Mining industry leaders highlight underexplored "super" region

As Saudi Arabia prepares to host the Future Mineral Summit, one of the most important events of the year for the mining sector, several industry leaders have come forward to discuss some of the opportunities for the sector ahead of the event.

One of the largest opportunities reportedly lies with an under-explored mining "super region" that lays between Africa and Asia  - the Africa-Nubian shield - which has reportedly become a hotbed for new mining projects.

Read more: "Green mining is a myth": EU must be tougher on mining, report suggests

"The Shield is rapidly becoming a major mineral province hosting world-class mining projects", Brian Hosking, the CEO of the Gold & Minerals company said in a statement.

"This region, along with the Tethyan-Eurasian mineral belt (between Eastern Europe and Iran), is now well-recognised as having the potential to meet a large share of the world's growing demand for metals and minerals. We believe events like the Future Minerals Forum will bring much-needed focus to the importance and vast potential of the Eurasian and Northern African regions as a whole."

Perhaps the biggest interest for mining developments in the Shield is the prevalence of gold deposits, which spurred development in countries that lay on the formation, such as Egypt.

The mining sector may be one of the sectors that suffered the most during 2021. A string of lawsuits involving major players like Rio Tinto, criticism over sustainability targets and supply chain woes - including semiconductor manufacturers choosing to attempt to shift away from conflict minerals such as Cobalt - have left the sector in a fairly precarious position.

Mining is currently responsible for between 4 and 7% of global greenhouse gas emissions, and many of the largest companies have set net-zero targets, but many have yet to begin working towards them.

However, the mining industry remains steadfast that metals will be required in the energy transition, to aid in the creation of technologies that will help decarbonise industry.

"The world's energy transition will require billions in investments in new metal and mineral production", Warren Irwin, the President of Rosseau Asset Management said.

"The Forum offers a much-needed meeting point for producers and investors to find mutually beneficial ways of developing the vast untapped mineral wealth of emerging economies across Asia, Africa and the Middle East." 

Some talk of the "diversification of supply" that will be needed to increase dedication to sustainability. Many also stand by the supposed economic benefits for developing nations, many of which have untapped natural resources. Diversification of supply could also stand to help either keep prices low or at least control price fluctuation.

Several other issues within the metals sector need to be addressed, such as steel production. A burgeoning green steel market, which often utilises renewable energy forms such as green hydrogen to shift fossil fuels out of the value chain has arisen in recent years.

Read more: Steeling the future: Using hydrogen to make green steel

While mining in itself can be damaging to the environment, though carbon emissions or air pollution - or even the destruction of indigenous sites - precious metals and minerals are used in nearly everything that could aid in increased digitalisation, electrification and self-sufficiency, from chips for electronic products and EVs, to solar panels.

Advances in carbon capture & storage (CCS) technology could also help the mining sector limit its emissions, with it having similar effects for mining as it does with the construction sector.

Technologies to move away from the overreliance on metals are fledgeling, but may see increased prevalence in the coming decades.

The Future Mineral Summit is set to be held between January 11-13 in Riyadh.

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