Progress update from the Global Investor Commission on Mining 2030: How important is mining to a country’s economy?

Following its launch in November 2023, the Global Investor Commission on Mining 2030 has been considering the future demand for minerals and examined the relevance of mining through various lenses –  including the contribution of mining to a national economy (as shown by this image from ICMM), the role of artisanal mining and the relationship with various social issues that impact the sector.

As well as considering the social aspect, the Commission has been examining the role of the circular economy and its potential impact on demand forecasts and company business models. As part of the Commission’s deliberations it has considered insights from the UN Environment Programme presented at the recent United Nations Environment Assembly in Nairobi, as well as the evolving business approach of a mining company that has historically focused on underground mining, but is increasingly recognising a future in reprocessing tailings waste and recycling.

The next phase of the Commission’s work is to consider a deeper look at the role investors play in the mining sector and whether current investing practices incentivise the right behaviours from companies. Moreover, the Commission will reflect upon the role of standards, alignment and consolidation to encourage best practices in the sector. There are a range of issues the Commission will likely ‘deep dive’ such as legacy and mine closure, formalisation of artisanal mining, the relationship with indigenous and First Nation communities and the context of conflict and extraction amongst others. 

The Principles for Responsible Investment conference in Canada later this year, will be the occasion for the first major output of the Commission.  It is intended that this will also support a significant engagement with the world’s investment community and Commissioners.

The Commissions ongoing work underscores the critical role of the mining sector in society as well as the vital role investors have related to the future of the sector if we are to realise its economic and social benefits, while advancing towards a sustainable future.

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