What the chief executives are saying at Mining Indaba 2024

The Disruptor Stage at day one of mining indaba 2024 hosted an impressive lineup of senior mining executives. Anglo American, Rio Tinto, Newmont and Barrick were represented, with a strong central theme of the importance of public private partnerships and the social licence to operate.

Group CE of Anglo American, Duncan Wanblad, emphasised that these types of partnerships are vital - but that there are not enough of them, and that they are not being created fast enough. He noted that the key feature to the success of public private partnerships is a joint commitment to building shared prosperity. However, he gently reminded countries that investments compete for capital, and so a stable regulatory regime is essential to attract mining investment. He ended on a positive note, saying that if resilience can be built, this is a time of unprecedented opportunity for the mining sector. He said that companies should not focus on navigating the future, but on shaping it.

Sinead Kaufman, chief executive of Rio Tinto Minerals, started by paying tribute to the people lost in the tragic small aircraft accident near Fort Smith in Canada. She also expressed condolences on the passing of President Hage Geingob of Namibia.

Ms Kaufman commended the Mining Indaba organisers in that the event continues to pull stakeholders from across the globe to have vital conversations. She talked about rise in conflict around the world, which reminds us of the fragility of peace. In relation to the mining industry, she identified a notable challenge as being a trust deficit between stakeholders, and that only partnerships can bridge the gap. However, partnerships take time and a willingness of participants to walk the journey together. They require caring deeply, the courage to challenge your own way of thinking, and curiosity to discover better ways of doing things.

David Thornton, MD of Newmont’s African business unit, struck a different note. He focused on safety, diversity, and respect at work as a disrupting element in the industry by going through Newmont’s own internal efforts. He did, however, mention the cooperation between the company and the Ghanaian government in relation to environmental targets.

Mark Bristow, the chief executive of Barrick, started by saying that the word indaba means coming together to talk, but too often, these conversations do not convert to action. He reminded the room that Africa is rich in resources, but poor in other ways. Developed countries built their prosperity on smokestack economies, but now do not grant Africa the same opportunity. He criticised those in the industry and government seeking instant profits, and noted that with only a few exceptions, the West is prescribing regulations for people with more pressing concerns. He said that national endowments should be developed for the benefit of all stakeholders, including the local citizenry. He added, though, that Partnership is a two-way street – for success, governments need to share industry’s vision of sustainable growth. He also queried why there are so few examples of cross-country collaboration in Africa. For example, Rand Refinery has surplus capacity, but that capacity is not being utilised in partnership with neighbours. He spoke about the social licence to operate being at times even more important than the legal licence to do so, and emphasised that responsible mining is the driver of both economic growth and socioeconomic development.

Mr Brisow’s concluding comments were apt. He said that without Africa, the mining industry can’t grow. However, another aspect should be added to the word indaba – delivery on the ideas shared.