The African Mining Indaba 2024 began Monday in Cape Town, with South African President Cyril Ramaphosa calling for collaboration to address the challenges faced by the industry.
The 30th Investing in African Mining Indaba, held in the legislative capital of South Africa under the theme “Embracing the power of positive disruption: a bold new future for African mining,” is expected to continue until Thursday and attract 10,000 delegates, including hundreds of industry heavyweights. The term “Indaba” comes from the Zulu language, which means a meeting to discuss a serious topic.
Speaking at the opening ceremony Monday, which was also attended by Zambia’s President Hakainde Hichilema and Prime Minister Sama Lukonde of the Democratic Republic of the Congo, as well as ministers and deputy ministers from across the African continent, Ramaphosa said that mining has been a pillar of the South African economy for nearly 150 years.
According to him, the mining industry contributes 7.5 percent to South Africa’s gross domestic product (GDP) and accounts for some 60 percent of the country’s exports by value.
“We are all acutely aware that we face strong headwinds, and a number of persistent challenges are impeding mining performance,” Ramaphosa warned. “Globally, commodity price volatility, high energy prices, geopolitical tensions and a global cost of living crisis are playing a significant role in dampening the business operating environment.”
“Domestically, the energy crisis and port and rail bottlenecks are putting serious pressure on miners’ operational costs. Illicit mining, cable theft and infrastructure vandalism place a further strain on mining output and returns,” he lamented, pledging that his government was committed to working hard and working together to overcome these serious challenges.
In the outline of the government objectives, Ramaphosa highlighted the secure supply of electricity, the economic reforms to improve the operating environment, the fight against illegal mining and damage to infrastructure, and the improvement of the regulatory environment. He emphasized the cooperative nature needed to be administered by all the actors, incorporating industry, the administration, and social partners for the accomplishment of these goals.
“We look forward to deepening our collaboration with industry as we write a new chapter in the history of South African mining. A story of inclusion, growth, transformation and innovation — and one in which no one is left behind,” he concluded.
According to its official website, the Indaba is said to be the world’s largest mining investment conference, dedicated to the capitalization and development of mining in Africa.
XINHUA