London, UK, December 4, 2024 — Day two of the Resourcing Tomorrow Conference unfolded with a robust agenda addressing the challenges and opportunities in the global mining industry. Held at London’s Business Design Centre, the event brought together industry leaders, policymakers, and sustainability experts to explore mining’s evolving role in critical supply chains, the energy transition, and sustainable development.
The day began with welcoming remarks by Andrew Thake, Divisional Director of Resourcing Tomorrow, emphasizing the importance of collaboration in achieving the industry’s net-zero goals. A Ministerial Address from Geoffrey Pyatt, Assistant Secretary of State for Energy Resources, U.S. Department of State, underscored the role of critical minerals in global energy security.
The keynote panel that followed tackled one of the mining sector’s most pressing challenges: reducing the 15-year average time it takes for mines to progress from discovery to production. Experts from Torys LLP, Freeport McMoRan, and Sandstorm Gold Royalties highlighted innovative exploration technologies and public-private financing models as key solutions.
“A shift from short-term gains to long-term value is critical if we want to align mining with global sustainability goals,” remarked Bill Cobb, Chief Sustainability Officer at Freeport McMoRan.
Focus on Supply Chains and Geopolitics
Geoffrey Pyatt, Assistant Secretary of State for Energy Resources at the US Department of State, joined a fireside chat with Dominic Raab, Senior Strategic Advisor at Appian Capital Advisory, to discuss securing critical mineral supply chains. Raab highlighted the significant challenges Western economies face in competing with nations like China, which currently lead in both processing capacity and raw material exports. Pyatt emphasized the importance of collaboration and strategic initiatives to strengthen supply chain resilience and reduce dependency on global competitors.
“The United States and our allies want partners. The United States wants fair competition. And the United States recognises that if you want to have energy security, you need diversification of supplies and resilient markets. That isn’t a Democrat or Republican approach to foreign policy. That’s an American approach.” Geoffrey Pyatt, US Assistant Secretary of State for Energy Resources commented.
Key discussion points included:
- Regulatory reforms to incentivize private investment.
- Strengthening partnerships among resource-rich and consuming nations.
- Mitigating risks through diversification of supply chains.
Ernest Scheyder, author of The War Below, noted the urgency of aligning policy with investment, saying, “Governments need to create a more predictable fiscal environment to attract sustainable mining investments.”
A keynote panel on the EU’s Critical Raw Materials Act provided insights into the region’s push to increase domestic mining and processing capabilities. Panellists discussed the legislative targets of sourcing 10% of strategic minerals locally by 2030 and processing 40% within the EU.
The session also addressed barriers such as permitting delays and the financial impact of U.S. subsidies, which make it costlier to build European battery materials refineries compared to American facilities.
“The EU must streamline permitting processes and foster collaboration among member states to meet its ambitious goals,” urged Akshai Fofaria, Partner at Pinsent Masons.
Saudi Arabia’s Mining Potential in the Spotlight
Later in the morning, attention turned to Saudi Arabia’s ambitious mining initiatives under Vision 2030. A panel discussion led by Remi Piet, Co-Founder of Embellie Advisory, explored how the kingdom is positioning itself as a global leader in upstream, midstream, and downstream mining operations.
Fahad Alrasheedi, CEO of Saudi Lime, highlighted the country’s vast untapped reserves of critical minerals and the government’s commitment to fostering a robust mining ecosystem. The session underscored Saudi Arabia’s potential to become a hub for global mining innovation and investment.
Parallel workshops in the Resourcing Tomorrow Theatre 2 explored responsible sourcing and ESG integration:
- The Drive Sustainability Workshop focused on harmonizing EU Batteries Regulation requirements, emphasizing collaboration between upstream and downstream stakeholders.
- The Responsible Minerals Initiative Workshop offered tools and insights for companies navigating complex global supply chains.
Both sessions highlighted the growing importance of ESG compliance in maintaining investor confidence and securing project financing.
Uranium and gold took the spotlight in sessions aimed at exploring their roles in a sustainable future. A uranium panel emphasized the metal’s significance in clean energy production, with industry leaders advocating for greater public acceptance of nuclear power.
Meanwhile, gold’s resilience as a safe-haven investment was the theme of a keynote address by Sandstorm Gold Royalties. Panellists examined gold’s enduring value in uncertain economic times, discussing its role in portfolio diversification and as a hedge against inflation.
The afternoon session delved into the transformative potential of recycling in the mining industry. A panel featuring leaders from Sibanye Stillwater and the European Battery Recyclers Association examined innovations in recycling technologies for critical minerals like lithium and nickel.
The session emphasized the environmental and economic benefits of integrating circular practices, with panellists calling for stronger regulatory support to scale recycling infrastructure globally.
As the day concluded, a panel addressed the public image problem that continues to challenge the mining sector. Strategies for improving transparency and demonstrating the industry’s positive contributions to communities and the environment were key themes.
Fredric Nystrom, Head of Sustainability at AP3 Swedish Pension Fund, stressed the importance of proactive communication:
“Mining companies must do more than meet regulatory expectations; they need to articulate a bold vision of their role in sustainable development.”
The day wrapped up with the NextGen Networking Session, offering students and graduates opportunities to connect with industry leaders from BHP, Barrick, and other major players. These engagements aim to inspire the next generation to pursue careers in mining and sustainability.
As delegates prepare for the final day, the focus will shift to the practical implementation of these strategies, ensuring that mining continues to serve as a cornerstone for the energy transition and global economic stability.
The Resourcing Tomorrow Conference 2024 will conclude with the much-anticipated Gala Dinner on Thursday evening, hosted at London’s iconic Guildhall. This elegant event serves as both a celebration of the mining industry’s achievements and a platform to recognize excellence through the Resourcing Tomorrow Outstanding Achievement Awards.
Categories such as “Exploration Discovery of the Year” and “Best ESG Initiative” highlight the sector’s innovation and commitment to sustainable practices. The Gala Dinner provides attendees an opportunity to reflect on the conference’s key themes, network with global leaders, and celebrate the industry’s collective progress toward a sustainable future.
Day two of the Resourcing Tomorrow Conference provided a comprehensive overview of the industry’s challenges and opportunities. From rethinking financing models to addressing ESG priorities, the event underscored the mining sector’s pivotal role in enabling a sustainable future.
