In a world where the transition from fossil fuels to a minerals-dependent system is becoming increasingly important, the mining industry faces a unique set of challenges. The conflict between government mandates on electric vehicles and public policies restricting new metal flows into EV supply chains is a conundrum that miners and investors are currently grappling with.
According to Peter Bryant of US-based Clareo, the industry is facing a “schizophrenia” with the energy transition demanding more minerals while facing opposition from anti-mining groups. The need for new mines to be approved faster contradicts the slow pace of mine development due to environmental concerns and stakeholder opposition.
At the upcoming IMARC conference in Sydney, Bryant and other industry experts will discuss the role of mining and metals in the energy transition and the shift towards a circular economy. The industry is being challenged to innovate, focus on recycling, and adapt to changing project development models.
Nick Bell of Worley emphasizes the importance of ESG considerations in mining projects, noting that all operators, regardless of size, face common ESG challenges. Delays in project development, technical challenges, and supply chain issues are hindrances that miners must address to meet the increasing demand for critical minerals.
Investor expectations and societal pressures around ESG standards are also complicating the landscape for mining companies. Resource Capital Funds emphasizes the need for a rigorous approach to assessing ESG risks and opportunities to ensure long-term success in the industry.
The complexity of navigating ESG expectations, coupled with mounting permitting delays and unpredictable costs, is pushing mining companies towards M&A activities rather than new greenfield projects. The capital intensity of new projects, particularly in the copper sector, continues to rise, making it challenging for miners to meet demand sustainably.
As the mining industry grapples with these challenges, the focus on sustainable mine and project development will be a key topic at IMARC 2024. International experts will explore ways to address these challenges through a lens of sustainability and investor confidence.
Don’t miss the opportunity to hear from industry leaders like Peter Bryant, Nick Bell, Toby Whincup, and Lauren McGregor at IMARC 2024. Stay informed on the latest developments in the mining industry and join the conversation on the future of sustainable mining practices.