London Indaba 2024: Shaping the Future of African Mining | Milpark

One of the standout sessions featured Bernard Swanepoel in conversation with John Thornton, Chairman of Barrick Gold Corporation. This dialogue highlighted several important lessons for the mining industry:

1. Long-Term Vision for Sustained Success: Effective collaborations should prioritize long-term goals, ensuring sustainability and resilience in operations.
2. Swift Innovation and Prototyping: Partnering with entities that can innovate rapidly and prototype efficiently is essential for driving forward-thinking solutions.
3. Diverse Skills and Perspectives: Integrating diverse skills and perspectives fosters, new ways of thinking and learning, as very important for industry evolution.
4. Forward-Looking Engagement: Engagement terms should be focused on future opportunities rather than being anchored in present emotions.

These insights underscore the importance of strategic partnerships and innovation in ensuring the long-term success of mining ventures with specific reference to Africa.

Shaoyang Shen, Deputy President of Zijin Mining Group, provided an insightful keynote on Zijin's strategic role and operations in Africa. Shen highlighted six key strategies that have driven Zijin's to global success:

1. Recognising Finite Resources: Acknowledging the uneven and finite distribution of mineral resources worldwide.
2. Tapping into Africa’s Rich Resources: Utilising Africa’s abundant mineral resources alongside other promising jurisdictions to mitigate investment risks.
3. Leveraging International Cooperation: Promoting robust growth through international cooperation.
4. Ensuring Efficient Capital Markets: Maintaining efficient capital markets to fund mining developments globally.
5. Market-Based Transactions: Embracing cross-border transactions free from political interference to benefit all parties.
6. Investing in Local Communities: Understanding and investing in the needs of local mining communities, particularly in skills development.

These principles highlight the benefits of global collaboration and market-based strategies in driving sustainable growth in the mining sector.

A significant highlight was the keynote address by Baroness Lindsay Northover, Member of the House of Lords and Vice Chair of the All-Party Parliamentary Group on Critical Minerals and Environmental, Social, and Governance (ESG). Baroness Northover emphasized the UK Government’s commitment to promoting responsible and resilient supply chains for critical minerals.

She detailed how partnerships with African countries are important for developing sustainable mining practices that benefit both local communities and the global market. This approach ensures the responsible extraction and fair distribution of resources, fostering long-term economic stability.

Neal Froneman, Chief Enabling Officer at Sibanye-Stillwater, introduced the concept of "Grey Elephants"—significance, often ignored trends that require adaptation in corporate and societal strategies:

1. Intelligent Advances: The rapid progress in technology, particularly Artificial Intelligence (AI) and robotics, reshaping job markets and societal structures.
2. Pandemics: The high likelihood and significant impact of pandemics, extending beyond infectious diseases.
3. Ageing: The demographic shift towards an older population with implications for healthcare and economic dynamics.
4. Angry Planet: The climate crisis necessitating a global, unified response.
5. Inequality: The growing economic disparity, especially in Africa.
6. Big Squeezes: Pressures on essential resources and sectors driven by global demand and supply issues.
7. Angry People: Rising social discontent and political unrest in response to various global challenges.
8. Multipolarity: Shifting global power dynamics creating a more fragmented global order.

Froneman's address emphasized the need for mining companies to adapt to these trends to ensure long-term viability and societal relevance.

Read More: Insurance Star on the Rise: Nyasha Madzingira’s Story

Rohitesh Dhawan, President and CEO of ICMM, focused on the theme of "Understanding Perceptions: What Will It Take to Truly Change Hearts and Minds Towards Mining?" Dhawan outlined four key strategies:

1. Consolidating Standards: Establishing and maintaining responsible mining standards to build trust and demonstrate ethical operating principles in operations.
2. Creating Unexpected Positive Contributions: Highlighting the mining industry’s contributions to biodiversity conservation and transparent tax disclosures.
3. Sparking Curiosity Through Outreach: Engaging the public with creative initiatives to foster a deeper understanding of mining’s role globally.
4. Addressing Mining Legacies: Acknowledging and remediating post-mining landscapes to rebuild public trust.

Dhawan's approach aims to shift public perception by highlighting the positive impacts and ethical practices within the mining industry.

Dr. Fiona Perrott-Humphrey, Senior Adviser for the Mining Team at Rothschild & Co. London, chaired a great panel on the conundrums of mining equity investing today. The session focuses on the comparative advantages of private equity versus public listings, highlighting how private equity can offer more flexible and patient capital while public listings provide greater liquidity and visibility. This discussion is important as mining companies seek to navigate complex financial landscapes and secure the necessary investments for sustainable development.

Phillip Le Roux, Associate Director of Industry X at Accenture, chaired a pivotal discussion with prominent industry experts, including Professor Glen Nwaila, Director at WITS Mining Institute, Thabiso Sekano, Head of Mining at IDC, Joy Singh, Director at Accenture, and Edward Bardo, Global Sales Director – Mining at Aspen Technology. The conversation delved into various aspects of asset management, emphasizing key strategies for advancing the mining sector in Africa.

1. Bridging Academia and Practical Mining Operations: The experts underscored the necessity of closing the gap between academic training and real-world mining operations. They advocated for transforming graduates into specialists, emphasizing the critical role of data availability in gaining a competitive edge.
2. Knowledge Exchange and Capacity Building: The panel highlighted the importance of knowledge exchange within the mining industry to enhance capacity and ensure projects are delivered on time and within budget. They identified key elements essential for fostering growth in Africa's mining sector.
3. Digital Technology Implementation: The discussion stressed the significance of understanding and implementing digital technology within the mining industry. Leveraging these technologies can lead to substantial improvements in efficiency and productivity.
4. Investor Decision-Making and Fit-for-Purpose Assets: The experts discussed how the suitability of mining assets influences investment decisions. Investors are more likely to commit to projects that demonstrate a clear alignment between asset capabilities and project requirements.

Phillip Le Roux's dialogue with the specialists aimed to elucidate the meaning and importance of asset management in the mining industry. Asset management was identified as a critical tool for unlocking the potential of the African mining sector.

Professor Glen Nwaila emphasized the importance of prototyping technology using academic research before its deployment in actual mines. He noted that the WITS Mining Institute has developed a mock mine to facilitate the testing of the latest mining technologies, ensuring they are viable, safe and effective before being implemented in real-world mining scenarios. This approach not only enhances the safety and efficiency of mining operations but also fosters innovation within the industry.

The conference concluded with a powerful keynote by Mark Cutifani, Chairman of Vale Base Metals, who discussed "Africa and its Minerals Endowment – Turning a Curse into a Blessing."

Cutifani emphasized the need for good governance, sustainable practices, and international cooperation to transform Africa's vast mineral wealth into a source of prosperity for its people. His address underscored the importance of leveraging Africa's resources responsibly to ensure they benefit future generations and contribute to global sustainability.

The London Indaba 2024 has reinforced the important role of African minerals in the global economy and the need for sustainable, responsible mining practices. The insights shared by industry leaders emphasize the importance of strategic partnerships, innovation, and community engagement in driving the future of mining. As the industry navigates complex global challenges, the lessons from the London Indaba will be instrumental in shaping a resilient and sustainable future for mining in Africa and beyond.