RGN Vol 9 Iss 1

RESOURCE Volume 9, Issue 1

GLOBAL NETWORK

Mining, renewable energy and oil & gas worldwide

SAUDI ARABIA OPENS ITS DOORS TO MINING INVESTMENT

ON-SITE AT FUTURE MINERALS FORUM IN RIYADH REVIEWS

HEARS FROM BARRICK GOLD CEO MARK BRISTOW

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EDITORIAL

Saudi Arabia convenes the global mining industry in Riyadh for the maiden FMF

I

f news flow in the global resources industry during the first few months of 2022 is anything to go by, the sector is in for a record-breaking year across multiple asset classes. We have already witnessed soaring prices for the likes of lithium, nickel, copper, aluminium, platinum, palladium, oil and gold, to name a few.

Jacob Ambrose Willson Editor

Executive Team Editor Jacob Ambrose Willson Content Director (APAC and Americas) David Hunter Contributors Dean McPherson (TMX Group) Jeff Geipel (Mining Shared Value) ICT Director Stuart Clark Managing Director Simon Curran RGN is published by Anderson Murray Media: a diverse media and information services company focused on creating and distributing engaging content to business leaders across the globe. Disclaimer: The opinions expressed in this publication are not necessarily those of the publishers. Whilst every effort is made to ensure accuracy the publisher and editor cannot be held responsible for any inaccurate information supplied and/or published. Copyright: The copyright for all material published in this magazine is strictly reserved.

Anderson Murray Media Fulham Green, 69-79 Fulham High Street, Main Reception, Bedford House, London SW6 3JW | Tel. +44 (0)207 148 5630

Unprecedented demand growth from future-facing areas of the global economy has been the primary driver of this synchronised price movement, which has recently given birth to a new acronym describing these commodities: MIFTs (metals important for future technologies).

First coined by the global commodity strategy team at BofA Securities, MIFTs are a group of 27 raw materials that are vital for the rise of renewable power and electrification. The strategists forecast extremely strong growth in a number of these materials to 2030. To give just one example, BofA predicts an eye-watering 492% expansion in lithium demand in the next eight years.

This brings sharply into focus the critical issue of supply. Put simply, how can the commodities sector keep up with this rapidly increasing demand in such a short time frame? Already, several metals are trading in superbackwardation due to historic supply shortages.

One way of overcoming the impending commodities crunch is to invest heavily in new and underexplored mining jurisdictions, and this was the primary goal of the maiden Future Minerals Forum (FMF), which took place in January under the auspices of the Kingdom of Saudi Arabia.

The host of this new industry event is eager to diversify its economy away from oil, tap into $1.3 trillion of estimated mineral resource value and become a leader in the emerging ‘mining superregion’ from Africa to central Asia, feeding future-facing segments of the global economy with the raw materials they desperately require.

RGN was fortunate enough to attend FMF in-person, and can now present our in-depth review of the Riyadh event. This issue includes a Q&A with the Future Minerals Forum Organizing Committee, a day-by-day recap from the King Abdulaziz International Conference Center and a selection of feedback from a range of high profile delegates.

The RGN editorial team sat down with Barrick Gold CEO Mark Bristow and EV Metals Group chief executive Michael Naylor at the event, as well as the chief architect of the new Saudi mining investment law, Peter Leon of Herbert Smith Freehills.

ESG was also a primary focus in discussions at FMF, and while UK-based Digbee was not in attendance, we have included an in-depth look at the ESG accreditation provider after I interviewed its founder Jamie Strauss in January.

You can read all of this and lots more FMF content in this bumper first RGN of 2022. Thanks again to the event organisers; we look forward to seeing you again in 2023!

Jacob Ambrose Willson jacob@resourceglobalnetwork.com

a j r

CONTENTS NEWS FUTURE MINERALS FORUM REVIEW

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6 Global resources news Our selection of mining, oil & gas and renewable energy stories from the last month

FUTURE MINERALS FORUM 12 Future Minerals Forum preview A new industry event that will shape the future of global mining 22 Future Minerals Forum review RGN’s findings from Saudi Arabia’s inaugural mining investment conference

SAUDI ARABIA MINISTRY OF INDUSTRY AND MINERAL RESOURCES

48

42 Future Minerals Forum feedback Delegates returning from Future Minerals Forum give their thoughts on the landmark event

ASSOCIATIONS 48 Saudi Arabia Ministry of Industry and Mineral Resources RGN speaks to key ministers from the Saudi mining ministry following Future Minerals Forum DIGBEE

62

62 Digbee A disclosure service that will help your mining company gain full ESG credibility

BARRICK GOLD

COLUMNS 76 Dean McPherson (TMX Group) TMX’s head of mining Dean McPherson reviews four key trends likely to emerge in 2022

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84 Jeff Geipel (Mining Shared Value) Jeff Geipel gives his thoughts on Saudi Arabia’s national mining drive after attending the maiden Future Minerals Forum

MINING 92 Barrick Gold RGN sits down with Mark Bristow - CEO of global gold mining champion Barrick 106 Xanadu Mines On the cusp of defining a Tier 1 copper asset in Mongolia’s underexplored South Gobi Desert

XANADU MINES

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118 EV Metals Group Building a downstream battery chemicals processing hub in Saudi Arabia for the global energy transition

EVENTS 130 Events Our pick of the top mining, oil & gas and renewable energy events happening around the world in the months to come

EV METALS

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NEWS

EV METALS GROUP SIGNS FEED AGREEMENT FOR SAUDI LITHIUM CHEMICALS PLANT

Battery technology company EV Metals Group has announced the signing of a front-end engineering design (FEED) agreement with a subsidiary of Australia’s Wood Group, relating to the development of its flagship Battery Chemicals Complex (BCC) at Yanbu Industrial City in Saudi Arabia.

Under the FEED arrangement, Mustang and Faisal Jameel Al Hejailan Consulting Engineering Company will build the first two processing trains for the production of lithium hydroxide monohydrate in the plant.

Mustang will focus on non-process infrastructure, utilities and port infrastructure, with the rest of the FEED work to be done by parent company Wood in Perth. EV Metals has worked with Wood over the last two years on feasibility studies for the complex.

The BCC will produce high purity chemicals containing lithium, nickel, cobalt, manganese and other metals needed for high energy density cathode active materials in lithiumion batteries for electric vehicles (EVs) and renewable energy storage.

“EVM has identified a critical gap in supply chains for EV manufacturers and battery cell manufacturers which EVM is addressing through the development of a lithium chemicals plant, a nickel chemicals plant and a cathode active materials plant,” said managing director Michael Naylor.

The BCC requires an initial investment of US$800 million, with construction of the first two LHM trains to be begin in Q1 2023 ahead of commissioning in H2 2024.

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NEWS

Mining, oil & gas and renewable energy news from around the world SAUDI MINES MINISTRY OPENS NEXT LICENCING STAGE FOR KHNAIGUIYAH SITE

Saudi Arabia’s Ministry of Industry and Mineral Resources has announced the opening of the next steps associated with awarding the licence for an exploration site covering more than 350km2.

Interested prospective investors in Khnaiguiyah, the Kingdom’s largest exploration site, can submit their expression of interest and complete their Pre-Qualification Questionnaire (PQQ), the Ministry said.

The announcement follows a first licencing round announcement which commenced during Future Minerals Forum in Riyadh, where interested parties were invited to access the ministry’s data room with historical studies by visiting the Ministry’s online portal.

The award process will include three stages – qualification, proposal and auction, which could feature multiple rounds. The Ministry expects to conclude the award process in the second quarter of 2022.

Qualified bidders are invited to submit their completed PQQ by March 14, 2022.

The PQQ requests that prospective bidders submit customary information regarding their technical knowledge and experience, capability, capacity, and organisational and financial standing, mapped to the project’s outlined criteria.

Located in Al Rayn Terrane, Khnaiguiyah forms part of the Arabian Shield – a geological structure which could possess a potential value of US$1.3 trillion across 48 commodities, according to the Saudi government.

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NEWS

BARRICK GOLD DOUBLES QUARTERLY EARNINGS DESPITE RISING COSTS

Barrick Gold has announced earnings of US$726 million in Q4 2021 despite seeing costs rise throughout the last 12 months at its gold and copper operations around the world.

Barrick’s earnings in Q4 were more than double the previous quarter and the adjusted earnings per share return of $0.35 beat analyst expectations, allowing the gold giant to institute a share buyback of up to $1 billion.

However, the company witnessed cost inflation in 2021 as the industry endured higher energy costs. All-in sustaining costs (AISC) at Barrick’s gold operations climbed 6.1% on the previous year to $1,026 per ounce, while AISC at its copper assets came in 17.5% higher at $2.62 per pound.

“The gold industry is facing inflation, but that’s good for gold. It is what it is, we have to manage it,” reassured Barrick CEO Mark Bristow in a telephone interview, adding there were “opportunities to mitigate the price increases.”

Nonetheless, the company said it expects AISC to climb again this year to between $1,0401,120 per ounce of gold.

Over the year, Barrick’s gold production fell by 6.8% to 4.437 million ounces of gold from 4.76 million ounces in 2020. Copper production also fell in 2021 to 415 million pounds, compared with 457 million pounds in the 12 months prior.

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NEWS

Mining, oil & gas and renewable energy news from around the world OIL PASSES $100, GOLD UP AS RUSSIA LAUNCHES FULL-SCALE UKRAINE INVASION

A range of commodities including oil, gold, palladium and nickel have seen sharp price rises following Vladimir Putin’s order of a fullscale Russian invasion in Ukraine.

Brent crude jumped 6.6% to an eight-year high of US$103.21 a barrel following Putin’s announcement of a ‘special military operation’ in Ukraine. Multiple explosions were heard in Ukraine’s capital Kyiv minutes after the televised speech.

Oil prices have gained more than $20 a barrel since the start of 2022, during which the threat of war in Europe has intensified along with fears of US and EU sanctions on Russia’s energy sector.

Russia is the world’s second largest oil producer and sells most of its crude to Europe.

It is also Europe’s largest supplier of natural gas, providing about 35% of its supply.

Gold – the long-held safe haven investment – prices were up 1.85% to $1,945 per ounce, while palladium, which is used in catalytic converters, rose 6.6% to $2,600 an ounce.

Nickel, a key ingredient in steel-making, also gained 5.6% to trade at $25,755 a tonne on the London Metal Exchange, an 11-year high.

“The market reaction to these developments has been seismic,” said Deutsche Bank’s head of global fundamental credit strategy Jim Reid.

9

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P R E - E V E

A new industry event that will sh 12

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EVENTS | FUTURE MINERALS FORUM PRE-EVENT Q&A

Q & A

hape the future of global mining 13

The world is finally waking up to the urgent need for greater supply of a range of critical minerals and metals (after years - and perhaps even decades – of misperceptions and under-investment), as it faces up to the ominous threat of climate change.

Globally synchronised efforts to create a ‘circular low carbon economy’ are predicated on the availability of raw materials including copper, lithium, nickel, aluminium and many more, often in tens of multiples higher than current global supply levels.

and hopes to emerge as a major new player in the global mining industry, after designating it as the third pillar of the Kingdom’s industry under Saudi Vision 2030. In its role as torchbearer for the mining sector in the region, Saudi Arabia is hosting the inaugural Future Minerals Forum (FMF) in Riyadh on 11-13 January.

The Forum aims to convene global investors, policy makers and mining corporates across the entire value chain to help build a future minerals industry This begs the question - where in the resource-rich lands will these critical minerals stretching across the Middle come from? While historical East, central Asia and Africa. mining regions are just about Over 2,000 international churning out the raw materials delegates will attend this required for the needs of momentous event, with society in 2022, the supplysustainable mining and ESG demand gap is beginning to set to be at the forefront tighten as we enter a new of discussions around decarbonised era for the global investment opportunities in economy. The answer is to the region. open up new mining frontiers Ahead of the conference, with underexplored geological RGN’s editor received the potential; and this is what following responses to a set Saudi Arabia intends to do of pre-event questions from in the region of the Middle the Future Minerals Forum East, central Asia and Africa Organizing Committee. RGN – where it occupies a middling will travel to Riyadh and geographical position. provide coverage from the Saudi Arabia is diversifying its event. own economy away from the long-dominant oil industry WAAD AL SHAMAL INDUSTRIAL CITY, N

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EVENTS | FUTURE MINERALS FORUM PRE-EVENT Q&A

ORTHERN SAUDI ARABIA

15

Jacob Ambrose Willson: How

to Saudi GDP, accounting for

is Saudi Arabia attempting to

US$64 billion of the total.

position itself at the centre of a ‘new frontier of mining’

Furthermore, the Kingdom

that includes the Middle East,

is geographically central and

West and central Asia and

has a world-class logistical

Africa?

infrastructure, low energy and input costs, security and

Future Minerals Forum:

safety. We have 73,000 km of

Saudi Arabia has first-hand

national roads, for example,

experience and a unique

and a rail network of 4,500

geographic position which

km with a capacity for 11

makes it the natural home for

million tonnes annually. This

the new frontier of mining.

is underpinned by robust local demand for minerals, which

As a member of the G20,

further reduces the risk to

Saudi Arabia takes its global

potential investors.

economic leadership role very seriously. We are aiming

As such, we are also perfectly

to help new nations make

positioned to serve as a

the most of their mineral

regional hub for other

resources by sharing the

countries in the Middle East,

lessons we have learned and

West and central Asia and

helping them avoid mistakes

Africa; sharing our knowledge

as they build out their mining

of how to foster FDI through

ecosystems.

efficient and transparent systems and connecting

Saudi Arabia has successfully

global markets and value

transformed its mining

chains through our robust

industry into a major pillar

infrastructure.

of its increasingly diversified

16

economy, with plans to make

This is of the utmost

it an even bigger contributor

importance since the mineral

BULGAH OPEN PIT GOLD MINE IN MED

EVENTS | FUTURE MINERALS FORUM PRE-EVENT Q&A

DINA , SAUDI ARABIA

17

wealth in these regions

the Forum centred on the

battery technologies to power

has a pivotal role to play in

following themes and topics:

electric vehicles. And these

building the resilient mineral

goods are mineral-intensive.

supply needed to ensure a

• Lands of opportunity:

sustainable, green future

Defining strategic partnerships

Driven by this demand, as well

globally, as demand for some

for developing the minerals

as the need for greater mineral

critical metals and minerals

province

resilience, the world needs

such as copper, iron and cobalt

new mining jurisdictions to

is set to soar by over 1,000%

• Critical minerals: Resilient

come online… quickly. Copper

over the coming decades.

critical minerals supply chains

demand, for instance, is seen rising by a stunning 1,200%

This means new mining

• Mining’s contribution to

between 2020 and 2025 alone.

jurisdictions urgently need

society: Developing mining

Zinc demand is projected to

to be opened up through

and communities sustainably

rise by 250% by 2050. The

regulatory reform to respond to that demand and ensure the

demand growth numbers are • Reimagining mining:

truly impressive; but they

continuous availability of these Technology and energy

also add a sense of urgency to

minerals.

transition

supply of these metals.

JAW: What is on the agenda

JAW: To what extent will

We believe that FMF can

for the pre-event Ministerial

discussions around critical

‘jump-start’ the process of

Roundtable, which will

minerals and the sustainable

tapping into the tremendous

comprise of representatives

extraction of those minerals

metal and mineral potential of

from 25 governments around

take centre stage during the

the super-region that stretches

the world?

Forum?

9,000 km across Africa, the Middle East and central Asia.

18

FMF: The purpose of the

FMF: Critical minerals are

Roundtable is to set the

one of the key themes of the

Yet sustainability is a must

scene for the conversations

Forum. As you know, the

in this day and age and Saudi

between governments, mining

circular carbon economy will

Arabia has ensured that

companies and investors about

require a great many new

environmental protection

advancing the agenda of this

‘hard’ goods, including wind

and the interests of local

new mining super-region at

turbines, solar panels and new

communities are protected

EVENTS | FUTURE MINERALS FORUM PRE-EVENT Q&A

KING ABDULAZIZ INTERNATIONAL CONFERENCE CENTER

in all new mining projects

once a project has come to the

miners, investors and

with specific stipulations in

end of its productive life.

downstream suppliers.

Stringent environmental

Within the conference

Panel sessions topics include:

impact assessment and

programme all of these key

environmental reporting

themes are unpacked by

• An Industry that Does Good

rules are at the heart of our

global leaders from relevant

Not Just Well – Avoiding

new mining strategy as are

institutions such as the

the ‘Resource Curse’ – How

local content requirements

World Wildlife Foundation,

to Position the Industry as

and mandates for closure and

the ICMM, major and junior

Leaders on Sustainability and

the Mining Investment Law.

rehabilitation of mining sites

Development Partnerships?

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• Analysis on Critical Minerals for a Cleaner Economy • Sovereignty vs Globalisation - Developing Resilient Critical Minerals Supply and Value Chains for a Clean Future Economy JAW: How will the event support investment and partnership opportunities along the entire mining value chain, from exploration to processing and manufacturing?

FMF: The Saudi mining strategy has put an emphasis on developing integrated value chains that we believe can be used as a template for other mining jurisdictions as

20

well. An example of a recent

resources it is also a big

We built a database spanning

outcome of our efforts was

consumer of metals and

80 years of exploration to gain

the EV Metals announcement

minerals, as well as finished

a better understanding of

of their intention to invest

products, and we have

the geology, for example. We

$3 billion in Saudi mineral

ambitious plans for becoming

also reformed our legislation

processing plants.

a major exporter of such

to improve the investment

goods, so we made an effort to

climate and boost production

The Kingdom is not only

cover all parts of the mining

and processing, extending the

a country rich in mineral

journey.

value chain.

EVENTS | FUTURE MINERALS FORUM PRE-EVENT Q&A

We are already reaping the

So, we have proven that

from the technology and

benefits, with our success

building a fully integrated

machinery needed to build the

stories including the billion-

mining value chain from

necessary infrastructure, to

dollar phosphate mining

scratch is possible and we are

nurturing the talent that will

and processing partnership

willing to share our expertise

maintain these value chains.

between Ma’aden and Mosaic

with others. In this context,

and Co., and the joint venture

FMF is a one-stop-shop for

with Alcoa for what is now the

emerging mining nations

world’s largest and lowest cost

offering them the know-how of

fully integrated aluminium

building mining value chains

aj

production project.

21

FUTURE MINE REV

’s findings from inaugural mining inv

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EVENTS | FUTURE MINERALS FORUM REVIEW

ERALS FORUM IEW

m Saudi Arabia’s vestment conference

23

In January 2022, Saudi Arabia opened a new chapter for the global mining industry with the hosting of the inaugural Future Minerals Forum in Riyadh, which was attended by around 3,500 delegates from the Kingdom and around the world, including key policy makers, influential investors, business leaders and mining corporates. The Forum aimed to convene a global audience to focus conversations and investments on the Middle East, central Asia and Africa, with these regions set to shape the future of the mining industry and the global economy.

The concept of a new mining frontier - with Saudi Arabia sitting perfectly at the intersection of three continents - was cemented by the end of the landmark conference. It was deemed a huge success by its organisers and all attending delegates, who were impressed by the warm Saudi hospitality and opulence of the King Abdulaziz International Conference Center (KAICC), but most importantly the future-facing themes of the show and the platform it provided for developing new partnerships and investment opportunities.

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EVENTS | FUTURE MINERALS FORUM REVIEW

The first day of Future Minerals Forum was dominated by an invite-only ministerial roundtable, before the event officially opened to all delegates on January 12. Over the next two days, attendees were treated to a steady flow of ministerial addresses, panel discussions and fireside chats involving some of the biggest names in the industry, while being provided ample space to learn, network and do business in the regal surroundings. RGN was honoured to receive an invite to this era-defining event as a media partner, providing live coverage from the KAICC. Here is our full round-up from the first ever Future Minerals Forum.

Ministerial Day Governmental representatives from 32 countries took part in a closed-door meeting on January 11 to discuss building partnerships for sustainable mineral extraction across the ‘super-region from Africa to central Asia’, as described by Saudi Arabia’s vice minister of mining affairs Khalid AlMudaifer.

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“If the huge untapped potential of our emerging mining super-region…is realised, critical minerals can become a major development driver,” Al-Mudaifer said. “We hope to establish a common framework and share best practices to ensure the reliable and responsibly sourced supply of critical minerals for the global transition to net zero,” he added.

Ministers from Bahrain, Egypt, Iraq, Oman, Kuwait, Yemen and other regional Saudi allies attended the roundtable discussion, as well as highlevel delegates from Australia, China, France, Japan, Russia, the UK and the US. The assembled dignitaries, including delegates from international organisations like the Arab League, IRENA, UN and the World Bank, also agreed on a collaborative approach to developing resilient mineral supply chains, and called for a roadmap for progressing

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EVENTS | FUTURE MINERALS FORUM REVIEW

Event Themes: • Mining’s contribution to society – Defining how countries and their populations can maximise the benefits from mining for their sustainable development and long-term prosperity.

• Reimagining mining – Looking ahead 10, 20 and 30 years to the mine of the future, enabled by new technologies; to the low-carbon economy driven by minerals; and the pivotal role this region will play in achieving both.

• Investing in new and emerging mining regions - Ensuring a sustainable future mineral supply, defining the global role of the region, and identifying opportunities for collaboration and partnerships in developing modern mineral value chains.

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multi-stakeholder dialogue on

between the Saudi Ministry

Arab mining ministers

mining and minerals in the

of Industry and Mineral

discussed the successful

region.

Resources and the Arab

establishment of a mineral

Industrial Development,

resources database across

Standardization and Mining

the region, along with the

Organization - was also held

launch of a digital platform

The 8th Consultative Meeting

behind closed doors on day

for supplying Arab industrial

of the Arab Mineral Resources

one of Future Minerals Forum.

and mining products to global

Arab ministers meet Ministers – a partnership

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markets.

EVENTS | FUTURE MINERALS FORUM REVIEW

to the 1,000 strong audience

to prepare a mining guideline

Saudi Arabia to triple mining GDP by 2030

system for Arab countries

In the much anticipated

the designated third pillar of

to keep pace with current

opening address on day

the national industry.

international trends and latest

two, Saudi Arabia’s Minister

technological advancements in

of Industry and Mineral

“We have set ambitious

order to adopt best practices.

Resources H.E. Bandar bin

targets to raise the mining

Ibrahim Al-Khorayef affirmed

sector’s contribution to the

Ministers also approved a proposal by the organisation

in the plenary theatre the Kingdom’s plans to strengthen

national GDP from US$17

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EVENTS | FUTURE MINERALS FORUM REVIEW

MARK BRISTOW (RIGHT) SPEAKING ON THE MAIN STAGE

billion to $64 billion by 2030,”

the Kingdom’s economy

CEO Mark Bristow called for

he proclaimed. H.E. also

away from oil. Al-Khorayef

the industry to be courageous

highlighted the significant

welcomed all attendees to

and bold in its pursuit of

and promising potential for

the Forum, which he said

sustainably produced metals

mineral exploration and mine

would provide a platform for

around the world, particularly

development in the Middle

collaboration towards the

copper.

East, West and central Asia

sustainable development of

and Africa, underscoring

the mining industry.

the Kingdom’s strategic

Speaking in a keynote fireside chat with emcee Ryan

a key focus area of the Saudi

Bristow emphasises copper’s central role in energy transition

Vision 2030, an ambitious

Never one to shy away from

our energy needs. But copper

set of national objectives

the big issues, Barrick Gold

is such a strategic metal. No

geographical position at the centre of this region.

Mining has been identified as

Chilcote, Bristow said: “The markets want you to invest in lithium, cobalt etc. But we know that battery technologies won’t be the final solution for

primarily aimed at diversifying

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SAUDI ARABIA MINISTER OF ENERGY, HRH ABDULAZIZ BIN SALMAN AL SAUD

IVANHOE MINES CO-CHAIRMAN ROBERT FRIEDLAND DELIVERS A SPEECH

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EVENTS | FUTURE MINERALS FORUM REVIEW

MA’ADEN STAND AT FUTURE MINERALS FORUM

EV METALS GROUP AND AJLAN & BROS MINING COMPANY SIGN MOU AT FUTURE MINERALS FORUM

33

matter what the future looks

potential’ of the mining

courageous people prepared to

like, we’ll need it,” he stressed.

sector in the Middle East.

take it in a responsible way to

“Saudi Arabia is saying it

this region, which will change

Bristow also described the

is going to help unlock this

this part of the world.”

‘enormous and unknown

mineral endowment. The future of mining rests on the

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EVENTS | FUTURE MINERALS FORUM REVIEW

Saudi dealmaking

energy efficiency and the

“I have the honour to sign

rationalisation of consumption

the first renewable energy

The Saudi Ministry of Energy

on day two - one of five MoUs

agreement with Saudi

signed an agreement with its

signed over the course of the

Arabia,” said Tunisia’s mines

Tunisian counterpart in the

event.

and energy minister Neila

field of renewable energy,

Nouira Gonji. “We will work

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EVENTS | FUTURE MINERALS FORUM REVIEW

to implement the terms of the agreement based on

in conversation with Barrick Gold boss Mark Bristow:

equality and abundance of opportunities,” she continued.

Tunisia also secured a ‘strategic partnership’ with Saudi investors and financiers in the field of hydrogen and electric mobility at the event, according to the minister.

Saudi mining law follows best practices: Peter Leon During day three at Future Minerals Forum, RGN sat down with one of the principal architects of the recently enacted mining investment law in Saudi Arabia. Herbert Smith Freehills (HSF) partner and Africa chair Peter Leon

Jacob Ambrose Willson: How is the partnership with Ma’aden at Jabal Sayid helping Barrick better understand the Arabian Shield and Saudi Arabia as a mining jurisdiction?

Mark Bristow: We have built our business on partnerships - local partners are always important to manage operations in areas like the Arabian shield.

We bring the world’s best mining skills and Maaden’s local knowledge assists us in leveraging those skills

was a key driving force behind this key legislative reform.

Leon praised the Saudi Ministry of Industry and Mineral Resources for its

JAW: What are your expectations for the gold price in 2022 and how will that impact Barrick’s share price?

strong commitment to best practices employed by worldleading mining jurisdictions

stand-out gold and copper mining business which boasts best assets and best people with industry leading returns and remains profitable even at US$1,200 per ounce.

JAW: Similarly, where do you see the copper price going this year and will the high price environment impact investment decisions made by the company?

MB: Barrick owns and operates six of the top 10 gold mines and its copper business is profitable at $2.75 per pound.

Gold is the world’s most valuable precious metal and copper is the world’s most strategic base metal.

Barrick has both and its pipeline of prospects has no rivals.

MB: This is a long game and Barrick is the world’s

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EVENTS | FUTURE MINERALS FORUM REVIEW

throughout the period when

“I have to say it was a pleasure

The new Mining Investment

HSF acted on their behalf to

working with the Ministry.

Law and Implementation

draft the legislation in 2020-21.

They were completely

Regulation will afford foreign

committed to and focused

financiers easier access to

“We considered the mining

on best practice principles,

the nascent Saudi mining

laws of Western Australia,

on objective requirements

industry by streamlining the

Ontario and Botswana (among

for the grant of licences and

process of obtaining licences

others), which is regarded,

were very clear on promoting

and reducing administrative

together with Chile, as having

sustainability and ESG-related

discretion, bureaucracy, and

some of the best mineral

issues as part of the overall

other potential hurdles.

regimes of any developing

mineral law reform process.”

country,” Leon said.

If regard is had to the World Bank’s reports that over 3 million tonnes of minerals

39

and metals will be needed

built across 12,500 km2 near

energy, including solar, wind

in the coming transition

the Red Sea in the country’s

and green hydrogen’, Nadhmi

and that there are over $1.3

Northwest, told the Future

Al-Nasr said in a keynote panel

trillion worth of minerals to be

Minerals Forum audience that

discussion on creating the

exploited in the Kingdom, this

mining is intent on changing

future of mining.

opens huge opportunities for

negative impressions of the

minerals companies.

sector.

Al-Nasr said that the sector ‘needs to be clear and

NEOM CEO Al-Nasr says mining can shift ‘unclean’ perceptions

NEOM is the jewel in the

transparent’ in its sustainable

crown of the Kingdom’s

development outlook. “We are

economic diversification plans

in mining because we believe

under Saudi Vision 2030, and is

we can change the impression

set to become ‘the first region

that this business is not clean.”

The CEO of Saudi Arabia’s $500

on earth to be fully electrified

billion futuristic city, being

and energised by renewable

He added that the megaproject is starting with ‘no legacy’

40

EVENTS | FUTURE MINERALS FORUM REVIEW

when it comes to mining. “We

Future Minerals Forum,

in leading this sector at the

are digging into technology

dignitaries from the Saudi

regional and international

and innovation and asking

Ministry of Industry and

levels.”

how we can bring aboard

Mineral Resources took

a green full chain mining

to the exhibition floor to

from the mining field all

warmly thank all sponsors,

the way to export and in-

media partners and mining

between industry.”

corporates for taking part in

RGN would like to extend another big thank you to the Kingdom of Saudi Arabia and the event organisers for delivering a first class mining conference to a global audience. We are looking forward to watching Saudi Arabia grow into a leader in sustainable mine development for Africa, central Asia and the Middle East in the coming years.

Saudi mining ministry hails Forum a huge success

the momentous maiden event.

In a post-event statement, the ministry said: “The conference succeeded in highlighting the

At the conclusion of

role of the Kingdom of Saudi

the final day of the 2022

Arabia and its future vision

aj

41

Future Minerals Forum

Delegates returning from Future Minerals Forum give their thoughts on the landmark event The 2022 Future Minerals Forum offered delegates from around the world the chance to coalesce under one roof at an international conference centre, after close to two years of sheltering inside during a succession of lockdowns. For a majority of the audience, the inaugural Riyadh event marked the return of attending in-person conferences and – for some attendees – a first foray into Saudi Arabia. In the build up to the Forum, the Saudi Ministry of Industry and Mineral Resources spoke of how the event would connect global policy makers with investors, financiers and business leaders across the mining value chain and attract foreign investment to a new emerging mining frontier with the Arabian Gulf in the centre. During the week, RGN was struck by the slick execution of the maiden event and the important topics included in the expansive conference programme. But don’t take our word for it. We have included below a selection of quotations from satisfied delegates returning from Riyadh with a fresh understanding of future-facing trends in the global mining sector, the opportunities available in the underexplored Middle East, and changed perceptions of Saudi Arabia.

42

Abdullah Busfar, EV Metals Group chairman: “FMF was a significant global

Company which arises from

platform to discuss the

our commitment to develop

importance of future minerals

the Saudi supply chain by

and the part they will play in

partnering with the right

the supply chain for a clean

Saudi entities to promote a

energy future. EV Metals (EVM)

new generation of mining

utilised this platform to outline

companies in the minerals

the delivery of our plans to

and metals sector of the

build a Battery Chemicals

Kingdom. We acknowledge the

Complex in the Kingdom of

leadership of the ministers and

Saudi Arabia in line with Vision

their ministries in promoting

2030.

this global Forum and we look forward to participating in

“EVM also signed an MoU with Ajlan & Bros Mining

future minerals events.”

EVENTS | FUTURE MINERALS FORUM FEEDBACK

m feedback

Peter Leon, Herbert Smith Freehills partner and Africa chair: “Future Minerals Forum was an important gathering to talk about the global future of mining. This was not just commercial. It was about much wider issues. I have two takeaways: First, the need for collective action; and second, how Saudi Arabia could be a regional mining hub for the Middle East but also for Africa.”

Andrew Thake, Mines and Money head of content: “Future Minerals Forum was the best launch event I have even been to. With other 4,000 attendees and constructive, forward thinking dialogue and with the support of the Kingdom, it established itself as the Davos of the mining industry.

I would encourage everyone involved in the mining industry to mark Future Minerals Forum 2023 in their diary now.”

43

Future Minerals Forum

Delegates returning from Future Minerals Forum give their thoughts on the landmark event

Dennis Gibson, Snowline Group president: “Future Minerals Forum

provides for the Kingdom of

provided a fantastic

Saudi Arabia.

opportunity to meet up

44

with business colleagues

“The vast, relatively untapped

from around the world and

potential of mineral and

forge new friendships. A

natural resources and its

welcome opportunity for

geographic proximity to

many participants to travel

major resources and markets

internationally, many for

provides leverage for Saudi

the first time since COVID

Arabia to become a significant

struck in 2020. Our hosts

player in the mining space.

were welcoming, passionate

I foresee that investor and

and demonstrated a good

supplier interest in the region

understanding of the

will increase as the message

opportunities that Vision 2030

goes out post Forum.”

EVENTS | FUTURE MINERALS FORUM FEEDBACK

m feedback

Jerry Huang, IMPACT Silver Corp chief financial officer and Jemini Capital Advisor: “The inaugural Future Mining Forum was an eye-opening event with first-hand opportunities to learn about Saudi Arabia’s mining potential and meet top-tier family offices investors in the Kingdom.

“It’s inspiring to hear first-hand the Saudi Vision 2030, the streamlined and strategic development of opening mining up to international markets, not to mention the $500 billion government is investing to make mining the third pillar in the Kingdom’s next decade.”

45

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SAUDI ARABIA M INDUSTRY AND MINER

speaks to key ministers from the Saudi mini

48

MINING | SAUDI ARABIA MINISTRY OF INDUSTRY AND MINERAL RESOURCES

A MINISTRY OF NERAL RESOURCES

ing ministry following Future Minerals Forum

49

“We meet at a pivotal time for the industry as it faces up to the gulf between supply and demand for the metals the planet needs to decarbonise,” H.E. Bandar bin Ibrahim AlKhorayef said ahead of the first ever Future Minerals Forum in Riyadh. The Saudi Minister of Industry and Mineral Resources’ address to delegates in the lead up to the January event focused on the opportunity for Saudi Arabia to ‘be the catalyst for change’ across the mining super-region stretching from the Congo to Kyrgyzstan. “With vast, largely unexplored and untapped resources, we can supply the critical minerals that will deliver the transition to cleaner energy, more sustainable transport and a low carbon future,” he continued.

After a whirlwind three days of illuminating conversations between leading names in the global mining industry on a number of future-facing themes inside the King Abdulaziz International Conference Center, the Future Minerals Forum

50

H.E. BANDAR AL-KHORAYEF

drew to a close. However, the ways in which the overarching themes were discussed during the event will have surely left a lasting impression on the delegates in attendance, including members of the RGN team. As part of our post-event coverage, RGN’s editor was able to put some questions in front of two headline Future Minerals Forum speakers from the Saudi Ministry of Industry and Mineral Resources.

H.E. Bandar bin Ibrahim Al-Khorayef - Minister of Industry and Mineral Resources: Jacob Ambrose Willson: How does Saudi Arabia plan to transform its underexplored mineral potential into the targeted $64 billion contribution to GDP from the mining sector by 2030?

H.E.: Under the guidance of Vision 2030, the Kingdom has

MINING | SAUDI ARABIA MINISTRY OF INDUSTRY AND MINERAL RESOURCES

•

Investment: We’ve made the resources industry by the end Kingdom’s new regulatory

of the decade.

framework one of the most competitive globally

JAW: How important is this

by offering a transparent

target in terms of underlining

licence application

the Kingdom’s role at the

procedure and offering

centre of the proposed new

mining companies a variety

mining frontier stretching

of incentives

across Africa, central Asia and the Middle East?

•

ESG: We are implementing a Mining Sustainability

H.E.: The $64 billion GDP

Principle and a Mining

target, which resembles a

Sector Sustainability

near quadrupling of mining’s

Assurance Initiative to

contribution in 2018, is

ensure protection of the

important because it will

environment and workers,

cement Saudi Arabia’s position

taken a holistic approach to

and to maximum benefits

as a major power on the global

revitalising the mining sector.

for communities near

mining scene. The increase

Understanding the needs

mining projects

will provide further evidence

of the mining ecosystem

that the approach we chose

– investors, operators and

As a result of the changes

produces results and that it

communities – we have three

we have made, investment

can be used by other emergent

primary focus areas:

in Saudi mining has already

mining nations to boost the

grown substantially, achieving

development of their mineral

Geology: We are de-risking

its highest revenues in 2021,

resources. If we are to meet

investment by providing

exceeding SR727 million, a 27% the growing global demand in

access to the national

increase over the year before,

critical minerals, for example,

database of 80+ years of

and we will be looking to build

we will need to collaborate

exploration data, as well as

on that success by holding up to to meaningfully support the

data from our 700,000 km2

three licencing rounds during

global push towards a circular

regional geological survey

2022. We expect to attract

economy.

currently underway

some $170 billion in foreign

•

investment in our mineral

51

52

MINING | SAUDI ARABIA MINISTRY OF INDUSTRY AND MINERAL RESOURCES

H.E. KHALID AL-MUDAIFER

H.E. Khalid Saleh Al-Mudaifer Vice-Minister for Mining Affairs, Ministry of Industry and Mineral Resources:

the natural centre point of a

ministerial and CEO level or

new regional mining hub?

above, making the Forum one of the largest gatherings of

H.E.: The inaugural Future

senior industry leaders at any

Minerals Forum exceeded

such event.

expectations with more than 7,500 participants (4,000

The Forum attracted the best

virtual and more than 3,500

minds from across the mining,

JAW: How successful was the

people attending in-person),

investment and multilateral

first Future Minerals Forum,

136 speakers, 100 countries

communities and raised

in terms of convening all

represented and more than

awareness of Saudi Arabia’s

levels of the global mining

30 Saudi and international

transformation and genuine

sector value chain and

company showcases. More

commitment to sustainability

promoting Saudi Arabia as

than 85% of speakers were

in mining. Its standing as an

53

54

MINING | SAUDI ARABIA MINISTRY OF INDUSTRY AND MINERAL RESOURCES

influential country enabled Saudi Arabia to convene senior leaders from around the world, despite the travel difficulties posed by COVID-19.

These achievements build on the success of the inaugural Future Minerals Ministerial Roundtable held the day prior to the Forum. This was a historic gathering attracting ministers, senior officials, and international organisations (World Bank, IRENA, IFC, UNEP, ICMM, NRGI, DPI, EITI) from more than 30 countries in the region and beyond, to discuss mining’s contribution to society and critical minerals for the future clean economy.

The Middle East, central Asia, and Africa cover 79 countries and have vast and largely untapped mineral resources with which to develop modern mining industries that meet ever higher societal expectations on sustainability.

These are regions with similar aspirations, young populations, high rates

55

56

MINING | SAUDI ARABIA MINISTRY OF INDUSTRY AND MINERAL RESOURCES

of economic growth and industrialisation. They also share similar challenges, their mineral potential is underexplored, they have few regional champions, limited infrastructure, limited access to capital and few young people studying mining related disciplines.

Saudi Arabia is the right location, and this is the right time to start a global conversation about future minerals. The Kingdom has the vision, the mineral endowment, a large market, regional relationships and the right geography to become a hub for the minerals value chain.

JAW: To what extent was this event a good opportunity to advertise the benefits of sustainable mining to society, particularly as we enter a new era of decarbonisation in Saudi Arabia and around the world?

57

58

MINING | SAUDI ARABIA MINISTRY OF INDUSTRY AND MINERAL RESOURCES

H.E.: Global demand for

mining industry. Speakers

Minerals will play a key part in

minerals and metals is

overwhelmingly considered

developing a value chain that

estimated to grow at least

these to be the right issues to

processes, manufactures and

fourfold by 2040 to meet the

be discussing. The value here

innovates and provides our

needs of modern society and

is in participants’ commitment

young people with quality jobs

enable the energy transition.

to shape a forward global and

and careers. The opportunity

Without minerals and

regional agenda based on

is for Saudi Arabia to develop

mining the world will simply

these conversations.

a world leading sustainable

not be able to develop the

mining industry that goes

technologies and products to

JAW: How is Saudi Arabia

beyond compliance with

decarbonise the economy.

attempting to reimagine

legal frameworks to achieve

the mining sector to attract

lasting benefits for our people.

The contribution of minerals

young, local talent into the

To achieve this Saudi Arabia

and mining to society is

industry, in line with plans to

wants to attract international

enormous. Minerals that are

boost employment in mining

private partners and know-

mined sustainably will play

to drive the Vision 2030 goals?

how.

impacts of climate change

H.E.: The Future Minerals

The Wa’ad Al Shamal bauxite

on vulnerable countries and

Forum further highlighted

and phosphate industrial

communities, as well as bring

Saudi Arabia’s ambition as a

project is an example of how

jobs, education and prosperity

nation and the role it can play

private-public partnerships

to parts of the world that have

as a catalyst to drive mining

can succeed. These

few other economic options to

development in the region,

partnerships are the key to

achieve development.

serving as a hub leveraging

defining the best possible

its competitive energy supply,

outcomes. More than $14.7

The Forum’s three themes of

leadership on sustainability

billion has been invested

reimagining mining, mining’s

through projects like NEOM,

by the partners to date with

contribution to society and

modern mining law, tapping

thousands of jobs created for

lands of opportunity, struck

its financial resources for

local people. This is a serious

a chord with participants.

investment in exploration and

investment in development

Here are themes at the

unique position as a logistics

and a model to follow.

forefront of the challenges and

crossroad.

a vital role in reducing the

opportunities facing the global

59

61

A disclosure service that will help your m

62

MINING | DIGBEE

BEE

mining company gain full ESG credibility

63

During the last 20 years, the mining industry has undergone a fundamental transition towards the sustainable development of natural resources, tackling its negative perception among key stakeholders, from employees to local communities and investors.

However, the sector continues to battle its long-held reputation as a destructive force in nature and within communities in close proximity to mine sites. Recent high profile catastrophes have gone a long way to masking the extensive positive changes instituted by actors from across the mining spectrum falling in line with the now dominant Environmental, Social, Governance (ESG) thematic.

Left unchecked, the enduring smears on the name of the mining industry could result in a shutting out of what Digbee’s Jamie Strauss calls ‘a fundamental paradigm shift in investment process and beliefs’. This paradigm shift is predicated on the ‘tidal wave of money’ moving into the world of sustainability. In an address to the Mines and Money London audience in December 2021, Strauss referred to the US$275 billion worth of ESG bonds invested by Western European fund managers, resembling 63% of all the region’s bond flows in the year to date. This exponential growth in ESG bond flows was replicated across emerging markets and in the US, as well as in the equities space, where one in eight funds are ESG and there are now three times more funds under management in ESG than there were in January 2020.

64

Dismissing the idea of these inflows being merely a fad, Strauss tells RGN: “This is not a tide that goes in and goes out. These are being baked into structures and standards within professional fund management that recognise millennials and society pushing governments and the investing community.” Using the Digbee platform he created in 2016, Strauss aims to ensure the mining sector leverages the full power of the sustainabilitydriven investment paradigm shift, so it can fulfil its role as a key enabler in the global clean energy transition.

Ahead of the curve Strauss comes from a mining finance background spanning 35 years in the city of London on the side of investment banks and around half a dozen mining corporates, within which he has fulfilled roles as an independent director. world’s largest active mining In the mid-teens (2015-16),

fund at BlackRock and Mike

Strauss began thinking about a

Barton at Orion Resource

platform structure to mitigate

Partners – to come up with an

risk and improve output for

ESG disclosure solution for the

the mining industry. By 2020,

sector, with the ambition being

he was being encouraged by

to improve credibility and

leaders within the mining

better balance the narrative on

capital markets space – such

how the sector relates to wider

as Evy Hambro, head of the

society.

MINING | DIGBEE

“The initiation came from

From these key principles,

centre of its offering to the

leading stakeholders in

Strauss and his embryonic

market.

the industry who wanted

team began developing an

to see standardisation and

ESG evaluation platform for

Digbee ESG

mining companies across

the mining sector. Today,

Strauss declares that the

the spectrum embracing ESG

the London-based company

all-encompassing platform,

while being able to easily

provides thousands of quality

launched in January 2021,

disclose their credentials and

data points for all industry

addresses the confusion

therefore be rewarded by it,”

stakeholders, with the Digbee

mining corporates feel when

Strauss explains.

ESG disclosure platform at the

trying to disclose their ESG

65

“This wave of sustainabilitylinked investment is not a tide that goes in and goes out. These are being baked into structures and standards within professional fund management” Jamie Strauss, Digbee founder, CEO and chairman

66

credentials, while addressing

a new ESG standard, but an

the wider lack of credibility

alignment to over 30 existing

in mining with regards to

global initiatives and reporting

sustainability. It also addresses

frameworks from the likes of

the means for all stakeholders

ICMM, IFC, SASB, GRI, the

to analyse and plausibly

World Gold Council and more.

track ESG performances and provides an opportunity for

“In terms of a flow chart as

users to communicate their

to how the service works,

current successes and future

Digbee encourages any mining

targets to their stakeholders.

company to register onto the Digbee platform for free.

Digbee’s founder and CEO

They then get access to the

emphasises that this is not

right-sized and future-looking

MINING | DIGBEE

frameworks for exploration,

board of directors. This has the

relevance to the projects.

development and production

effect of raising responsibility

The result is a corporate-paid

depending on where they sit in

to the senior leadership level

Digbee ESG report, which

the project cycle.”

as required under the Paris

provides a comprehensive

Accord and now expected

narrative and score feedback,

At this stage, companies

under Corporate Governance

giving management and

can get access to any of the

Principles.

boards the ability to remediate

frameworks for free, which

threats yet promote positive

provide a blueprint for

The submission, along with

aspects of the project/

disclosing ESG in a uniform

the evidence and narrative

company.

way. Before submitting their

supporting the answers, are

assessment for an independent then assessed by a team of

The strengths and weaknesses

review, it must be signed off by

independent ESG experts who

highlighted in the report will

an appointed person from the

are selected based on their

inform the main avenues of

67

discussion in a debrief session

remediation over the next 12

satisfaction during the

between the independent

months or longer. Equally,

first 12 months of the ESG

assessors and senior

they can promote the positive

disclosure being in operation,

representatives from the

findings in an effort to improve

according to Strauss, with

mining company. Following

the narrative within the sector.

most participants admitting

the debrief, the core scores

This is a journey. It’s neither

they didn’t score as highly as

and narrative will be published

an audit nor a pass/fail test,”

they hoped but were already

onto Digbee’s platform,

Strauss stresses.

putting plans in place to

although scores can be hidden

improve their score ahead of

by the company in the first 12

He goes on to say: “The sector

another assessment in a years’

months to encourage the all-

has been in a constant state

time.

important ‘direction of travel’

of improvement over the past

which is required by fund

two decades and yet it has

Digbee has also been looking

managers and others.

failed to communicate this

at ways of improving its

effectively, there is much that

product offering, particularly

Digbee will then provide

still needs to be done but a

in terms of being able to

the company with a

more balanced narrative is

provide a uniform ESG

communication package

a critically important step

disclosure service across the

incorporating a shareable

forward.

entire mining ecosystem.

ESG accredited certificate

Royalty companies, for

that can even be included in

“This platform essentially

instance, have struggled

blockchain technology as and

allows users to take action

to disclose a credible and

when it is rolled out across the

where necessary and have a

comprehensive ESG footprint

industry to prove provenance

means to communicate their

that covers the assets that

of underlying ore in the move

journey to all stakeholders and

make up their income and

to responsible sourcing.

engage with them, whether

valuation.

Starting an ESG journey “Once they’ve received an

they be local people, NGOs, governments or capital

Looking to solve this royalty

providers who they might want

conundrum, Digbee is working

to highlight their work to.”

closely with the sector to

independent assessment

68

conclude a solution and to

and certificate, the company

Every single client has

ensure royalty companies

can take action on areas of

reported high levels of

can present themselves as

MINING | DIGBEE

sustainable partners to mine

The end of last year saw gold

development.

mining giant Newmont hit

Harnessing sustainabilitylinked bonds

the headlines with the sale of $1 billion of sustainabilitylinked bonds. The financing will give it a fiscal incentive

Digbee is also working with

to cut emissions and improve

a number of banks in order

corporate governance, in a

to understand exactly what

milestone transaction for the

will be required in order for

global mining sector.

the mining industry to unlock the huge potential from the

Prior to Newmont’s financing,

burgeoning sustainability-

the industry had only

linked bonds space.

raised $4 billion in green or labelled bonds. This pales in

“This platform essentially allows users to take action where necessary and have a means to communicate their journey to all stakeholders and engage with them, whether they be local people, NGOs, governments or capital providers who they might want to highlight their work to”

69

comparison to the $1 trillion

whole. We need to be able to

want to have an electric fleet

worth of green/sustainability-

get the mining industry full

or to economically regenerate

linked bonds issued around

access to the green bond or

closed/distressed mine sites,

the world in 2021 alone.

labelled bond market.”

like Bunker Hill Mining did.

There’s no reason why the

70

“The mining industry is

He refers to the myriad

industry can’t leverage these

critical to the world’s transition

green projects happening

developments to gain access to

to a sustainable future,”

within mining projects. “A

lower cost ‘green’ debt.”

Strauss says. “It’s also making

company might want to build

a deep effort to become more

a renewable energy project

Digbee’s independent

sustainable and is focusing

within its property to supply

assessment and the forward-

on communicating that more

the mine and its community

looking structure of questions

effectively to society as a

with clean energy. Or it might

in Digbee’s disclosure service

MINING | DIGBEE

could play a crucial role

discussions around the

topics in order to fully plan for

in compelling creditors

broader ESG spectrum, after

a sustainable future.”

to provide green bonds to

somewhat of an over-focus on

corporate players using the

reducing carbon emissions in

Another emerging trend

ESG platform. Watch this

recent years.

centres on the quality of

space.

the underlying data in ESG “That’s not to say global

reporting. This is important

warming won’t remain a

because a lot of data delivered

As a prominent player in the

primary focus, but ESG

to ESG or sustainability funds

mining ESG space, Strauss is

covers 35 different topics

is still derived from generic,

Key trends

well positioned to comment on and management from

backward-looking assessment

the key trends that will develop participating firms would

metrics, according to Strauss.

during the course of 2022.

need to disclose on all of those

The CEO foresees increasing

71

72

MINING | DIGBEE

“The focus now is very much

“Independent assessment

on quality of data so that funds

allows for a context-driven

can begin to differentiate

approach to develop around

between themselves, and

a particular project and

so that credible ESG can be

corporate structure, with

tracked and therefore improve

feedback provided in terms

the performance of that fund

of a gap analysis on a year-by-

through those underlying asset

year basis.

owners.

“That will allow credibility and “Digbee fits nicely within those

confidence to gain and trust

two because it does cover

to be gathered which will then

the whole ESG spectrum, is

allow new pools of capital to

future-looking, it addresses

come into the mining sector,

greenwash and is nuanced

but also for society – which

with regards to the mining

needs mining already – to

space, operating on a context-

more transparently engage and

driven, mine-by-mine basis.”

ultimately raise its confidence

A solution to the credibility issue

in the sector.

“We’re always going to be

The mining industry has

digging holes in the ground,

demonstrated in the last two

but what we can do is explain

decades that it is no stranger

and communicate the good

to operating sustainably. The

things we are doing, to adapt

problem herein lies with

our operations to become

its damaged reputation and

more sustainable and improve

continuing lack of recognition

our credibility through earning

for positive accomplishments

trust,” Strauss concludes.

amongst civil society and in the investment world.

Digbee provides a solution to this credibility issue with its independent ESG disclosure service.

aj

73

From their base at Jabal Sayid, Barrick and its local partner Ma’aden have started exploring other discovery and development opportunities with a view to expanding their presence in Saudi Arabia and their contribution to the growth of its metals sector.

dPA 6526

Since Barrick Gold Corporation took over the operation of the Jabal Sayid copper mine in 2019, it has significantly increased ore mining, processing throughput and production while cutting costs. In 2021, its production exceeded 150 million pounds, well within the target range. Thanks to this improved performance it has paid back all its shareholder loans and started declaring dividends. It has also made the management and the workforce of the mine more Saudi-centric by reducing the number of expatriate employees.

RESOURCE GLOBAL NETWORK

SUBSCRIBERS Code: ResourceGlobal

The Evolution of African Mining has begun Unprecedented line-up of Pan-African Ministers, mining CEOs and global investors

HEADS OF STATE CONFIRMED

H.E. Mokgweetsi Masisi

H.E. Hakainde Hichilema

President Botswana

President Republic of Zambia

HEADLINERS TAKING THE AGENDA BY STORM

Hon. Gwede Mantashe

Duncan Wanbald

Sinead Kaufman

Mark Bristow

Minister of Mineral Resources & Energy South Africa

Chief Executive Anglo American Group

Chief Executive – Minerals Rio Tinto

CEO Barrick Gold

Mxolisi Mgojo

Roger Baxter

Clive Johnson

Alberto Calderon

CEO Exxaro Resources

CEO Minerals Council South Africa

President & CEO B2Gold

CEO AngloGold Ashanti

S E C U R E Y O U R P L A C E T O D AY | M I N I N G I N D A B A . C O M Join the conversation | #MI2022

Key trends to watch in the Insights from Toron

TMX’s head of mining Dean McPherson revi

76

MINING | DEAN MCPHERSON (TMX)

e mining sector for 2022: nto Stock Exchange

iews four key trends likely to emerge in 2022

77

At this time of the year, I like to look back at some of the key trends that have emerged across the mining sector and which, I suspect, will have an outsized influence going forward.

With so much disruption in the wake of the COVID-19 pandemic, there are any number of trends that jump to mind. This year I have picked out four: (i) the COVID-19 recovery itself; (ii) the looming prospect of inflation; (iii) climate change; and (iv) the buoyant market for new listings.

The long recovery from COVID-19 There are few industries that have escaped the direct impact and lingering aftershocks of COVID-19.

The mining industry is no exception. From the doom and gloom of mine closures as the pandemic unfolded, to the robust response from miners globally, and the rapid recovery in metals prices.

There is little doubt that the effects of the pandemic will remain for years to come.

And in many instances, those effects will be positive.

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MINING | DEAN MCPHERSON (TMX)

Take the issue of the health and safety of employees and local communities. This was made a priority very early on in the crisis. Supporting livelihoods and helping to build long-term community resilience to any future crises were two issues brought to the fore as miners, governments and communities collaborated in recovery efforts.

The theme of resilience will take centre stage in another area whose frailties were exposed by the COVID-19 pandemic – that of global supply chains. Mining companies are well acquainted with the challenges associated with supply chains serving often remote mine sites. But those challenges were hugely exacerbated by the onset of COVID-19. Operations that were previously optimised for cost and based on just-in-time supply chains simply lacked the resilience to cope with the disruption caused by the pandemic. This will remain a key area of focus for miners in coming years.

Dean McPherson

TMX Group global head of business development, global mining Dean McPherson is head of global mining for Toronto Stock Exchange and TSX Venture Exchange.

He is responsible for the development and execution of the global strategy for attracting new listings in the mining sector to the Exchanges.

Previously, he worked as an investment banker.

Before joining the capital markets, he worked as a civil engineer, managing capital projects for Alcoa’s bauxite/ alumina operations in Jamaica and Fluor in Canada. In addition to an undergraduate honors degree in civil engineering, he earned an MBA from the Schulich School of Business and is a CFA Charterholder.

a j

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MINING | DEAN MCPHERSON (TMX)

Inflation looming large

of cryptocurrencies should

According to the International

lead to the phasing out of

Energy Agency (IEA), in 2020

In mid-November, gold

gold. Granted, neither asset

alone, and against a pandemic-

reached a five-month high

is closely tied to the value of

driven decline in the overall

on the back of US Labor

the dollar, but their functional

car market of over 15%, the

Department data which

use cases are quite different.

global stock of electric cars

showed a consumer prices

And, given the volatility seen

increased by over 40% to 10

surge with October seeing a

in cryptocurrencies and

million units. Data from the

6.2% jump from last year, the

global efforts to effectively

IEA’s 2021 outlook presented

most since December 1990.

regulate that asset class, there

at the recent COP26 gathering

The Federal Reserve has

are plenty of headwinds that

in Glasgow showed that, in the

reassured that this inflation

may well see gold remain the

first three quarters of 2021,

is temporary and related to

inflationary hedge of choice

the global EV market recorded

COVID-19 supply issues. But

well into the future.

a nearly 50% year-on-year

whilst consumers are feeling

increase in sales compared to

from its use in jewellery and

Climate change and the increasing demand for critical minerals

electronics, gold’s key value is

As climate change continues

being on track to net zero

its inflationary protection.

to drive the agenda, the

emissions by 2050.

the pinch on their wallets, inflation – should it persist – will once again be a boon for the gold sector. Aside

the same period a year ago.

This phenomenal growth led the agency to highlight EVs as one of only two of the 46 technologies it assesses as

focus has further sharpened But beyond gold and precious

on the mining of green and

Wood Mackenzie estimates

metals, an emerging asset

critical metals that are seen

that even a 2° C global

class is increasingly talked of

as a crucial part of meeting

warming pathway will require

as an alternative inflationary

global warming targets.

EVs to account for fully three

hedge. I am talking, of course,

The decarbonisation of the

quarters of all car sales by

about cryptocurrencies.

transportation sector, amongst

the end of the next decade.

However, it is not obvious

others, is a crucial pillar of

That level of EV supply would

to me that the emergence

carbon reduction, contributing

place huge demand on the

as it does around 20% of global

supply of battery metals and

emissions.

indeed other metals that

81

part by the strong rebound in

to bear in mind that EVs use

Continued strong demand for new listings

approximately five times

The start of last year saw

declines. And, encouragingly,

more copper than an internal

something of a capital markets

we saw significant demand

combustion engine.

renaissance as an increasing

and interest in the junior

number of companies were

market as well. In fact, on

And so the green-driven

met with strong investor

multiple occasions this year,

demand increase seems likely

appetite for their initial public

volume on the TSXV exceeded

to require substantial new

offerings and follow-on equity

or matched volume on TSX.

investment across mining

placements. At TSX, we saw

This is important for the sector

projects and will see more

an increase in the number

overall to have the junior

aggressive growth in M&A

of new listings, number of

market back so strongly.

activity as miners and end

companies raising capital

users strive to secure supply.

and the amount of capital

Three Q4 IPOs on TSX

raised; helped in no small

perfectly frames the outlook.

will be needed to produce so many vehicles. It is important

commodity prices following initial pandemic related

Hochschild (LSE:HOC) spun-

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MINING | DEAN MCPHERSON (TMX)

off their Chile-based rare

growing number of variants.

I am also encouraged by the

earth play, Aclara Resources

It seems inevitable that the

increasing importance being

(TSX:ARA), onto TSX. Arizona

pandemic and risks such

placed on climate change and

Sonoran Copper (TSX:ASCU)

as inflation will continue to

the consequent focus on green

listed their US-based copper

give rise to volatility in all

technologies including electric

play on the TSX. And

markets and across all asset

vehicles. More capital will flow

Colombian-headquartered/

classes. But there have been

to explorers and producers

Latam-focused gold producer,

some remarkable examples

of input materials required

Mineros S.A. (TSX:MSA),

of resilience since the onset

to satisfy rapidly growing

became the first dual listed

of the pandemic, and I would

demand and, with TSX being

issuer on TSX and Colombia

expect resiliency to remain top

the market of choice for many

Stock Exchange.

of the agenda for the coming

green and critical mineral

year, particularly amongst the

miners, it is hugely exciting to

mining community.

be at the nexus of this global

In 2022, we will undoubtedly find it hard to escape the long

shift.

shadow of COVID-19 and its

83

The potential role of the state in content – reflections on Future M

Jeff Geipel gives his thoughts on Saudi Arabia’s national min

84

MINING | JEFF GEIPEL (MINING SHARED VALUE)

developing mining sector local Minerals Forum in Saudi Arabia

ning drive after attending the maiden Future Minerals Forum

85

In January I had the opportunity to speak at the Future Minerals Forum in Riyadh, a new event that organisers plan to hold annually to bring together the mining sectors of the Middle East, North and East Africa, and central Asia.

One of the reasons I was excited for the opportunity to attend the Forum was the chance to visit Saudi Arabia and interact with the government there regarding their efforts to harness mining for economic development.

In our non-profit work promoting local procurement by the global mining sector, we always emphasise the need to situate local content as part of a much wider industrial policy. We also stress that to meaningfully build up suppliers of goods and services to the mining sector, and use these capacities to diversify into other sectors – the creation of horizonal linkages – leaving it to the market alone is simply not an option.

The government has to be involved to nudge investment

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MINING | JEFF GEIPEL (MINING SHARED VALUE)

into the right places, and provide meaningful capacitybuilding support for suppliers and other actors around them.

Because of this, I was looking forward to seeing Saudi efforts to build its mining sector as clearly they have a strategy of attracting significant investment in the wider ecosystem of mining, rather than just liberalising investment and hoping economic and social benefits will occur naturally.

Case in point – the Forum itself. The government spared no expense in flying representatives of the mining sector, governments and even civil society to take part in the event, helping it to achieve the critical mass of discussion that so often eludes events outside the largest ones like Mining Indaba and the PDAC Convention.

It takes money to make money

Jeff Geipel

Mining Shared Value founder Jeff Geipel is the founder and managing director for the Mining Shared Value initiative at Engineers Without Borders Canada. This initiative works to improve the development impacts of mineral extraction in host countries through increasing local procurement by the global mining industry. Through this work, Jeff is also the community manager for the World Bank’s Extractives-led Local Economic Diversification Community of Practice.

Originally from Vancouver, Jeff holds a master’s degree in international development from the London School of Economics in the UK. Jeff’s work and articles have been featured by the Guardian, Devex, the Globe and Mail, National Post, Next Billion, Mining Weekly and Hill Times Magazine. Jeff currently resides in Toronto.

and the government of Saudi Arabia clearly understands this, using the event to seek

a j

87

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MINING | JEFF GEIPEL (MINING SHARED VALUE)

investment into all parts of the

national companies who

However, it is also crucially

value chain.

have significant local content

true that there is really no

ambitions, the government

example of any state in the

It was also very positive to

is providing significant

world that has meaningfully

see local content as an issue

support for the suppliers of

harnessed its mining sector

highlighted throughout the

the mining sector. In our

for economic and social

event as an explicit goal of the

experience international

development without

Kingdom of Saudi Arabia in its

mining companies do want

intervening significantly.

vision for mining.

to buy goods and services as local as possible – after all this

As such, while I would like to

Here too, initial policy towards

is cheaper – but forcing them

have the opportunity to dig

this goal has been much

to do so without supporting

deeper into Saudi Arabia’s

more comprehensive than

those suppliers is a recipe

mining regulations and local

the approach so often seen

for frustration and constant

content approach, what I saw

in sub-Saharan Africa where

tensions.

in Riyadh was very promising.

demand-side requirements are

Their strategy merits further

placed on mining companies,

This is not to say that all state

examination and other

without being buttressed

interventions to attempt to

countries working on their

by meaningful investment

increase local procurement,

own strategies should take

in suppliers and the wider

hiring and other forms of

note.

ecosystem around them.

domestic participation in the mining value chain work

As an example of this, the

and should be encouraged.

government has invested in

Governments can focus on the

the creation of two industrial

wrong goods and services to

cities devoted to the mining

support, and there is always a

sector value chain, Wa’ad Al

real risk that corruption can

Shamal and Ras Al-Khair.

interfere, as suppliers with government ties can often be

Thus, while international

the real beneficiaries of such

mining companies who invest

government interventions.

in Saudi Arabia may have to form joint ventures with

89

“

Making mining better

It's essential for all mining companies to take ESG processes unbelievably seriously.

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Managing Director, Head of Thematic and Sector Based Investing, Fundamental Equity, BlackRock.

Gain investor confidence & communicate your ESG journey with Digbee ESG. Visit digbee.com/esg to kickstart your disclosure journey today.

BARRICK GO

sits down with Mark Bristow - CEO o

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MINING | BARRICK GOLD

CK GOLD

of global gold mining champion Barrick

93

Addressing a small group of international journalists in a quiet corner of the opulent King Abdulaziz International Conference Center in Riyadh, the ever-ebullient CEO of Barrick Gold – Mark Bristow – reiterates the clear strategy underpinning the single most significant piece of M&A in the mining industry during the last decade. When global mining giant Barrick and Bristow’s former company, Africa-focused Randgold Resources, announced the US$18 billion merger deal at the end of 2018, the industry watched as five of the top 10 Tier 1 gold mines in the world were consolidated under a single umbrella, with the uncompromising Bristow at the helm of the new gold giant.

“A Tier 1 company is a term that is abused at the moment,” he tells assembled media at the inaugural Future Minerals Forum in Saudi Arabia. “For clarity, it is a gold mining company that has more than 10 years of 500,000 ounces or more in its life of mine, and it delivers in the lower half of the cost curve. If you get a project like that in the gold industry, you make more than 15% IRR.” This concept sits at the crux of Bristow’s strategy for running a world-class

94

gold champion like Barrick, which now boasts six Tier 1 mines and a number of additional strategic gold and copper assets in 13 countries stretching from the Americas to Africa, the Middle East and Asia-Pacific.

Barrick’s geographically diverse portfolio is informed

by Bristow’s resolute global philosophy; he emphasises that in order to be deemed world-class, you need to be global. The thinking also extends to Barrick’s workforce: “To have the best assets, you must also have the best people,” Bristow says. In a continuation of the ‘Randgold Way’, Barrick invests in local talent, focuses on corporate cost efficiencies and cultivates an ownership mindset amongst management.

This combination of best assets and best people delivers a clear outcome: industry-leading returns and sustainable future growth, which has been evidenced by three consecutive years of meeting production targets, leading to booming financial growth and a record $1.4 billion returned to shareholders in 2021.

Tier 1 mines and strategic assets Not one to rest on his laurels, Bristow followed up the Barrick-Randgold merger with an ‘opportunistic’ joint venture in Nevada with rival gold producer Newmont. At a stroke, the Nevada Gold Mines venture became the single largest gold mining complex in the world, with Barrick owning 61.5% and acting as operator.

A foundation of value, the Nevada complex hosts three Tier 1 mines along with the Goldrush development being integrated into the Cortez mine and other brownfield discoveries, which will significantly extend the life of the mines without adding any big capital expenditure.

“We’re now starting to look at 15-20 years [life of mine] in Nevada. For a gold mine, that sort of life really delivers value,” Bristow reasons.

The remaining Tier 1 assets include Loulo-Gounkoto in

MINING | BARRICK GOLD

95

MARK BRISTOW, BARRICK GOLD CEO

Mali, which has 10 years of life

“The rest of the portfolio is

at least 10 years or 5 million

remaining and more reserves

what I’d call strategic. For

tonnes of annual contained

today than when Randgold

example, the Hemlo project

copper over at least 30 years)

first found it, Kibali in the

keeps us current in Canada,

with a 15% IRR. And they have

Democratic Republic of Congo

which is a country where

to be profitable at a gold price

(DRC) and Pueblo Viejo in the

we’d like to grow. Argentina is

of $1,200 per ounce.

Dominican Republic. Already

another dynamic country we

one of the lowest cost mines in

like a lot, just like here in Saudi For context, there were 11

the world, Pueblo Viejo is in a

Arabia.”

transitional phase as the plant

in Q3 2021, which averaged

expansion and a planned new

Barrick’s strict investment

out at about $1,700 per ounce.

storage facility should extend

criteria demands Tier 1 assets

“This simply will not work for

the mine’s life beyond 2040.

(minimum 500,000 ounces of

Barrick,” Bristow asserts.

annual gold production over

96

M&A deals in the gold industry

MINING | BARRICK GOLD

Forging strong partnerships

jurisdictions it operates in,

maintenance while

although ‘wrinkles’ sometimes

discrepancy over the renewal

The ‘Barrick Way’ is also

occur – like in Tanzania and

of the mining licence was

defined by a clear two-way

Papua New Guinea (PNG) in

resolved.

relationship between the

recent times. A tax dispute

company and the host country,

involving a subsidiary and

“You can go anywhere in the

which is built on mutual trust

the Tanzanian government

world to mine, even unstable

and mutual gains. “One of our

was eventually resolved in

jurisdictions. If you have real

principal investment filters is

2019 when Barrick assumed

partnerships and a licence to

centred on the right to mine

control of the operations,

operate you can fix problems,

and the right to repatriate.”

and the relationship with the

and we’re very proud of what

government was repaired.

we’ve achieved with our

This is rarely an issue for

In PNG, the Porgera mine

partners in Tanzania and

Barrick across the varied

was placed on care and

PNG.”

97

Barrick’s partnership with

mine to improve output and

Exploration in and around

state-run mining company

overall efficiencies. “We’ve

Jabal Sayid continues to

Ma’aden is a key reason

taken the production from 100

progress, but Barrick is

behind Bristow’s trip to

million pounds per annum to

also pursuing gold and

Riyadh. Throughout the Future

150 million pounds, dropped

copper discoveries across

Minerals Forum, the CEO has

the grade, increased the

the Arabian Nubian Shield.

been engaging in productive

throughput and dropped the

Under its partnership with

conversations with the firm’s

cost,” Bristow explains.

the Saudi miner, the company

50:50 partner at the Jabal Sayid copper mine in Saudi Arabia.

will release any mineral “This has changed our

discoveries outside of gold and

relationship with Ma’aden

copper to the Ma’aden stable.

The operation has been

because they see what we can

commercially producing

bring. We still have the same

“We’ve spent the last two-and-

copper concentrate since July

reserves, in fact likely more,

a-half years understanding

2016, but since 2019 Barrick

than in 2019. We also brought

and evaluating the potential of

has focused on optimising the

in drill rigs and started looking

the Arabian Shield and we are

at the geology.”

comfortable that this is a place

BA R R I C K GOLD AT A G L A N C E

Arabian opportunities

where we should be investing.

We look to partnerships first – profitability is a product

The project sits within the

of business, not the first

Arabian Shield - a generally

objective,” Bristow stresses.

unprospected geological

STOCK TICKER: NYSE:GOLD, TSX:ABX MARKET CAPITALISATION: US$41.43 BILLION (as of February 18, 2022) aj

98

domain that connects to the

The Ma’aden partnership

Nubian Shield across the

is important because it

Red Sea. Barrick geologists

positions Barrick in the

look at Centamin’s Tier 1

Middle East, which - along

Sukari gold mine in Egypt as

with the broader Southern

a huge incentive to ramp up

Asia region – forms part of a

exploration efforts in what

strategic long-term focus for

could be ‘elephant country’

the Toronto-headquartered

over the sea border in Saudi

company. Opportunities along

Arabia.

the Tethyan Belt, a geological

MINING | BARRICK GOLD

99

structure favourable for gold

which Bristow believes is

already existed in these places.

and copper mineralisation

a ‘critical future resource’

We harvested the talent and

stretching over 5,000 km from

for mining. Building local

showed we could build world-

Slovakia through the Balkans,

expertise, wherever the

class businesses in places like

Middle East, Asia Minor

address, is another core tenet

Mali and the DRC by investing

and on to Malaysia, are of

of the ‘Barrick Way’ Bristow

in local skills.”

particular interest.

developed in Africa during the Randgold days.

Barrick has just created a

100

‘The big S in ESG’ Training local talent and

new Asia-Pacific team to

“We didn’t drag a whole load

empowering underserved

lead the company’s foray

of expats with us to Africa

communities through

into underexplored regions

because we believed the

providing economic

along the massive belt,

full distribution of intellect

opportunity is viewed as an

MINING | BARRICK GOLD

indispensable part of Barrick’s while supporting personal

procured goods and services

modus operandi under

growth and development by

worth $847 million with

Bristow: “Every time you give

identifying skill and leadership

suppliers from communities

a man or woman a job you

gaps.

closest to its operations in

liberate them politically and

2020.

economically. That’s a big

Recent figures depict Barrick’s

challenge for me personally,

local employment drive in

Barrick has even pushed the

having grown up in Africa.”

effect: From 2018 to 2020,

envelope in Saudi Arabia with

hired employees from local

the employment of six women

The company pledges to create communities increased by

at Jabal Sayid, one of whom

robust talent pools by drawing 55% and local employees in

is an engineer. “Again, we are

from a diverse range of

leadership positions increased

making a big difference in our

candidates, including women

over 400%. In addition, Barrick

communities,” Bristow smiles.

and early career professionals,

101

MARK BRISTOW (RIGHT) SPEAKING ON THE MAIN STAGE AT FUTURE MINERALS FORUM

10 2

Environmental stewardship

theme of the Future Minerals

While important global

Forum, particularly after the

decision-makers seem to

Mining’s contribution to the

industry was effectively shut

remain wilfully ignorant of

low carbon economy of the

out of discussions at the COP26

the importance of mining for

future has been a central

conference in November.

the global energy transition,

MINING | BARRICK GOLD

Bristow calls on his colleagues

Bristow is asked whether

The combination of world-

to become louder advocates

Barrick plans to increase

class mines and disciplined

for the positive actions the

investments in the copper

management continues to

sector is taking, including the

side of the business, which

result in operational success,

adoption of carbon reduction

currently accounts for around

as demonstrated by the recent

targets among the biggest

20% of revenues, with gold

announcement that Barrick’s

players.

making up the remaining 80%.

total annual gold production of 4.44 million ounces met

“We are proud to have a

“There’s been no shift in

the company’s guidance

clear plan to reduce carbon

strategy,” he confirms. “If you

range for 2021. This puts the

emissions 30% by 2030. We’ve

want to keep growing a gold

miner in a strong position

got 25% accounted for, with

company, you’ve got to go into

to focus on growth areas in

the remaining 5% still be

porphyries, which come up

2022 and ensure it keeps on

worked out. And we haven’t

with copper. In these systems,

delivering the best returns to

touched electric vehicles yet in

copper and gold are mined

shareholders, as the global

our calculations.”

together and exploration

economy exits the COVID-19

programmes are no different.

pandemic.

Over the next four years, the

We have employed a few

burgeoning electric vehicle

additional porphyry skills into

“Mining is a consumptive

and renewable energy

the business but there’s no

industry, so you always have

industries will account for

new formula with regards to

to invest in replacing what

72% of growth in total refined

our gold-copper ratio.”

you mine. We have our clearly

copper demand, according

defined investment filters and

CRU. This upward demand

From strength to strength

trajectory coupled with

All of the topics Bristow

limited new mine supply

touches on during the informal a fact. If you’re a long-term

avenues is set to contribute to

two-hour media briefing

player, you need to be wary

a sustained high copper price

tie into a wider portrait of

of that and we most certainly

environment.

Barrick as a sustainably run,

are,” he concludes.

to commodities consultancy

this is key for us, because the big margins we are benefitting from now will close. That’s

global gold mining champion With this tightening supply-

comprised of the best assets

demand dynamic in mind,

and the best people in the industry.

103

From their base at Jabal Sayid, Barrick and its local partner Ma’aden have started exploring other discovery and development opportunities with a view to expanding their presence in Saudi Arabia and their contribution to the growth of its metals sector.

dPA 6526

Since Barrick Gold Corporation took over the operation of the Jabal Sayid copper mine in 2019, it has significantly increased ore mining, processing throughput and production while cutting costs. In 2021, its production exceeded 150 million pounds, well within the target range. Thanks to this improved performance it has paid back all its shareholder loans and started declaring dividends. It has also made the management and the workforce of the mine more Saudi-centric by reducing the number of expatriate employees.

Providing children with the chance to thrive

www.atlasfrc.org

Charity Registration Number: 1161179

On the cusp of defining a Tier 1 copper asset in

1 06

MINING | XANADU MINES

ADU NES

n Mongolia’s underexplored South Gobi Desert

1 07

At the start of December 2021, Xanadu Mines announced a significant update to its Kharmagtai copper-gold project in Mongolia. After completing 120 diamond drill holes for 69,479 metres since the last resource upgrade in 2018, the new mineral resource estimate (MRE) exceeded 1 billion tonnes – an aspirational target maintained by the ASX and TSXlisted company since it began exploring the 40km2 porphyry district in the vast South Gobi Desert several years prior.

The current 1.1 billion tonnes mineral resource contains 3 million tonnes (Mt) of contained copper and 8 million ounces (Moz) of contained gold, with a notable 100 Mt higher grade core at 0.8% copper equivalent.

At the time, CEO Andrew Stewart said the MRE positioned Kharmagtai as one of the largest undeveloped copper and gold resources on the ASX, and one of the biggest globally. Speaking to RGN in the new year, he highlighted the importance of the high-grade core: “When you see these copper systems, they can be big and low grade. But it’s the ones that have that goldrich core that are interesting, and we saw that at Kharmagtai.

We knew the system would get past those hurdles of what we see is a Tier 1 asset and we are very pleased to hit that upgrade after all the drilling we’ve done over the last three to four years.”

The key benefit of having a high-grade core in a large, low grade porphyry system like Kharmagtai is derived in project economics, Stewart explains. This type of project is intrinsically high capex, but a strong gold to copper ratio can reduce the payback period and improve the financial model.

“If you can get your gold credits into early production, that allows you to bring back that payback period, which is critically important for any copper project around the world and it’s a key differentiator for our Kharmagtai project.”

Developing a Tier 1 project The mention of a ‘Tier 1 asset’ is all too common in the mining sector these days, however the phrasing looks appropriate in the case of Kharmagtai. Going by Mark Bristow’s definition of a Tier 1 asset as having 5 Moz in contained gold or 5 Mt in contained copper, Xanadu’s

10 8

MINING | XANADU MINES

109

flagship project is well on the way to achieving Tier 1 status.

While the short-term focus will fall on growing the high-grade core to improve the economics of the initial open pit mine, there exists significant upside potential at depth. The company has identified drilling below 400 metres as an opportunity to link porphyry deposits, building out the underground development which will follow the multi decade open pit at Kharmagtai.

Stewart is confident that Xanadu can make further gains to the mineral resource and feels the project is ready to be fleshed out with clearer economics. A scoping study is currently underway with a view to it being gated towards a pre-feasibility study.

The scoping study will evaluate key advantages of the project including the high-grade zones, low capital intensity, favourable ESG factors and close proximity to markets.

110

MINING | XANADU MINES

“We were busily working on optimisations before Christmas and hope to see a big chunk of the 1 billion tonnes resource sitting within the open cut. We’re looking to report on the first phases of that work before the end of Q1 this year,” says Stewart.

Code red for copper The smooth delivery of Xanadu’s Tier 1 project draws added importance from the gaping supply-demand dynamics taking hold in the copper market. Rapidly building demand from the renewable energy and electric vehicle (EV) segments of the global clean energy push has been met by an unprecedented paucity of greenfield copper discoveries over the last decade.

Markets have already responded to this escalating global supply crisis, with the copper price breaching US$10,000 per tonne last year.

More recently, global copper

111

inventories dropped to just

lot of demand for copper right

little to worry about when it

over 200,000 ounces - barely

now. I only see that growing

comes to ESG risk. This has

enough to cover three days of

because we’re not effectively

not stopped the company

worldwide consumption.

replacing the copper that’s

from doing what it should

being used today,” Stewart

in terms of broad-based

stresses.

ESG compliance (its annual

Investment bank Goldman Sachs was even compelled to

sustainability report was first

warn of an ‘extreme scarcity

“We remain reliant on a couple

published in 2020), in spite

episode’ by the end of the year,

of very old, very deep mines

of the ESG-friendly project

while reiterating its bullish

in Chile, and we know it takes

fundamentals.

forecast for copper to average

a long time and a lot of capital

$11,875 a tonne in 2022, rising

to build these projects. So, we

“We are looking at a project

steadily to $15,000 during 2025.

see that copper price being

where we have built a

stronger for longer until these

strong relationship with

“We’re seeing a market that is

new projects like Kharmagtai

the community we work

incredibly strong and there’s a

come online.”

around. We have a shallow,

XAN A DU M IN ES AT A G L A N C E

Low ESG risk

conventional mine with conventional metallurgy and

The global copper supply

no arsenic. We have very well

pipeline has also been

developed water resources and

impacted in recent years by

power nearby.”

new projects being slowed

STOCK TICKER: ASX:XAM, TSX:XAM MARKET CAPITALISATION: US$23.7 MILLION (as of February 16, 2022) aj

11 2

down – or even halted

Stewart also highlights the

entirely – by local and

speed of project development

federal complaints, typically

in Mongolia, referencing

with regards to social and

the nearby Oyu Tolgoi

environmental issues.

mine discovered by Robert Friedland in the early

However, in a sparsely

2000s. By 2013, Rio Tinto

populated country like

– in partnership with the

Mongolia, and with a

Mongolian government - had

simple open pit project like

advanced the mega-project

Kharmagtai, Xanadu has

into production.

MINING | XANADU MINES

“I don’t know too many other projects in the world that have advanced that rapidly,” he says.

After the recent resolution of an economic dispute with the government, Rio is moving forward with the $6.93 billion underground expansion project at Oyu Tolgoi.

“In the next few years, we’ll see one of the largest copper projects in the world developed, and that’s happened in relatively quick time. It’s great to see.” Xanadu’s own fully permitted mining licence with 30 years tenure provides a strong basis for the company to begin rapidly advancing Kharmagtai through the feasibility stages.

God’s gift to explorers Xanadu recently took part in the Future Minerals Forum in Saudi Arabia, a new industry event that aims to shine a light on the opportunities available in ‘frontier’ mining DR ANDREW STEWART, XANADU MINES MANAGING DIRECTOR AND CEO

jurisdictions stretching from Africa to the Middle East and

113

central Asia. In a corporate

And after the huge success of

being operated by listed

pitch at the event, Stewart

the Oyu Tolgoi development,

mining and exploration

described Mongolia as ‘god’s

the Mongolian government

companies seeking the next

gift to explorers’ – a nod to the

has realised the economic

big discovery.

opportunity for discoveries in

potential that lays dormant

the underexplored terrain of

in its substantial mineral

“We can only draw attention

the Gobi Desert.

reserves, and is actively

to what’s happening in this

supporting explorers and mine

part of the world, and there’s

Put simply, the chances of

developers who can deliver

certainly a lot happening

similar greenfield discoveries

substantial local employment

in terms of infrastructure

in mature exploration settings

opportunities.

projects. It’s an exciting place

like Australia or South America

1 14

to be, a good place to have

are significantly smaller, and

A favourable 25% corporate

discoveries and it goes back to

miners there are typically

income tax regime has

that ESG footprint.

compelled to dig deeper

encouraged foreign direct

into existing deposits at ever

investment into the country,

“We’re in the most sparsely

increasing costs.

with 27 projects currently

populated country in the

MINING | XANADU MINES

world. There’s very little

“We have the ability to move

to get the globally significant

vegetation in the South Gobi,

quickly, drill holes and

copper-gold project off the

good water resources and

there’s no bureaucracy in the

ground.

you’re on the doorstep of the

exploration process. I think

world’s biggest consumer in

it’s a real advantage for a small

“In my experience when you

China.”

company. We have a very large

have this type of discovery,

copper-gold project and our

it creates interest and people

drilling costs are a fraction

line up to see them and

of what you get around the

certainly fund them,” Stewart

world.”

confidently concludes.

The next step in the journey Looking back over the last decade during which Xanadu has operated in Mongolia,

And after the latest upgrade to

Stewart reflects on the ups and the mineral resource, Stewart downs that are to be expected

believes that the Kharmagtai

in any frontier environment

project possesses all the

before expressing an overall

ingredients coveted by a larger

contentment with the

player that could provide the

company’s position in one

funding assistance required

of the world’s most exciting geological districts.

115

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EV METALS G

Building a downstream battery chemicals processing

11 8

MINING | EV METALS GROUP

LS GROUP

g hub in Saudi Arabia for the global energy transition

119

Since visiting the Kingdom of Saudi Arabia in 2019, EV Metals Group (EVM) has been focused on developing the world’s first integrated Battery Chemicals Complex in the Middle Eastern country, after witnessing its ambitious plans to fully diversify the economy under Saudi Vision 2030. The opportunity to start a global battery chemicals and technology business in a region with easy access to key markets in Europe, Asia Africa and (to a lesser extent) North America was too good to ignore even then, as the global clean energy transition was just beginning to crank into gear.

The COVID-19 pandemic has since provided fresh impetus for the low carbon economy, which is currently being built on the widespread electrification of the energy and transport sectors. In recent years, electric vehicle (EV) take-up has mostly trended in China, Europe and North America, however the latter two regions are sorely lacking key components along the entire EV manufacturing supply chain, but particularly at the downstream level. EVM aims to reduce Europe and North America’s reliance on China for battery materials processing by building the Battery Chemicals Complex in Saudi Arabia’s new Yanbu Industrial City. RGN’s editor sat down with EVM CEO Michael Naylor to find out more about the symbolic development.

120

Jacob Ambrose Willson: EVM is building a global battery chemicals and technology business. What were the key drivers behind this focus on the battery section of the global clean energy transition?

Michael Naylor: We are witnessing government intervention at a global scale unprecedented in the history of humankind towards a clean energy future. This is propelling ambitious targets in the transformation to electrification globally.

EVM’s strategic objective is to capture a growing share of the battery chemicals business as

stable and transparent supplies

structural deficits in supply

of high purity chemicals

emerge in markets worldwide

and cathode active materials

over the remainder of the

required in rechargeable

decade.

lithium-ion batteries used in electric vehicles (EVs) and

Our business model is based

renewable energy storage.

on the diversification and geopolitical alignment of

EVM is focused on delivering

supply chains for OEMs in

the world’s first integrated

growth markets in Europe

Battery Chemicals Complex

and North America. They are

comprising of a Lithium

looking to secure long-term,

Chemicals Plant, a Nickel

MINING | EV METALS GROUP

Chemicals Plant and a Cathode

MN: The infrastructure in Saudi Our journey to and in the

Active Materials Plant to meet

Arabia is first class and the

Kingdom began in 2019 and

this growing demand.

vast oil wealth means it has all

led us to Saudi Vision 2030, a

the elements needed to build

national initiative to transform

JAW: Why is Saudi Arabia

a successful battery chemicals

the economy of the Kingdom

the perfect location for the

industry. Yanbu Industrial City

from being a global leader in

company’s first integrated

is strategically located near the

energy based on fossil fuels

Battery Chemicals Complex,

largest port on that side of the

to a global leader in energy

and particularly Yanbu

country, with easy access to

based on renewables. The

Industrial City on the Western

Europe and North America for

breakthrough for EVM was

coast?

imports and exports.

found in the aspirations of Vision 2030 and led us to the development of midstream

121

and downstream processing

the Nickel Chemicals Plant to

energy density cathode active

facilities for the production of

produce 450,000 tpa of nickel

materials, as well as lower

cathode active materials.

sulphate. Construction of the

energy density cathode active

first two processing trains

materials at the Battery

We are fast tracking the

for production of LHM will

Chemicals Complex?

staged development and

start in Q1 2023. This will

expansions of the Battery

closely be followed by the

MN: Cathode active materials

Chemicals Complex to include

Nickel Chemicals Plant and

require high purity chemicals

four processing trains in the

the Cathode Active Materials

in the form of LHM and

Lithium Chemicals Plant

Plant.

nickel, cobalt and manganese

to produce 100,000 tonnes

1 22

(NCM) sulphate for high

per annum (tpa) of lithium

JAW: What has shaped the

energy density batteries.

hydroxide monohydrate (LHM)

decision for the company

High energy density cathode

and three processing trains in

to focus on producing high

active materials are required

MINING | EV METALS GROUP

for high performance with

demand growth. Ultimately, this

longer driving distances

leaves new OEMs completely

between recharges. Whereas

exposed to supply, pricing and

lower energy density cathode

cost risks.

active materials containing lithium ferrous phosphate

JAW: How will the company

(LFP) provide lower driving

ensure security of supply for

distances between recharges.

the raw materials (nickel, cobalt, manganese, lithium)

EVM will specialise in the

while the Saudi battery supply

Michael Naylor

production of high energy

chain lacks the upstream

density cathode active

element?

Managing director and CEO

materials but will also develop capacity for production of LFP.

MN: EVM is moving forward with the development of the

Benchmark Minerals

Battery Chemicals Complex

Intelligence forecasts

based on the upstream

structural deficits in the

integration of supply chains

supply of LHM and NCM, the

through production of and life

key chemicals required for

of mine offtake agreements

high energy density cathode

for intermediate products

active materials, commencing

containing lithium, nickel,

in 2024/25 and 2027/28

cobalt, manganese, aluminium

respectively.

and other metals from Western Australia.

There is a massive investment at OEM level by EV

Western Australia is a politically

manufacturers and battery

stable jurisdiction with low

cell manufacturers. However,

sovereign risk and transparent

the level of investment in

supply chains. It is the largest

the upstream supply chain

producer of lithium in the form

for critical raw materials is

of spodumene concentrate for

not sufficient to supply the

global markets. It is also the

Mr Naylor has over 35 years of experience in the management and development of companies engaged in the business of mineral resources, mining finance and process technology in gold, nickel, cobalt, chromium and platinum group metals in Australia and South Africa.

He led the acquisition and re-consolidation of the mineral rights and mining tenements covering the Weld Range Complex commencing in 2007. Naylor led and has managed the evaluation of Range Well Mineral Resources since 2009, the Ausinox Stainless Steel Alloy Project, the Range Well MHP Project and the Battery Chemicals Complex. He has been a director and CEO of EVM Nickel Pty Limited since 2010 and CEO of EV Metals Group since 2015. He was formerly a director and CEO of Podium Minerals Limited.

a

j

123

“The infrastructure in Saudi Arabia is first class and the vast oil wealth means it has all the elements needed to build a successful battery chemicals industry. Yanbu Industrial City is strategically located near a port with easy access to Europe and North America for imports and exports” Michael Naylor – EV Metals Group CEO

124

largest producer of nickel,

implemented by the Australian

cobalt and rare earth elements

Lithium Alliance Pty Limited

in Australia.

(ALA), a wholly owned subsidiary of EVM, through

EVM will bring world class,

joint ventures and offtake

leading technical capabilities,

agreements as an alternative

technology and know-how

to Chinese companies that

from Western Australia for

currently dominate the

the development of the Saudi

purchase of spodumene

supply chain and the Battery

concentrate from Australia to

Chemicals Complex.

supply chemicals processing companies in China.

We have recently launched the Australian Lithium Alliance, a

As part of ALA, EVM has

strategic initiative to partner

entered into an Earn-in Joint

with Australian companies

Venture agreement with

to accelerate exploration,

Zenith Minerals Limited (ZNC)

development, mining,

to accelerate the exploration

processing and production of

for, and production of

Lithium Minerals. This will be

spodumene concentrate

MINING | EV METALS GROUP

from Zenith’s Split Rocks and

located in the idwest of

containing nickel, cobalt and

Waratah Well Tenements. EVM

Western Australia. The Range

manganese at an MHP Plant

also owns 100% of the Range

Well Resource will produce

within the mining tenements

Well Nickel Cobalt Resource

mixed hydroxide precipitate

in Western Australia. The

125

MHP will be shipped to the

​RIWAQ Al Mawarid for Mining,

Ministry of Energy and the

Nickel Chemicals Plant for

a subsidiary of our company in

Ministry of Investment to

downstream processing to

the Kingdom, has applied for

accelerate the development

produce high purity chemicals

18 exploration licences in five

of the Battery Chemicals

in Saudi.

areas with potential critical

Complex and the Saudi supply

raw materials containing

chain in the Kingdom in line

JAW: How will EV Metals

lithium, nickel, copper,

with Vision 2030.

help Saudi Arabia develop its

cobalt, platinum group metals

own raw materials supply,

and rare earth elements for

JAW: How useful was the

via mineral exploration and

development of the Saudi

recent Future Minerals

the development of mining

supply chain for the Battery

Forum, in terms of

projects?

Chemicals Complex.

focusing conversations and investments on developing

126

MN: EVM has entered into an

NIDC is our lead agency in

the Saudi mining and battery

agreement with the National

the Kingdom. It guides EVM

materials supply chains?

Industrial Development Centre

in ongoing engagements

(NIDC) for the development of

with other lead agencies

MN: FMF was a strategic

a Saudi supply chain for raw

in the Kingdom including

platform for us to establish

materials in the Kingdom.

the Ministry of Industry

EVM as a frontrunner in the

and Mineral Resources, the

global battery chemicals

MINING | EV METALS GROUP

and technology industry. It

the bottleneck in slowing

feasibility studies for our

opened significant doors for

down the transformation to

unique Battery Chemicals

EVM with key stakeholders

electrification and a clean

Complex.

from the Kingdom, as well as

energy future.

investors and the media. We

The FEED agreement with

are grateful to the Ministers

JAW: How much of a big

Wood is for the first two

and their lead agencies for

step forward was the recent

processing trains of our

their efforts to recognise the

announcement of a FEED

Lithium Chemicals Plant at the

Battery Chemicals Complex as agreement with a subsidiary

Battery Chemicals Complex,

a project of national strategic

of Australia’s Wood Group,

producing 50,000 tpa of LHM.

importance for the Kingdom.

in terms of progressing the

It is designed to process

Battery Chemicals Complex to

spodumene concentrate

construction stage?

containing 6% lithium oxide

It was acutely apparent at FMF that there is a need to address the critical gap in the

imported from upstream MN: Wood Plc have world-

supply chain for raw materials. class technical capabilities and EVM was the only company

experience in delivering LHM

focusing on this issue and

plants in Western Australia

we are aware that further

and have been working with

dialogue needs to take place

us for the last two years on

spodumene concentrators in Western Australia.

to ensure it doesn’t become

127

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