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Opportunities, diversification and ethics were discussed by miners and investors at this week's Mines and Money conference in London.
The mining industry needs to take a balanced approach to investing in Africa, delegates at the Mines and Money conference in London this week said, capitalizing on the opportunities offered by the continent while taking an ethical approach.
The Tuesday of the conference, which began on Monday, November 26 and will run until Thursday this week, was dedicated to opportunities in Africa. Miners, investors and politicians discussed this activity with the whole continent.
African mining industry calls for investment by Nigeria's Minister of Mines and Steel Development Abubakar Bawa Bwari, who delivered a speech at the event in which he said that the best way to capitalize on the continent with the youngest population in the world and fight against illegal immigration, war and death is to create economic growth driven by business rather than by governments.
He called on the mining industry to take advantage of the current good prices of minerals and again highlighted Nigeria's diversification as an example of the opportunities offered, pointing out that under the President Muhammadu BuhariThe country has become less dependent on oil and gas, including iron ore mining and bitumen production.
However, there would be a first-come, first-served approach to licensing, so applicants should act quickly, he warned, before concluding by inviting companies to invest in Africa and the United States. help to tap its potential.
GOLD AND BEYOND
Penetrated by falling commodity prices in 2014, many African economies began to diversify, but one of the keynote speakers of the event focused on a more traditional ore. In a discussion on the scene, the Egyptian billionaire Naguib Sawiris explained why, having sold many of his holdings in the telecommunications sector, he had invested half of his fortune in gold through La Mancha Group.
Gold's reputation as a safe investment was an important factor, but Sawiris also saw opportunities to bring professional experience to the industry. He said mining companies should have people from the business community on their boards, along with geologists and accountants, and that he would prefer to hire an exploration manager with also business experience, in both cases, because they understand the context of the decisions they make. and the data that they present.
Sawiris is considering other possibilities by limiting costs and making centralized purchases, although he has complained about the current price of gold, but added that the increased prosperity of the company is likely. industry will go through increased exploration.
The need for diversification of African economies was one of the main topics of discussion at last year's event and, as it seeks to expand beyond oil and gas, Nigeria is at the top of the list. the list of the many investors to watch. Sawiris is one of those investors, noting that there is a lot of mining exploration to be done here, while expressing cautious optimism about prospects in East Africa, pointing out that Sudan and Kenya needed exploration and investment.
Similar diversification opportunities have been considered by the Chief Geologist IronRidge, Len Kolff, which highlighted the company's gold mining activities in Chad, lithium exploration in Ghana – a country previously primarily associated with gold and the exploitation of these two minerals in Côte d'Ivoire.
SOCIAL LICENSE
A little earlier, the opening debate of the day focused on the ethical aspect of the profession, both in terms of dialogue with local communities and the fight against corruption, chaired by Daniel Litvin of Critical resource.
Gillian Caldwell Global Witness explained some of the measures companies are taking on the compliance front, while Brian Chicksen of AngloGold Ashanti said that there were practical considerations for companies that were trying to enforce these measures, but that this would ultimately make them better and more successful businesses in the long run. Thomas Holl of Black rock offered investor support to these trends.
Francis Gatare, former chief private secretary to the Rwandan president and currently director-general of the Rwandan Mining and Petroleum Board, said the trust and social license of the community were essential for the creation of long-term partnerships between miners and country.
As Tom Butler The International Council on Mining and Metals (ICMM) noted in its opening address at the session, that investors and miners are becoming more aware of the need to obtain social license from local communities for their operations, and he called for corporate responsibility and commitment.
As if to emphasize the importance of this subject, Sawiris said that some Western countries are more and more guilty of the same failures they accuse African countries of good governance.
Elsewhere, the conference was informed of the impact of electric vehicles on the mining sector, with their need for raw materials for batteries, while focusing on the progressive side of the sector.
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