'Mining industry is being criticised but we need it more than ever before'
It's Day Two of the World Economic Forum's (WEF) 2022 meeting in Davos, Switzerland.
The Money Show's Bruce Whitfield is attending the event and chaired a panel discussion on commodities.
"I learned so much. It's just an astonishing place to be and an astonishing array of guests..."
After the discussion Whitfeld caught up with panelist Benedikt Sobotka, CEO of the Eurasian Resources Group (ERG), which mines in Central Africa.
Sobotka emphasized that mining has a huge role to play in the energy transition the world is undergoing.
He also noted that it is Africa that is probably best positioned to benefit from this transition and an "incredible" increase in demand for minerals.
With this enormous endowment in terms of geological resources, a lot of land that's not been explored and an increasingly positive and investor-friendly regulatory environment that we're seeing particularly in Central Africa, Africa is incredibly well positioned to benefit... in the energy transition and what that means for the mining industry.Benedikt Sobotka, CEO - Eurasian Resources Group
It will not be possible to achieve these ambitions... without the mining industry. Anything you touch... whether its your toothpaste or your mobile phone, everything is based on minerals.Benedikt Sobotka, CEO - Eurasian Resources Group
Almost every relevant element on the periodic table is found in Africa says Sobotka.
"The mobile phone probably contains 61 elements and you will find all of them in Africa."
What about criticism that societies, particularly in Africa, don't necessarily experience any benefits if mining is just a question of extraction?
Sobotka counters that the industry can be a real catalyst for economic development in host countries that are welcoming.
He says the industry has been working very hard on the core issue of ESG (Environmental, Social, and Governance).
When it's done well, the mining industry can be a real catalyst for economic development and social change, and we see that in some of the environments where we operate in Central Africa, where we not just create economic activity through our actual mine...Benedikt Sobotka, CEO - Eurasian Resources Group
... We create a lot of infrastructure around it whether its in power, roads, even rail... whether it's the schooling we offer to the communities.Benedikt Sobotka, CEO - Eurasian Resources Group
Listen to the conversation from Davos in the clip below:
For more exclusive insights from this year's World Economic Forum, head over to the ABSA Davos website.
Disclaimer: The views and opinions expressed in this article are not the views of Absa. <u5:p></u5:p>