS nations criticising the mechanism. Many goods subject to the CBAM are essential for the energy transition, such as aluminium and steel for renewable energy infrastructure and electric vehicles and green hydrogen for decarbonising hard-to-abate sectors.

By imposing financial barriers on these exports, CBAM may hinder the climate transition in developing economies exporting to the EU. As the policy’s full implementation draws near, affected industries should consider how they can best navigate these challenges, and even uncover opportunities.

Turning risk into opportunity Viewing the CBAM as an opportunity begins with measuring and disclosing carbon emissions. CBAM compliance is more than just a regulatory exercise; it’s the starting point for meaningful decarbonisation across operations, products and value chains. Emissions data plays a valuable role in the energy transition. It enables business leaders to identify emissions hotspots and reduction opportunities, strengthening their market position. It empowers investors to direct capital more effectively and engage with investee companies on their environmental strategies. Governments also use these insights to shape national and sectoral climate policies and targets. Finally, emissions data can foster essential dialogue about decarbonisation amongst value chain partners, helping to progress local green industries.

Empowering Tomorrow’s Mining Leaders with Bold Ideas and Visionary Voices THE FUTURE OF MINING IS YOURS TO DISCOVER

A Journey of Resilience, Courage and Innovation Michelle Manook, Chief Executive FutureCoal

Unlock industry secrets, expert insights, and critical discussions all in one place. Visit miningindaba.com/MITV now and subscribe to @MiningIndabaTV on YouTube to never miss an update. The countdown to tomorrow’s mining world starts now!

My almost 30-year leadership journey has afforded me a front row position seeing the transformative role of mining in global society. What once seemed like overwhelming challenges (lest we forget I advocate for coal, globally!) has instead taught me to be brave and open to the unknown.

Raw insights, bold strategies – hear it first from the experts

Leadership, I have learned, is not defined by title, gender, age or any bias —something I’ve experienced at various stages of my career. It has been about challenging conventional thinking, persevering through setbacks, listening, being curious, speaking up and driving progress.

Ignacio De Calonje CIO Metals & Mining, International Finance Corporation (IFC)

Three key attributes underpins this approach: resilience, courage, and innovation.

Nere Emiko Dr. Thuthula Balfour

Managing Director Kian Smith Company

Head: Health Department, Minerals Council South Africa

Shirley Webber, Managing Principal, Coverage Head: Resources & Energy Sector, Absa Corporate and Investment Banking 12

Nafi Chinery Africa Director, Natural Resource Governance Institute Join the conversation: @miningindaba | #MI25

When you are privileged to be invited into mining communities around the world, you quickly realise that whilst our cultures may differ, our opportunities and challenges are the same. But the real revelation is that if we are to capitalise on opportunities and conquer challenges, we only need to embrace inclusivity and empowerment as our guiding principles.

In a world defined by polarising debates, exclusion in my view, has proven to be destructive. Our industry has rightfully faced some criticism for being slow to evolve and holding outdated biases. However, it has also endured some nefarious claims that have left it distracted, defensive, and I would argue has been more irresponsible; holding back the global value chain from uniting and advancing the sustainable coal Join the conversation: @miningindaba | #MI25

solutions that we know not only exist today but are necessary for the modern life many of us depend on and for the countless others who have yet to access it.

FutureCoal has been both my teacher and my student. Leading this global advocacy during one of the most prolific periods for this industry has taught me invaluable lessons: the importance of being factual not emotional; the need to respect divergent views and different starting points; and above all the importance of finding common ground rather than focusing on our differences.

In my humble view this is how we will future-proof mining. No matter the mineral or resource. No matter the geography or region. No matter where on the value chain you reside. It is mining which feeds every aspect of our way of life and therefore has the power and ability to feed our collective spirit to simply be better, safer, and contribute more.

This responsibility also calls for us to embrace innovation. It’s not only about advancements in digitalisation and automation and other technology led fields. It’s also about fostering diverse and innovative thinking, which ensures mining is not just ‘sustainable’ but rather ‘able to be sustained’ for a future that we all share and must protect.

For every young woman and young man out there. Do not lead with your gender. Lead with your ability. Lead with a genuine vision for inclusion, for diversity, for a better world that is in desperate need of better leaders.

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stability, many companies struggle to identify and execute impactful strategies. Successfully addressing community needs—such as education, healthcare, infrastructure, or livelihood development—requires a nuanced understanding of local contexts.

For junior mining companies, mastering the art of meaningful community investment is not just a responsibility—it’s a competitive advantage in demonstrating responsible mining practices and securing a license to operate.

3. Navigating Local Governance Navigating local governance is a significant hurdle for junior mining companies,with its complexity often underestimated. Success requires more than compliance with national and local laws—it demands a deep understanding of the socio-political dynamics at play in the mining region. Governance challenges, such as corruption, weak enforcement, or fragmented authority, can derail operations if not proactively addressed.

The key to thriving as a junior mining operation? Embedding ESG practices into every step of your journey to build sustainable, fair, and profitable outcomes.

Elizabeth Arnott, Responsible Mining Consultant, TDi Sustainability Junior mining companies in Africa are in a unique position to seize the opportunity offered by the continent’s vast resources of critical and strategic raw materials and utilise resources that are too small for major mining companies.

In doing so, junior miners have the potential to act as a catalyst for growth in Africa, developing economies and accelerating job creation.

But what are the roadblocks in the way? Gaining the finance that they need to realise their ambitions is undoubtedly one of the biggest challenges facing junior mining companies. The resounding feedback from TDi’s investor clients is that investment is much more likely where an offtake agreement is in place. But before they will commit to an offtake agreement, many downstream companies now request evidence of strong environmental, social and governance (ESG) practices. What does this mean in practice for junior mining companies?

We spoke to our junior mining clients to find out about the key challenges they face in incorporating ESG risk identification and management into their business operations. In this article we explore six of the key themes that emerged, and examine how junior mining companies can best tackle these critical factors that impact their daily and long-term cash flow and shape their relationships with government, investors, and the wider landscape.

1. Community Rights and Engagement Securing community consent and maintaining a social license to operate are critical for junior mining companies aiming to build sustainable operations. Community consent goes beyond regulatory approvals, requiring meaningful engagement with local stakeholders to address their concerns and aspirations. This process involves transparent communication, inclusive decision-making, and the development of mutually beneficial agreements.

Obtaining a social license to operate means earning the trust and acceptance of impacted communities, which hinges on demonstrating respect for their rights, cultural values, and livelihoods. Companies can achieve this by conducting thorough Environmental and Social Impact Assessments (ESIAs), implementing accessible grievance mechanisms, and providing regular updates on project developments. Building long-term partnerships with communities through consistent engagement and delivering tangible benefits can foster goodwill, reduce conflict, and ensure operational stability.

2. Community Investment Community investment is a crucial yet often misunderstood challenge for junior mining companies. While such initiatives hold the potential to deliver tangible benefits to local populations, fostering goodwill and

Building partnerships with local governments, civil society, and community leaders is key to fostering trust, streamlining permitting processes, and creating shared benefits. However, many junior companies struggle to establish these relationships effectively, often overlooking the importance of transparency and accountability.

Adopting internationally recognized frameworks like the Extractive Industries Transparency Initiative (EITI) or OECD due diligence guidelines can signal a commitment to good governance, reducing the risk of disputes and reinforcing a company’s reputation for responsible mining.

4. Security Mining companies operating in regions with weak governance or social tensions often face significant security challenges, including the growing threat of terrorism in Africa. Balancing the protection of employees and assets with respect for human rights is a critical concern. To address these challenges effectively, companies must ensure that their security practices adhere to international human rights standards, such as the Voluntary Principles on Security and Human Rights.

This includes providing comprehensive human rights training for both private and public security personnel, establishing robust oversight mechanisms to prevent abuses, and ensuring accountability for any violations.

Moreover, fostering trust with local communities by addressing grievances and developing inclusive security strategies can significantly enhance both operational stability and community relations.

5. Managing and reducing greenhouse gas emissions With mining being responsible for around 7% of global greenhouse gas emissions, there is increasing pressure on the mining industry to decarbonise operations and adopt greener technology. To stay competitive, junior mining companies must address climate, and environmental challenges in their corporate strategies, reporting and high-level decision-making.

Some investors now require climate-risk disclosures, and these will only become more important as climate expectations mature. Many international investors and public finance institutions, including multilateral development banks, are Paris-aligned, which means that they won’t invest in mining that uses coal-powered plants to drive extraction.

It’s therefore important that junior mining companies think carefully about their energy sources when planning ahead.

6. Data capture and communication with downstream customers Downstream companies increasingly need robust verification of performance from junior miners as part of their offtake agreements, to fulfil their sustainability reporting requirements and communicate with their stakeholders. Junior mining companies therefore need to put the data reporting systems in place that will enable them to communicate this data quickly, accurately, and efficiently with their downstream customers. Tools such as TDi Digital’s comprehensive due diligence reporting platform is one way that this can be achieved.

The TDi Sustainability team has a long track record of supporting junior and emerging mining projects in diverse jurisdictions. We build practical, actionable strategies grounded in real-world experience in mining and community engagement, and our expertise helps companies align their operational practices with international ESG expectations. Get in touch to find out how we can help you and your business.

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VISIT US AT BOOTH A50

Promising renewable diesel pilot production plan announced by powerful partnership

By Martin Creamer, Editor, Mining Weekly CAPE TOWN (miningweekly.com) – The launch of a pilot initiative to produce feedstock for renewable diesel in South Africa was announced on day two of the Investing in African Mining Indaba taking place in Cape Town.

The launch, which has far-reaching promise owing to the high status of the participants, has taken the form of a joint development agreement, which was entered into on Tuesday, February 4.

The corporations involved are: • South Africa’s long-standing hydrocarbons-based synthetic fuels producer Sasol; • the London- and Johannesburglisted Anglo American; and • the iconic Anglo group diamond pioneer De Beers.

This timely and far-reaching pact has in its sights the establishment of a competitive climate-friendly South African renewable fuels value chain of considerable substance.

Being assessed is the technical and commercial viability of renewable diesel feedstock production at scale, with solaris and moringa plantations generating vegetable oil.

Mining Indaba Special Edition

paydirt.com.au

This is taking place amid Sasol’s existing assets being able to process a variety of feedstocks.

Importantly, this is enabling the partnership to produce vegetable oilbased renewable diesel quicker than greenfield projects and at lower costs.

Renewable diesel is transformative in that it meets the technical standards of conventional diesel while significantly reducing greenhouse-gas (GHG) emissions.

practices and innovation strategy while also aligning with the diamond company’s aim of replacing fossil fuel, which is a critical element of the 2030 decarbonisation goals.

“Our customers can use it as a ‘dropin’ fuel in their existing equipment and machinery to meet their GHG reduction commitments,” Sasol business building, strategy and technology executive VP Dr Sarushen Pillay outlined at the signing ceremony covered by Mining Weekly.

“Prefeasibility studies have been approved, and renewable diesel production trials have been initiated within De Beers mining operations and host communities,” Atkinson added.

Partnering with Anglo, Sasol is investigating the development of a local and cost-effective supply chain for sustainable feedstock, utilising vegetable oil to produce renewable diesel in its facilities, as the partnership innovates for a greener future.

Although renewable diesel production in South Africa is not yet at a commercial scale, recent market engagements indicate that the country’s renewable fuels market is promising, driven by end-customer demands and their decarbonisation targets. Old mine sites will be repurposed for farming of the crops required for renewable diesel.

“As we innovate for a better world, Sasol’s ambition is clear — to help our customers navigate the energy transition while delivering highquality, sustainable solutions for a low-carbon future,” Pillay added.

As stated by Anglo CEO Duncan Wanblad on Monday, Anglo is intent on continuing to leverage its global status in mining, processing, and sustainability to support inclusive South African economic growth more broadly.

Anglo projects and development director Alison Atkinson highlighted the strengthening role that renewable diesel will play in the group’s commitment to reducing scope 1, 2, and 3 GHG emissions by 2040.

“South Africa will continue as our platform to drive our strategic agenda across Southern Africa, where we believe we have a rare set of capabilities to bring to bear for the right opportunities. South Africa’s success is deeply intertwined with our own,” Wanblad added.

“It’s an innovation that contributes to our sustainability journey as a business and our quest to maintain a healthy environment by creating carbon neutral operations,” Atkinson explained.

The initiative is said to align with De Beers’ Origins sustainable

The often-repeated need for bold partnerships to strengthen the South Africa economy is reflected in this very promising renewable diesel partnership.

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David McKay, Miningmx ANGLO American CEO Duncan Wanblad described the prospect of mega-deals in the mining industry as “a calamity” as they would ultimately hurt society.

“Why do I think consolidation is bad thing,” he said in an interview at the Mining Indaba conference on Monday. “It will undoubtedly result in less actual mining being done in the world; it will result in less projects being developed.

“As a result of that it will prejudice people and the countries that desperately need these projects to derive benefits from them for decades and decades.

“What you benefit from financially in a very short-term window (from consolidation), you pay for, for almost ever,” said Wanblad. “Society pays for this. There aren’t enough responsible mining companies to go round in the world today that make a difference.”

Reports in January said that Rio Tinto and Glencore had discussed a combination of their businesses last year. Although the deal didn’t get off the ground, it was described as a sign of industry desperation amid forecasts of surging supply deficits.

Wanblad’s comments echo the sentiments of Adam Matthews, chief responsible investment officer for the Church of England Pensions board. He said during a £39bn takeover attempt of Anglo by BHP last year that “... as an asset owner we are not convinced such consolidation will serve our long-term interests as a pension fund”.

Investors might scoff at Wanblad’s assertion as the market is looking for companies with scale to build projects. But Wanblad replied: “This is not an excuse for not being efficient. We have to be really efficient so investors don’t think it is better for them to consolidate in the short-run”.

Although BHP’s offer for Anglo was repulsed, speculation the Australian group would make a fresh pass has been unceasing.

“Anglo being acquired by anyone – and I mean anyone – doesn’t accelerate the organic options Anglo has in critical minerals,” said Wanblad.

“There is a natural time-frame to develop feasibility study.

Because we are managing shareholders’ money we have to have confidence to develop the projects which takes time. It takes time to get permits and it takes time to get licences.

“Then you need skills to build projects which some companies are better at than others; and when you are up and running you have to hope you’re not expropriated for all different reasons you get,” said Wanblad.

Trade sale for De Beers A couple of weeks after BHP launched its Anglo offer, Wanblad unveiled a restructuring of Anglo he said had been in the works for some time. It’s key elements is to sell Anglo’s platinum, diamonds, and metallurgical steel assets. The latter has been achieved for about $4bn – at much higher valuation than analysts first estimated.

The demerger of Amplats was due by mid-year, said Wanblad who declined to comment specifically on speculation it could be planned for April or May. As for selling its diamonds business, held in 85%-owned De Beers, Wanblad said that a deal by the end of this year or early 2026 was a reasonable timeframe.

“It would be lovely if could do an IPO,” he said of selling Anglo’s stake in De Beers. But given the extended weakness in the diamond market, Anglo was likely to derive more value from a trade sale, he said.

“I favour a trade sale based on sentiment. Trader buyers have more of a feel [for the market] than the public. But as markets recover, the public might get a lot more confident. There’s an equal option for both.

I definitely would not discount an IPO,” he said.

Anglo was boosted today by confirmation of a sales agreement with the Botswanan government which Wanblad confirmed was unchanged from the ‘in-principle’ pacts signed with Botswana under former president Mokgweetsi Masisi in 2023.

Debswana, a 50:50 joint venture between top diamond producer Botswana and De Beers, currently sells 75% of its output to De Beers.

“The signing will be in the next few weeks...the government of Botswana will be hosting the signing,” De Beers CEO Al Cook told Reuters in an interview.

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Policy inconsistencies: Inconsistent and fragmented policies across African countries can discourage potential investors and hinder the creation of a unified industrial ecosystem. There is a need for greater harmonisation of policies to create a conducive environment for industrial growth.

Collaboration vital for Africa’s mineral-based industrialisation success Penelope Masilela, Multimedia Journalist– Mining Review Africa Africa, rich in natural resources, has long been regarded as a treasure trove of raw materials. With vast deposits of precious metals like platinum and gold, alongside emerging minerals like lithium and copper, the continent is home to 30% of the world’s mineral reserves.

Industry leaders Hon. Paul C. Kabuswe, Minister of Mines and Minerals Development, Republic of Zambia; Dr. Amany Asfour, President, Africa Business Council; Fred Kabanda, Division Manager, Extractives, African Development Bank; and Hon. Habtamu Tegegn, the Minister of Mines, Federal Republic of Ethiopia, gathered to discuss challenges and opportunities of industrialising Africa through minerals.

To open the discussion, Dr. Marit Kitaw, Interim Director, African Union—African Minerals Development Centre (AMDC), highlighted that Africa is blessed with vast mineral resources—30% of the world’s mineral reserves, including 90% of the world’s platinum, 50% of its gold, and significant reserves of copper and lithium.

But the question we must ask ourselves is: Is Africa ready for industrialisation through its minerals?

She asked this question: If we agree that it is, what will it take to make it happen?

Africa’s mineral wealth offers a unique opportunity for transformation. For too long, Africa has been a source of raw materials for global industries with little value addition within its borders. This has led to economic dependency and limited job creation. Now, the time has come to shift this paradigm and use our resources to drive industrialisation, create jobs, and enhance economic growth.

As Kabuswe emphasised, “Industrialising Africa through its minerals is not just an option; it is a necessity.” The need for industrialisation is urgent, as it is the key to unlocking sustainable economic growth, job creation, and long-term prosperity for the continent. The time has come to change this narrative and harness Africa’s resources for its own development.

“Africa’s wealth in minerals offers a unique opportunity to establish industries focused on refining, processing, and manufacturing. By moving beyond raw material exports, Africa can foster value-added industries that will drive economic development, reduce unemployment, and increase the continent’s global competitiveness,” he added.

While the potential is immense, several challenges must be addressed for industrialisation to succeed. Kabuswe highlighted key barriers that African nations must overcome: Infrastructure deficits: Many African countries lack the necessary infrastructure to support industrialisation, including reliable power supply, transportation networks, and modern technology.

These infrastructure gaps limit industrial productivity and make it difficult to compete in global markets.

Limited investment: Securing the capital needed for industrial projects is a major challenge. Kabuswe pointed out that “industrial policy requires significant capital. African nations must explore innovative financing mechanisms, including partnerships with development banks, sovereign wealth funds, and private investments.”

Mobilising the required funds for industrial development is essential to kick-start Africa’s industrialisation.

Environmental and social responsibility: Sustainable mining and industrialisation require responsible environmental management and community engagement. It’s vital that industrialisation efforts also focus on preserving the environment and ensuring that the benefits of industrial growth are shared equitably with local communities.

Asfour highlighted that the private sector is not just about multinational companies but also about small-scale artisanal, who are the backbone of the economy. To address this issue, Asfour proposes three pillars: strengthening the private sector, policy advocacy, and product development.

The President of the Africa Business Council emphasised that the private sector includes not only multinational companies but also small-scale artisans, who are the economy’s backbone. To address this, Asfour proposes three pillars: strengthening the private sector, policy advocacy, and product development.

The first pillar focuses on empowering SMEs, women, and artisans with technology, machinery, information, and education. The second pillar advocates for creating an enabling environment through financial inclusion, investment, and better access to credit. The third pillar, product development, involves diversifying industries and identifying investment opportunities through comprehensive studies of each mineral sector in the country.

She stresses the importance of political will, passion, planning, and performance in industrialisation.

Political will is key to empowering the private sector and negotiating contracts, while passion ensures the success of industrialisation within Africa. Effective planning and performance, with a coordinated agenda, are essential for progress.

Asfour shared an example of Zambia, where despite the country’s rich resources in emeralds and diamonds, many small-scale farmers and women lack access.

Asfour suggests establishing African training centres and cutting and polishing operations to add value locally.

She calls for empowering the African private sector, developing a coordinated industrialisation agenda, and addressing the challenges and opportunities that will drive Africa’s industrialisation goals.

The Minister of Mines of the Federal Republic of Ethiopia emphasised that Africa has been ready since the formation of the world, but there are issues that need to be addressed. One of the main concerns is the lack of

transparency and accountability in mining deals. Many mining companies have signed deals where they only receive a 5% government share. Tegene also highlighted the importance of ensuring that mining companies are helping communities and their teams work well for them.

Tegene argued that investors come to Africa to make money, not to build or do anything for them, but to make a profit. They are not interested in building the nation or doing anything for them, but in making a profit. Therefore, it is crucial to ensure that the investment climate in Africa is not investor heavy. This means that both parties should benefit from the return on investment and the communities they serve.

He shared his own experience of mining in Zambia, where most of the infrastructure, especially in the copper belt, was built due to mining activities. The town holding dollar, which was industrialised due to mining activities, eventually lost its wealth. However, with President Tucker’s administration, he has emphasised the importance of partnerships, valuing numbers, and ensuring affordable capital and technology. These pillars are being engaged on to ensure a strong relationship between investors and the country.

“The need for Africa to be open to investing in minerals and addressing the issues that arise from poor governance and investment practices. By doing so, Africa can work towards industrialising and achieving its goals,” he added.

To conclude the session, Kabanda discussed the importance of minerals in industrialisation. He acknowledged that many countries are not yet ready to use their resources for industrialisation, but he emphasised the need for knowledge and understanding of the requirements needed to achieve this.

Kabanda highlighted the importance of having the right people to do the right things, as well as focusing on infrastructure, such as energy roads and water. He mentioned that the African Development Bank aims to improve the quality of life for its people by investing in skills and capacity. He highlighted that 90% of locals in a country are not skilled enough to work in the industry, and they need to elevate their skills to a higher level.

He also highlighted the need for skills and capacity in the industry. He mentioned that one of the bank’s high priorities is to industrialise, and they have recently developed a new 10-year strategy focused on value addition.

Lastly, he emphasised the importance of having the right knowledge, infrastructure, and capacity to contribute to the industrialisation of minerals.

He said it is important for everyone to contribute to the progress of the mining industry in Africa.

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