Last week concluded the 19th annual Investing in African Mining Indaba in Cape Town, South Africa. The African Mining Indaba is an extremely important conference when it comes to maintaining global resources. With about 100 countries represented, 1000 international companies, and over 7,500 attendees, AMI spans over four days, not including the golf tournament.
Over these four days, investors, government officials, professors, economists, and directors from all over come to learn more about how to improve the mining culture in Africa and how it affects the global economy. A main part of the conference is the Sustainable Development segment. Here, speakers come together from different sectors to discuss mining’s environmental, economical, and social impact in and outside of Africa.
In order to prevent Africa’s resources from becoming too depleted, mining experts urged companies and their directors to develop more sustainable practices. Improved practices will make resources more durable so that the land and communities near mining sites will remain intact and in good condition.
When dealing with treasuries and mineral reserves, the economics behind mining starts focusing on the labor force and the numerous labor strikes. It is no secret that there is corruption within the mining market and its involvement in funding rebels and civil wars within Africa. The panel discussion on transparency and anti-corruption was created to address this very issue: for mining companies to make public their audits and payments to foreign governments in order to gain the trust of their workers and the communities around the mines.
The most important thing attendees of African Mining Indaba can take away is the fact that mining in Africa has the power to completely change the lives of millions, both in the African Union and elsewhere. The more transparent mining firms become in terms of regulations and in abiding the African Mining Vision, which strives “to harness the continent’s mineral revenues for more sustainable human development”, the better the relationship between the general population, companies, and government officials will be.
With numerous keynote speakers and presenters speaking about this subject at the conference, the event brings hope that there will be a change in the African mining culture that is so desperately needed.
– Deena Dulgerian
Source: ONE.org, Mining Indaba