The future landscape of African mining

The Future Minerals Forum's Ministerial Roundtable recently gathered the world's most influential mining ministers, fostering dynamic discussions on the future of metals and minerals. CNBC Africa's Kenneth Igbomor sat down with Gabon's Minister of Mines, Gilles Nembe, to delve into the intricacies of the industry. Minister Nembe highlighted the significance of such gatherings, noting the invaluable opportunity to meet and collaborate with fellow ministers from around the globe. The forum provided a platform to exchange experiences, share expertise, and gain a deeper understanding of the industry's key challenges and opportunities. One of the central themes of the meeting revolved around shaping the future of African countries, communities, and populations. Minister Nembe emphasized the importance of creating a brighter, more sustainable future for all stakeholders involved. The discussions touched upon crucial topics, including the need to address geopolitical and national interests within the mining sector. Minister Nembe highlighted Gabon's recent change in leadership and the government's focus on maximizing the country's natural resources' potential to benefit its citizens. Gabon, a country rich in natural resources, faces the challenge of transforming its mining production locally. Despite having abundant reserves of various minerals such as uranium, diamonds, gold, manganese, and iron, less than 2% of the country's mining output undergoes local transformation. Minister Nembe outlined two key challenges that Gabon must address: exploration and transformation. The country's vast forest cover poses a significant exploration challenge, emphasizing the critical need to assess and quantify its underground mineral wealth. Moreover, Minister Nembe discussed Gabon's vision for sustainable mining practices, particularly focusing on the concept of green steel production. With substantial iron and manganese deposits, along with significant hydroelectric power potential, Gabon is well-equipped to leverage its resources to produce environmentally friendly steel. The minister highlighted the essential components of green steel production, including iron, manganese, power, and carbon derived from the country's extensive forest cover. While the forum extensively covered various aspects of the mining industry, financing remained a significant challenge. Minister Nembe acknowledged that discussions around financing were limited during the meeting. He underscored the need to gradually address this issue and modernize existing mining policies to ensure equitable wealth distribution among local communities. Gabon's mining sector has undergone significant growth in recent years, with an increasing number of mines being developed across the country. However, Minister Nembe stressed the importance of not just mining, but also transforming minerals to add value and create economic opportunities for local communities. He emphasized the government's commitment to enhancing the local mining sector's value chain to foster sustainable development. President Oligi's vision for Gabon's mining industry includes a focus on local transformation, with a goal to ensure 35% of the country's production is processed domestically. This approach aims to empower Gabonese and African citizens to benefit from the country's mineral wealth collaboratively. Minister Nembe reiterated the importance of shared prosperity and inclusive growth, emphasizing the need for a cooperative approach to maximize the benefits of the mining sector for all stakeholders.