Wednesday11 February, 2015Issue 2

M i n i n g I n d a b a ™ D a i l y N e w s 1

PAGE 14

Blair on Africa: Learn to Ride the Change

The Ministry of Mineral Resources and the mining industry are in talks aimed at turning “adversity into advantage,” says Mineral Resources Minister Ngoako Ramatlhodi.

Officially opening the Investing in African Mining Indaba on Tuesday, Ramatlhodi said he was fully apprised of the restructuring plans of some of the major players in the industry.

“Our intention is to establish a new South African mineral-based ‘National Champion’ , ” he said.

Strong Worker ParticipationThis fundamental characteristics of the body are that it will be community-based, with strong worker participation; will be anchored in and run on business principles and will be shepherded by a leadership that is prepared to stay in place for a very long time. “That leadership should not leave the flock in the veld and run for greener pastures,” he said.

The body might be either a “single commodity creature or a multi-commodity enterprise,” the minister said. It could also mutate, to carry with it small producers. The underlying principle would be broad-based participation.

Speaking after his opening address, Ramatlhodi said the “national champion” would be created from companies that were disposing of their assets. His department was already in discussions with companies such as Billiton and Anglo American. “I am targeting those assets [that they are unloading],” he explained. “We envisage building another creature like Anglo that will give blacks real teeth in the industry.”

No Stone UnturnedIn his address, the minister said that, given the centrality of mining to the economy of the country, “we are leaving no stone unturned in providing a stable environment for the industry to grow.”

Over and above the Mining, Growth, Development and Employment Task Team, the government was reviewing

progress made in the attainment of objectives set out in the Mining Charter.

“A tripartite team has adopted a template which should enable us to release the results of the review by the end of March 2015.” The department has also set up a special processing team dedicated to processing the data in the template, he said.

Ramatlhodi sought to reassure investors that there was policy stability in South Africa, stressing that the Mining and Petroleum Resources Development Amendment Bill had been referred back to Parliament as it might not pass constitutional muster.

“We are looking for legal advice on managing the amendments to the Bill,” he said. In the short term, the Bill should be passed as speedily as possible, but in the long term, the government would look to separate oil and gas from the other minerals.

Call for TransparencyRamatlhodi called on mining executives to be transparent, bearing in mind that all are serious challenges. “They must be open with lab facing our; they must show their books so everybody can see what is in the kitty,” Ramatlhodi said. “This will give a new perspective to negotiations. CEOs must be seen to be contributing to belt-tightening.”

New Player to Enter the Mining Industry Anyone with an interest in the global commodities market should be paying close attention to an early-stage “metamorphosis” in the crucial role that China plays in this sphere, economist Jim O’Neill, chairman of the Cities Growth Commission in the U.K., said Tuesday.

According to O’Neill, the China that over the past two decades was geared primarily towards quantity had been replaced by a “new China” more focused on quality and the sustainability of domestic growth rates.

“We are in the early stages of a new China—a China focused on commodities that support a better quality and sustainability of domestic growth, and not one that focuses on growth figures,” O’Neill told Mining Indaba delegates.

China Eyes Domestic ConsumptionThis shift became evident, O’Neill contended, when one analysed trends in global gross domestic product (GDP) over the past three decades. Contrary to expectations that China would continue to grow at a rate of 10%, over the last decade it had averaged 7%.

No longer intent on being “the engine of the world,” China now had its eye fixed on domestic consumption—hence recent trends in global growth rates.

It was also important for commodity producing nations, O’Neill said, not to assume that commodity prices were always going to rise. The negative change in the International Monetary Fund’s (IMF’s) forecast on the drop in oil prices had surprised him, given the general assumption that commodity prices will keep rising.

Assume Lower Commodity Prices“It is a pretty good strategy to assume rising commodity prices are a bonus, from a policy planning perspective,” he said, “to assume that the following year commodity prices will be lower than they are in the year we are in.”

This, he said, would allow governments in emerging economies to put any additional revenues from higher commodity prices—if indeed they came in higher—to work on critical aspects of social development, such as securing long-term benefits in education, health and technology.

Thus, Norway had proved that emerging countries could be successful commodity producers, according to O’Neill. “Norway ran a true sovereign wealth fund … focused on long-term returns for society and not so dependent on the short-term returns of commodity prices.”

Global Economy Not So WeakBy way of conclusion, O’Neill noted that, despite the fact that there had been two huge global upheavals during the last decade, world GDP growth had averaged 3.7%, up from 3.3% the previous two decades. This suggested that, while the global economy was certainly not running at its full potential, it was also not as weak as many Western commentators believed.

(Continued on page 16)

Coal: The Challenge for Africa

PAGE 4

New Era for Iron Ore

PAGE 7

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“I am an optimist on Africa for both objective and emotional reasons,” former U.K. Prime Minister Tony Blair said in his keynote address at the Investing in African Mining Indaba in Cape Town on Tuesday, before going on to list pragmatic reasons for his optimism.

“Ten of the 15 top growing economies in the world are in Africa; this year, African growth should be around 5%; the middle class should double in five years and the population should double in 20 years,” he said. In addition, the composition of Africa’s economy was changing, in terms of both gross domestic product (GDP) and foreign direct investment (FDI).

Challenges and RelationshipsChange was at the core of Blair’s presentation. “I am here to talk to you about the challenges of change in Africa and in the relationships in Africa.”

Applying this to mining, he said that while other sectors

were starting to take a bigger slice of FDI than mining and extractives, even taking declines in commodity prices into account, the industry was still important for the continent.

At the same time, new players were entering the market, reflecting the shift in geo-politics. China’s influence in Africa was now immense, surpassing that of historical interests such as former colonial powers. The US was also turning to Africa, as evidenced by its Africa Power programme, among other measures. Other new interests included India, Brazil and Middle East countries.

“This change is producing a paradigm shift in Africa … and the relationship between the North and South is moving from one of dependence to one of partnership,” he said.

African governments were also changing their approach to investments in extractives. “This is part of a trend,” Blair said. “The outside world is looking at Africa differently; African countries are wanting to take their destiny into their own hands, and to build partnerships.”

Five Principles for Investors, Host CountriesHe then listed five principles, contending that these were needed to guide successful investor-host country partnerships.

Firstly, investors today, particularly in oil, gas and extractives, were looking beyond investment in a commodity alone to

investment in transport and energy infrastructure. This dovetailed with host countries’ insistence on investment of mutual benefit.

“Today, there are large pools of funds eager to invest in Africa,” Blair said. “I think there is great opportunity for those mining companies that have to invest in infrastructure in order to make their investments

productive.”

Secondly, for investors also to benefit from such investments in a country, governments should be willing to make changes, institute reforms, and work to improve local skills.

Thirdly—and obviously—there had to be transparency and absence of corruption on both sides. “Corruption is not merely wrong, it is impossible to access investment from the

Indaba Delegates Told to Take Note of a ‘New China’ By Kudzai Mazvarirwofa

By Lorraine Kearney

By Lorraine Kearney

Anyone interested in global commodities should pay close attention to an early-stage “metamorphosis” in the role

that China plays in this sphere, economist Jim O’Neill tells delegates at the Investing in African Mining Indaba.

Mineral Resources Minister Ngoako Ramatlhodi: A community-based “national champion” is on the cards for South Africa.

“I am an optimist on Africa for both objective and emotional reasons,” former U.K. Prime Minister Tony

Blair said in his keynote address Tuesday.

West if there is corruption,” Blair said: “Sometimes it takes a long time to rid a system of corruption, but governments today need to get rid of it.”

See Interview with

Tony Blair, page 2

2

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OP-ED: Unearthing Africa’s Future An Exclusive Interview With Tony Blair

1 Breaking News Highlights

2 Interview with Tony Blair

4 Coal Mining Review

6 Ivanhoe Mines: Path to Success Preview

7 Outlook for Iron Ore Mining

10 Exhibitor List

11 Anita Marangoly George preview; Bursary Award

14 Sustainable Development Day Preview

8:00-18:00 Exhibit Hall Open

8:30-9:15 Keynote Panel: Why Africa? Why Now? Main Stage

9:15-9:55 Keynote: Robert Friedland, Ivanhoe Mines Ltd Main Stage

9:55-10:15 Newmont Mining company session Main Stage

10:15-10:35 Harmony Gold Mining company session Main Stage

10:35-10:55 Peninsula Energy Limited company session Main Stage

10:55-11:35Keynote Panel: Africa Mining Opportunities – The Investor Perspective

Main Stage

11:35-12:30 Featured Panel: World Gold Council Main Stage

12:15-13:45 Networking Lunch Lunch Marquee

13:25-13:55 Keynote: Anita Marangoly George Vergelegen Estate

14:40-15:00 Nordgold company session Main Stage

16:00-16:45Keynote: Conversation with Jonathan Berman-Success in Africa

Main Stage

TABLE OF CONTENTSMining Indaba™ www.miningindaba.com

The official daily newspaper covering the 2015 Investing in Africa Mining Indaba™ conference and related events, including special activities by sponsors, exhibitors, and attendees.

Mining Indaba™225 Park Avenue South, Floor 6New York, NY 10003 USA+44 207 779 8890

Mining Indaba™ and Euromoney Institutional Investor PLC assume no responsibility for the validity of sponsor, exhibitor or attendee claims in items reported.

©2015 Mining Indaba™. All rights reserved.

Editorial and ProductionMike BottaChief EditorMelissa OsterwellGraphic DesignerGracjan LisGraphic Designer

CorrespondentsLorraine KearneyRobyn KirkKudzai MazvarirwofaElias Nkabinde

MarketingMaria PalombiniGroup Marketing Director

CorporateJonathan MooreManaging Director

WEDNESDAY HIGHLIGHTS

SHOW DAILY 2015

“Being here is good because I can meet with workers or mining companies…so it’s a good place to be to do business.”

–Attendee, 2014 Mining Indaba

“I think it’s probably the singular best event in terms of reconnecting with contacts in the sector. It really does draw everyone who’s interested in African mining into Cape Town.”

– Attendee, 2014 Mining Indaba

M i n i n g I n d a b a ™ D a i l y N e w s 2

An opportunity to improve health and reduce inequity lies beneath the feet of many Africans. Recently, several countries have discovered an abundance of natural resources such as oil, gas, and minerals.

Africa is known for the wealth beneath its soil, yet the full potential of that wealth to improve lives hasn’t been fully realised. However, African leaders can adapt past and present lessons to enable resource-rich countries, including those that discovered wealth decades ago, to realise that potential.

New Revenue StreamsWith prudent management, proceeds from these extractives can serve as a significant new revenue stream to national governments. Of course, extractives revenues are just one piece of a country’s larger pie of available resources. However, against the backdrop of ever-tightening budget constraints and competing domestic priorities, the possibility of a new means to expand domestic resource flow is welcome news.

While extractives revenues cannot fund all gaps in public spending—current price drops only stress this—they could have a big impact. The magnitude of that opportunity depends on how countries manage these new revenues to bolster domestic financing.

There is no one-size-fits-all approach; each country must tailor its strategy and policies to its own needs. There are, however, common principles that can guide them toward efficient and effective use of newfound resource wealth.

One important place to start is with the establishment of overarching policies and a sound financial framework to optimise natural resource management. Setting realistic expectations for how resources are to be used, and planning to avoid significant debt accrual and the risks of fluctuating markets, are also important precepts. In addition, transparency and accountability from both the public and private sectors is critical to root out mismanagement and corruption and to build public confidence.

Evaluating OptionsIt’s also important for governments to evaluate various options at the outset to ensure that new revenues contribute to addressing both the near-term needs of their poorest citizens and long-term economic growth. Investing domestic resources in essential infrastructure and in basic human services such as healthcare and education are the building blocks of prosperous societies.

Finally, sustainability must be a part of any approach to natural resource extraction.

Close to a decade after leaving office, Tony Blair still maintains a starring role on the world stage with his work as a peace envoy to the Middle East, through

his charity the Africa Governance Initiative (AGI) and via a string of personal business ventures.Blair’s AGI says it helps African governments attract investment, and with many of the states he works in boasting great mineral riches, a large proportion of this inward capital is expected to come from the mining industry.But with commodity prices tanking to multi-year lows, what sort of appetite do investors have for a region which is still seen as being high risk?

Opportunities and Risks“There is a general desire in the investment community to invest in Africa but a general anxiety as to how they do it,” says Blair. “It’s the same in any emerging market, the opportunities and returns can be very large but the risks are commensurately difficult.”“That’s why although in some parts of the world people have gone off funds as a method of investment, there is still significant appetite in funds to invest in Africa.”“Where there is an appetite people need to find the right partner - they can either doso ... through a fund or they invest jointly but with an established partner in a local country.”The AGI, with the work it has done to push through new regulatory systems for the petroleum and mining industries in countries like Liberia and Guinea, can offer help to governments looking to put in place legal frameworks to help create a transparent and business friendly economic climate, says Blair.While these governments work to create a stable and functional environment for business, what safeguards are there in place to ensure that emerging economies are not held ransom by powerful conglomerates?

Disparity in Power“There is often there is a real disparity in power between a well-resourced multinational company and a government but on the other hand governments can access the help if they want to,” says Blair.So do countries come asking for help from the AGI or does Blair canvas for business on behalf of the organisation?“When we started out we went to countries and offered help - like in Rwanda, Sierra Leone and Liberia,” Blair explains. “Now countries come to us.”The AGI now supports six different African leaders bridge what it calls the ‘gap between their vision for a better future and their government’s ability to achieve it.’ In Sierra Leone, Blair highlights the success of its role in developing maternal and child mortality programme.

“Sometimes it is easy to measure success, with that programme you can you can directly measure the decline in death rates.

A More Structural RoleIn other cases, Blair’s outfit has played a more structural role, like helping Rwandareposition itself as an attractive investment proposition. Elsewhere, it has been the AGI and even Blair himself bringing investors into a country.The AGI has also been responsible for helping set up a new bureaucracy in Guinea over the past four years of Alpha Conde’s term, working whilst the government implemented a wide-sweeping review of mining contracts.Simandou, a highly lucrative iron ore deposit in the south east of the country, has been one of the most high profile subjects of the review process and is at the heart of a controversial corruption probe and an ongoing battle to secure infrastructure investment which will change the face of the entire country’s investment profile.Anglo Australian mining company Rio Tinto, which holds the rights to mine half the project, is in the process of pulling together investors to fund the multi-billion dollar railroad which will not only connect the mine to the seaborne market but form a development corridor through the country.

Cost Cutting Tumbling commodity prices over the past two years however have prompted a severe round of cost cutting at the miner, with many fearing that the high capital intensity of the Guinea project will dissuade Rio Tinto from developing it any time soon.“The market in which Rio Tinto has been operating has completely transformed over the past two or three years, so you are not talking about a situation which is remotely commercially similar today than the previous context,” notes Blair, saying that the Guinean government will have to continue to work hard with Rio to push the investment along.What’s clear to Blair is that the expensive but developmentally essential construction of the rail line, cannot be split out from the mine’s development. “I don’t think it is a choice between the royalties or the infrastructure, it is absolutely essential for the future of the country and the economy. “If they think in the end that it is not going to work with Rio Tinto, [the Guinean government] will look elsewhere - there is appetite from China, India, Brazil and the Middle East. But you would have to untangle the relationship that is there now.”The line between Blair’s business investments and his philanthropic works has also been called tangled, which he is quick to dispute.“Anything I do for the AGI is without any payment at all and is completely separate from any business interests that I have. There are very strict rules which apply to that.”

Wealth found below ground should benefit the people most in need above it, today and in future generations, without irreparable environmental damage.

Some countries have already scratched the surface of possibility by tapping their natural resource wealth.

In Ghana, for example, the government has begun channeling 15% of its oil revenues to support small scale farming and fishing with an emphasis on improving the livelihoods of the poor.

Botswana uses revenues from its diamond industry to improve education on a national scale. And today, primary and secondary school enrollment in Botswana is nearly double the average across Africa.

Turning the TideBy learning from other resource-rich countries and by bringing to bear the full pool of domestic resources, African leaders have an opportunity to turn the tide on poverty, hunger, and disease.

Development partners and the private sector have a part to play in helping countries take full advantage of their natural resources in a sustainable way. One of the most important is helping governments build local expertise and capacity to effectively manage their natural resources and catalyse public and private investment. Civil society and global citizens must also hold leaders accountable to foster lasting widespread growth across Africa.

This week, African leaders, development partners, and the private sector are gathering at the Investing in African Mining Indaba conference. This is an important opportunity to discuss the future of extractives across Africa, and to learn and build on existing policies for natural resource management. It is also a chance to explore new kinds of public-private partnerships to accelerate African-led innovation and socioeconomic development, giving millions of Africans, now and in the future, the opportunity to build healthier, more prosperous lives.

Remarkable Progress Possible Recently, in their 2015 Annual Letter, Bill and Melinda Gates made a big bet that the lives of people in poor countries will improve faster in the next 15 years than at any other time in history. With recent natural resource discoveries to propel them forward, African leaders—with African-led solutions and domestic financing—have their hands on the levers needed to achieve this kind of remarkable progress.

Mark Suzman is the President, Global Policy, Advocacy and Country Programs at the Bill and Melinda Gates Foundation. He is based in Seattle, WA, United States.

By Mark Suzman Bill and Melinda Gates Foundation

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As India’s demand for thermal coal is increasing, South Africa is strategically well positioned as a major supplier based on abundant availability of

resources, high quality of material produced, competitive price and logistical advantage.

But, lack of adequate investment in infrastructure development may hamper South Africa’s ability to take full advantage of the key market opportunity over the short term.

That’s the view expressed by London-based analyst Colin Hamilton, Head of Global Commodities Research at Macquarie Securities. Show Daily interviewed Hamilton prior to his scheduled presentation at Mining Indaba’s Commodities Review and Outlook Forum held earlier this week.

Freight is Key

Transnet, the main South African state-owned logistics firm, has struggled in recent years to increase capacity on its crucial rail network, but that situation appears to be easing somewhat as the freight transport company is in the midst of capacity expansion programs.

“We’re seeing more supply coming down the rail at the same time we see Indian demand starting to pick up and India will be the biggest buyer of coal in the global market on a 5-year perspective,” Hamilton said. “It’s freight, basically geography, that’s going to be the key issue.”

Over the past couple of years India’s utilities have been building out close to the upper end of expectations in terms of bringing capacity to market, Hamilton said, adding that India is expected to be importing about 180 million tonnes of thermal coal by the end of the decade, compared to about 140 million tonnes this year.

Picture Not As Bright Everywhere

Global coal markets across the board are suffering from oversupply conditions, which have led to a scaleback in coal investment over the past few years.

“We’re actually in a market where it’s a challenge for existing supply just to survive, so new mine investment, new infrastructure investment is really off the agenda at the moment and that’s what would be needed for the next phase of growth for the African opportunities,” Hamilton said.

Metallurgical Coal: Mozambique

Brazilian miner Vale, which recently opened coal rail lines in Mozambique, is expected to start shipping coal, but that likely will be the last infrastructure project for a while, he said.

Africa traditionally has not produced much in the way of metallurgical coal, but Mozambique is among the few areas in the world that is increasing supply of that material.

“We think metallurgical coal supply (in 2015) globally will be down year on year. A lot of the U.S. mines simply cannot compete,” Hamilton said. “Mozambique has been what we term a frontier geology. No one has really mined there before. Vale has had to do a lot of training of the workforce, but now they’re starting to see coal come to market.”

Some quality question marks remain in Mozambique, along with how quickly production can ramp up, but those are not viewed as unusual in emerging markets.

“There will also be competition from other regional sectors, such as LNG, decent supply of grains to the global market, and competition for capacity at the ports,” Hamilton said, “but definitely there will be increasing African influence on global commodity markets.”

Metallurgical coal spot prices have been mostly flat all year, hovering around $115/tonne fob Australia, a level even below those seen during the global financial crisis, prompting moves by producers to reduce costs at operations.

Global oversupply of metallurgical coal is roughly 20 million tonnes, with some lessening from that number anticipated over the coming year, he said.

Severe flooding in 2011 in Queensland and (elsewhere in) Australia, which provide about 50 percent of the world’s seaborne metallurgical coal, caused a shortfall that encouraged additional supply onto the market from other world sources. When Australia returned and supply cuts elsewhere were not immediate, the market went into oversupply.

Thermal Overcapacity and Oversupply

Estimates of thermal coal oversupply vary in the market with some placing it at about 10 million tonnes.

But, while not confirming that reported oversupply number, Hamilton pointed to the large amount of excess capacity still out there, placing it globally at about 100 million tonnes.

“There have been adjustments, a lot from Chinese domestic operations, but when you have that much capacity it’s hard for price to perform,” Hamilton said, adding that thermal coal trades at about $70/tonne fob Australia, above the levels seen during the financial crisis, but still causing pain for producers.

In thermal coal, there’s still not enough demand growth to mop up the excess supply and few are exiting the market. Estimating that it will be a multi-year process to get the market back in balance, Hamilton said mining companies likely will continue to pull back capital expenditures from that area.

Shedding Assets

“In South Africa at the moment you’re looking at a situation where a lot of miners are looking to sell domestic assets because they’re not making a return and (it) doesn’t give them options for growth in other areas, so in terms of the commodity spectrum it’s going to be a challenge out there,” Hamilton said.

“A key issue as well into the next couple of years is what happens to the Chinese domestic coal industry,” he said. To put it into perspective, he pointed to South Africa shipping some 18 million tonnes of coal into the international markets, while the Chinese domestic market for thermal coal is over 3 billion tonnes. “So, small changes in that Chinese domestic supply demand can have a huge effect on the seaborne market, as can Chinese government policy,” he said.

Hamilton added that the biggest thing in the global coal markets at the moment center around what appears to be a sense of panic in the Chinese government about their domestic coal industry.

“They’re raising their domestic price to try and solve debt problems this industry has, trying to make some of these coal companies make money, but secondly China has been the biggest importer of coal in the world even though it’s a small portion of their overall coal burn,” he said. “At the present time, Chinese power plants are being advised to favor domestic coal so you’re getting some essentially protectionist policy.”

While Chinese buyers “would always buy coal at the right price,” he cautioned that if protectionist efforts continue and the international market loses the China outlet, “potentially you get the situation where Chinese buyers may not buy coal no matter what the price, and that would be a further hurdle for the industry to overcome in the 2015 time frame.”

Asia: Coal Dominated

Overall, even despite recent moves in China and India toward renewable energy sources over time, Hamilton sees the region as remaining heavily coal dependent for many years to come.

“Asia is coal dominated and will continue to be coal dominated and that is still the

global engine of growth so, from a demand perspective, globally no huge worries over

demand,” Hamilton said.

“The thing in short term is getting supply back into balance and then removing the overcapacity from the market. In the medium term it will all be about getting the right infrastructure in place to bring in additional supply.”

He added that the market is beginning to see cutbacks, but that such decisions are challenging for companies.

“At the moment as a world, we have too much capacity both in infrastructure and in coal mining,” Hamilton concluded. “But that may not be the case in the 5 to 10 year view.”

Coal: Infrastructure Investment Key for South Africa By Show Daily Staff

� Colin Hamilton, Head of Global Commodities Research , Macquarie Securities

Economics, Trends, Growth, Investment Policy and Deal-MakingHow Will These Pieces Define African Mining?

BE HERE IN 2016 TO FIND OUT!

STD 16.indd 1 2/2/15 7:17 PM

M i n i n g I n d a b a ™ D a i l y N e w s 6

Select Mining Company Sponsors and Exhibitors Continued from Tuesday, February 10, Page 6

International Financier Robert Friedland, chairman and president of Ivanhoe Capital

Corp., will deliver a prime keynote address this morning examining the exploration culture that has led to so much success for Ivanhoe Mines. Friedland was the founder

of Ivanhoe Mines Ltd. (now Turquoise Hill Resources Ltd.) in 1994 and has held numerous executive positions at the company over the years.

Ivanhoe Mines’ World-Class Discoveries Born of its

Exploration CultureToday | 9:15–9:55 | Main Stage

For more than 20 years, Friedland has been a recognized figure among the leaders of the global financial sector

and mineral resource industries who have influenced investment decisions and contributed to economic growth in established and emerging markets in Asia, the Asia Pacific Region, Sub-Saharan Africa and the Americas.

International Enterprises

Ivanhoe Capital, a private enterprise with operations based in Singapore, Beijing and London, provides venture capital, project financing and related financial services for international business enterprises, predominantly in the fields of minerals, energy and advanced technology. Founded in 1987, the highly successful company is owned and operated by Friedland and his family.

Under his leadership, Ivanhoe executives and affiliated benefiting public and private companies have raised a total of more than US$10 billion on world capital markets since 1993.

That capital has been invested in more than 30 nations, directed primarily at the discovery and production of

mineral and energy resources and the development and application of innovative exploration, processing and communications technologies.

After founding Ivanhoe Mines, Friedland progressively developed it as his flagship international mining and mineral exploration enterprise.

Under his leadership, Ivanhoe Mines exploration in Mongolia led to discoveries that revealed a chain of mineral deposits. The company initiated construction of the Oyu Tolgoi mining complex, which began production in January 2013 and is projected to become one of the world’s top three copper-gold-silver producers.

Rio Tinto acquired control of the original Ivanhoe Mines in 2012 and subsequently renamed it Turquoise Hill Resources.

Ivanhoe Mines Reborn

As executive chairman of Africa-focused Ivanplats,

founded in 1998, Friedland led the successful initial public offering in October 2012 that raised CDN$306 million from international investors and assumed the Ivanhoe Mines name in August 2013.

The new, and renewed, Ivanhoe Mines now is developing three major mining projects in Sub-Saharan Africa. Two are in the Democratic Republic of Congo, including the Kamoa copper discovery in the Central African Copperbelt and the upgrading of the Kipushi zinc-copper mine and development of its unmined Big Zinc Deposit.

The third key project is the development of another discovery into an underground platinum-palladium-gold-nickel-copper mine on the Platreef, in South Africa’s Bushveld Complex where established mines already produce a combined 79% of the world’s annual platinum output.

Mining Indaba is once again fortunate to have Friedman deliver a keynote address this year starting at 9:15 on the Main Stage.

Ivanhoe Mines: The Path to Success Explored

Speaker ParticipantLonmin PLCLonmin, which is listed on both the London Stock Exchange and the Johannesburg Stock Exchange, is one of the world’s largest primary producers of Platinum Group Metals (PGMs). Lonmin is engaged in the discovery, extraction, refining and marketing of PGMs. These metals are essential for many industrial applications, especially catalytic converters for internal combustion engine emissions, as well use in jewelry. (Source: Lonmin PLC information supplied to Mining Indaba 2015)

1st Floor34 Melrose BoulevardMelrose ArchJohannesburgSouth Africa+27 11 218 8300www.lonmin.com

Stand: 1204MagIndustries Corp.MagIndustries has been created to develop the Company’s extensive mineral and forestry resources in the Republic of Congo. (Source: MagIndustries Corp. information supplied to Mining Indaba 2015)

Suite 82033 Yonge StreetToronto, Ontario M5E 1G4Canada+1 416 368 4457www.magindustries.com

Stand: 4302Managem For more than 85 years, Managem has been successful in developing its business with passion, rigor and a sense of responsibility, and emerged as the unchallenged national leader in the metal mining industry. Managem’s ability to consolidate their asset portfolio and improve business performance in Morocco led them to refocus on core business activities set around precious metals, cobalt and copper and embark on an ambitious growth strategy on the international level. (Source: Managem information supplied to Mining Indaba 2015)

Twin Center, Tour AAngle BoulevardsZerktouni et Al Massira Al Khadra, BP 5199Casablanca, Morocco+212 5 22 95 65 65www.managemgroup.com

ParticipantMawson WestMawson West Limited is a TSX listed, Australian Based copper producer, developer and explorer with a focus on the Democratic Republic of Congo (DRC). Mawson West Limited’s major asset is its ownership of the tenements which are governed by the Dikulushi Mining Convention and held by its 90% owned subsidiary Anvil Mining Congo SA. (Source: Mawson West information supplied to Mining Indaba 2015)

Level 11 Walker AvenueWest PerthWestern Australia 6005+61 8 9485 9800www.mawsonwest.com

Stand: 4209Mbuyelo Coal (Pty) LtdMbuyelo Coal (Pty) Ltd has very solid partnerships with local and international investors already well acquainted with the mining industry, such as Ichor Coal of Germany and ASX-listed Continental Coal (Ltd) to mention but a few. The company boasts a combination of operations and prominent prospects such as Langverwacht, Palmietfontein, Kuilfontein, Loskop, Derdehoek, etc. Mbuyelo prides itself with remarkable interactions with the communities surrounding its footprint, only because being patriotic is an extension of appreciation from the originators of the company, having come from disadvantaged backgrounds themselves. (Source: www.mbuyelocoal.com)

P.O. Box 90349, BertshamJohannesburgSouth Africa+27 11 867 0219www.mbuyelocoal.com

Stand: 2610MMG LimitedMMG Limited is a global resources company that explores, develops and mines base metals deposits around the world. Working in partnership with their major shareholder - China Minmetals - their objective is to become a top mid-tier miner by 2020. The company operates and develops copper, zinc and other base metals projects across Australia, the Democratic Republic of Congo (DRC), Laos and Peru. MMG also has exploration projects across Australia, the African Copperbelt (DRC and Zambia) and the Americas. MMG established a major presence in Southern Africa through its acquisition of Anvil Mining Limited, of which the Kinsevere world-class

copper mine was the main asset, in 2012. The company is headquartered in Melbourne, Australia and listed on the Hong Kong Stock Exchange. A long-term outlook, their pride in mining, their commitment to shared international standards and their respect for people, land and culture underpins their success. (Source: MMG Limited information supplied to Mining Indaba 2015)

GPO Box 2982Melbourne, Victoria3001Australia+61 3 9288 0888www.mmg.com

Stand: 1116Mvelo Minerals Ltd.Mvelo Minerals was founded in 2006 by a South African mining entrepreneur Sarel Daantjie, with the support and assistance of the two large platinum companies: Anglo American and Lonmin Platinum’s Black Economic Empowerment initiative. Mvelo Minerals is committed to providing quality and sustainable services that are safe and cost-effective as well as good value for money. The company’s specific goals and objectives include having the lowest significant incident frequency and being the most productive, cost efficient and well-managed company in the mining industry. (Source: Mvelo Minerals Ltd. information supplied to Mining Indaba 2015)

The Forum Building 11th Floor, Office number 01 Maude Street, Sandton, Johannesburg, South Africa +27 11 326 6204www.mvelominerals.com

Stand: 2516Newmont Mining CorporationNewmont Ghana is in one of five core operating districts of Newmont Mining Corporation. As one of the world’s largest gold producers, Newmont also has other key assets in Nevada, Peru, Australia, New Zealand and Indonesia. Newmont Africa comprises approximately 15 percent of the company’s global gold production. As of December 2013, Newmont reported 19 million equity ounces of gold reserves for its Africa region. Production at the Ahafo Mine began in 2006, while the Akyem operation began commercial production in October 2013. The company’s development focus in Africa is centered on Ghana. Newmont is committed to operating its mines safely, responsibly and profitably, while significantly contributing to job creation and economic growth, as well as social investment and infrastructure development for the benefit of its stakeholders and shareholders. (Source: Newmont Mining Corporation information supplied to Mining Indaba 2015)

6363 South Fiddler’s Green CircleSuite 800Greenwood Village, Colorado 80111United States+1 303 863 7414www.newmont.com

Stand: 622NordgoldNordgold is an international low-cost gold producer established in 2007. The company has expanded rapidly through carefully targeted acquisitions and organic investment, achieving a rate of growth unmatched in the industry during that period. In 2013 Nordgold’s gold production was 924 thousand ounces, up from 717 thousand ounces in 2012. The company operates 9 active mines and has 2 development projects, 4 advanced exploration projects and a diverse portfolio of early-stage exploration projects and licenses in Russia, Kazakhstan, Burkina Faso, Guinea, French Guiana, and Canada. Nordgold employs about 10,000 people. (Source: Nordgold information supplied to Mining Indaba 2015)

Luna Arena, Herikerbergweg 2381101 CM Amsterdam ZuidoostNetherlands+7 495 644 44 73www.nordgold.com

Stand: 904Peak Resources LimitedPeak Resources Limited is developing its 100% owned Ngualla Rare Earth Project in Tanzania. The Scoping Study completed in December 2012 and updated in May 2013 defines robust economics with an NPV of US$1.768 billion, IRR of 60%, and payback within the first 3 years of production. Ngualla is a new discovery and one of the largest and highest grade rare earth deposits in the world. Favourable mineralogy enables a simple, low risk and low cost processing route, which, together with high grades and extremely low uranium and thorium levels, distinguishes Ngualla from other rare earth projects. Peak’s strategy for growth is to develop Ngualla into production rapidly via lower capital costs and establish the company as a lower cost quartile, long-term producer of clean, high purity rare earth products. (Source: www.peakresources.com.au)

Level 2, 46 Ord StreetWest PerthWestern Australia+61 8 9200 5360www.peakresources.com.au

Stand: 1404Peninsula Energy LimitedPeninsula Energy Limited is an emerging ASX listed uranium producer with assets in the USA and South Africa. Its current focus is moving the fully permitted Lance ISR Projects, located in Wyoming USA, through construction and into production. The company has also initiated a Bankable Feasibility Study (BFS) at its Karoo Projects in South Africa. (Source: Peninsula Energy Limited information supplied to Mining Indaba 2015)

Unit 17, 100 Railway Road6008 WAAustralia+61 8 9380 9920www.pel.net.au

Stand: 707Platinum Group Metals Ltd. Platinum Group is focused on the construction of the Project 1 platinum mine (“Project 1”) located near Rustenburg, South Africa and on further exploration and engineering on the newly discovered Waterberg platinum deposit located near Mokopane, South Africa. At Project 1 the company’s owners’ team oversees engineering, procurement, construction and management firm DRA Mineral Projects (Pty) Ltd. and underground mining contractor JIC Mining Services. Including subcontractors there are approximately 1,631 persons at October 31, 2014 involved in underground development, mining and construction activities at Project 1. (Source: Platinum Group Metals Ltd. information supplied to Mining Indaba 2015)

1st Floor, Platinum House, 24 Sturdee AvenueRosebank, Johannesburg2196South Africa +27 11 782-2186www.platinumgroupmetals.net

Stand: 618Randgold ResourcesRandgold Resources Limited (Randgold) is an African focused gold mining and exploration company with listings on the London Stock Exchange and NASDAQ. Major discoveries to date include the 7.5Moz Morila deposit in southern Mali, the 7Moz Yalea deposit and the 5.5Moz Gounkoto deposit, both in western Mali, the 4Moz Tongon deposit in the Côte d’Ivoire and the 3Moz Massawa deposit in eastern Senegal. Randgold financed and built the Morila mine, which, since October 2000, has produced more than 6Moz of gold and distributed more than US$2 billion to stakeholders. It also financed and built the Loulo operation, which started as two open pit mines in November 2005. Since then, two underground mines have been developed at the Yalea and Gara deposits. (Source: www.randgoldresources.com)

3rd Floor, Unity Chambers28 Halkett Street, St HelierJersey JE2 4WJ+44 1534 735 333www.randgoldresources.com

Stand: 704Rio TintoRio Tinto is a leading global mining and metals company focused on finding, mining and processing the Earth’s mineral resources in order to maximize value for their shareholders. The company’s 60,000-plus people work in more than 40 countries across six continents, including in some of the most difficult terrains and climates. Rio Tinto is strongly represented in Australia and North America, and also has significant businesses in Asia, Europe, Africa and South America. From the company’s diverse portfolio, they supply the metals and minerals that help the world to grow. Its major products are aluminium, copper, diamonds, gold, industrial minerals (borates, titanium dioxide and salt), iron ore, thermal and metallurgical coal and uranium. To deliver superior returns to shareholders over time, the company takes a long-term and responsible approach to their activities. This means concentrating on developing first-class ore bodies into large, long-life and efficient low-cost operations, capable of providing competitive returns through business cycles. Sustainable development is integrated into everything Rio Tinto does. The company’s operations give them the opportunity to bring long-lasting positive change to the communities, regions and countries in which they work, and their metals and minerals are transformed into end products that contribute to higher living standards. (Source: Rio Tinto information supplied to Mining Indaba 2015)

2 Eastbourne TerraceLondon W2 6LGUnited Kingdom+44 20 7781 2000www.riotinto.com

Stand: 204Sierra Rutile LimitedSierra Rutile is a leading mineral sands company, operating world-class assets in Sierra Leone. Sierra Rutile is in the process of significantly expanding its core rutile production, with associated increases of zircon and ilmenite by-products. (Source: Sierra Rutile Limited information supplied to Mining Indaba 2015 and www.sierra-rutile.com)

30 Siaka Stevens Street 2nd Floor, Access Bank Building FreetownSierra Leone, West Africa+44 20 7074 1800www.sierra-rutile.com

Stand: 4208Sunbird Energy LtdSunbird Energy Ltd is an ASX-listed gas explorer and developer focused on southern Africa where limited domestic gas supply and growing energy needs have created significant opportunity for the development of large scale energy projects. Having completed the acquisition of a 76% stake in the Ibhubesi Gas Project offshore of the west coast of South Africa, Sunbird has the right to operate and develop the Ibhubesi Gas Project, South Africa’s largest undeveloped gas field. Joint Venture partner PetroSA, South Africa’s national oil company, holds the remaining 24%. The Ibhubesi Gas Project has multiple development opportunities to supply the high value South African energy market including ongoing gas sales negotiations with Eskom for the provision of gas to the existing Ankerlig Power Station, Independent Power Producers and major industrial users. Sunbird also has a portfolio of five Coal Bed Methane (CBM) projects covering an extensive area (10,070 km2) of prospective coal basins in South Africa and Botswana. (Source: Sunbird Energy LTD information supplied to Mining Indaba 2015)

Level 1, 50 Ord StreetWest Perth, WA 6005Australia+61 8 9463 3260www.sunbirdenergy.com

Stand: 2009True Gold Mining Inc.True Gold Mining is focused on exploring, developing, and operating mines. The Karma Project in Burkina Faso, West Africa, is fully funded, permitted, and in construction. First gold pour is on target for Q4 2015. The Karma Gold Mine feasibility study paves the way for the development of a low-cost, open-pit heap leach gold mine; highlights include US$131.5 million capex, 43.1% IRR, US$178.2 NPV and 1.4 year payback period. (Source: True Gold Mining Inc. information supplied to Mining Indaba 2015)

Ouagadougou01 BP 1324Burkina Faso+226 50 34 62 97www.truegoldmining.com

Stand: 203Vedanta Resources plcVedanta Resources plc (“Vedanta”) is a London listed diversified global resources major. The group produces aluminium, copper, zinc, lead, silver, iron ore, power, and oil & gas. Vedanta has world-class assets in India, Zambia, South Africa, Namibia, Ireland, Liberia, Australia and Sri Lanka and a strong organic growth pipeline of projects. With an empowered talent pool globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of entrepreneurship, excellence, trust, inclusiveness and growth. (Source: Vedanta Resources plc information supplied to Mining Indaba 2015)

16 Berkeley Street London W1J 8DZUnited Kingdom+44 020 7499 5900www.vedantaresources.com

Stand: 805White Rivers Exploration White Rivers Exploration (Pty) Ltd (WRE) is a multi-commodity, highly prospective exploration company with major ground holdings predominantly in the Witwatersrand Basin, South Africa. With a primary focus on gold, potential for uranium, coal, gas and an additional 14 commodities, backed by two unique historic borehole databases, White Rivers has significant potential for rapid advancement of priority projects. (Source: www.whiterivers.co.za)

HHK House North Block DNorthcliff ext.12Johannesburg 2118South Africa+27 11 431 1191www.whiterivers.co.za

Stand: 1124Zoerkler - Spirit of Precision From exactly made gears to high quality bevel gears and spur gears offers Zoerkler precisely manufactured gearboxes and drive systems worldwide. Beginning the development with production of prototypes and ending with testing of mounted series production transmissions stands Zoerkler for highest precision, quality and safety. (Source: Zoerkler information supplied to Mining Indaba 2015)

Friedrich Zoerkler Strasse 17093 Jois Austria+43 2160 20400www.zoerkler.at

Ushering in ‘The New Era for Iron Ore’ An Interview with Market Analysts Julian Kettle and Paul Gray

Facilitating the realisation of the Africa Mining Vision

Domesticating the Africa Mining Vision through the Country Mining Vision

“What is a Country Mining Vision (CMV)?”The CMV is a tool designed to facilitate the domestication of the Africa Mining Vision at the country level. The mission of the CMV is to

enable African countries use the mining sector as a transformative vehicle for development. The CMV further provides decision-makers and stakeholders with clear and simple guidelines and options for aligning their mining policies to the goals and objective of the AMV.

“How can I learn more about the CMV and how it works?”The African Mineral Development Centre (AMDC) has produced a simple guide called the “Country Mining Vision Guidebook: domesti-

cating the Africa Mining Vision”. The CMV Guidebook provides a clear roadmap for member States to domesticate the Africa Mining Vision (AMV) at the national level. This can be done through a multi-stakeholder consultative process that will lead to broad-based development and

structural transformation in their country.

You can pick up an English or French hard copy of the Guidebook at the AMDC’s booth at Mining Indaba 2015, or by emailing the AMDC directly at mkitaw@uneca.org;

More: www.africaminingvision.org: Follow the conversation on twitter: #africaminingvision #africamining African Union

Wood Mackenzie is a global leader in commercial intelligence for the mining, metals and energy industries, providing objective analysis and advice on assets, companies and markets, delivering the insight necessary to make better

strategic decisions.

Julian Kettle, Head of Metals and Mining Research for the firm, was named to the Mining Indaba Commodities Review and Outlook programme for a forward look at iron ore.

Show Daily recently interviewed Kettle along with Wood Mackenzie’s principal iron ore analyst, Paul Gray. Following are edited excerpts of that interview.

Mining Indaba (MI): What is meant by “the new era for iron ore”?

Julian Kettle and Paul Gray (JK/PG): The Chinese requirement for imports of iron ore is going to be significantly lower than it has been in the past and the level we’ve become accustomed to. Chinese imports have been growing by about 90 million tonnes per year for the past 5 years.

The next 5 years we expect that to pretty much halve to about 45 million tonnes per year. Then casting the crystal ball, we expect it to decline even further beyond the next 5 years, and ultimately going down to virtually nothing at the point at which Chinese steel production reaches its peak. That’s a huge game change for iron ore.

MI: With China embarking on a new $1.6 trillion infrastructure stimulus program, does that change your near-term outlook for iron ore?

JK/PG: It’s good because it’s steel intensive growth—we’re talking about big rail projects, power plants—but it doesn’t change our view because we’ve already got that factored in and we need that to happen in order to offset the weakness in China’s property sector, primarily the residential property sector. We’ve already factored in pretty significant growth in steel demand from the infrastructure side.

MI: Reports say that iron ore inventory levels at China’s ports have been dropping? Isn’t that a positive sign for the market?

JK/PG: It’s a positive thing in the short term. Prices did get too low. At $65 a tonne it was probably oversold based on fundamentals. The fact that inventories have fallen a little bit is not surprising at this time of year, but again we don’t think it really changes anything. There’s still a lot of inventory, whether it’s the visible inventory within China which people are referring to or the less visible inventory that’s building up at the producing countries, particularly in Brazil. There’s a lot of inventory at the mines and at the ports in Brazil that’s waiting to come in so that could kill off any little rally that we see.

MI: Sounds like price recovery may take a while.

JK/PG: We’re not ultra bearish. Our Q1 (2015) forecast

is $80, which is above where we are today. We do expect prices to be a bit higher than where they currently are.

MI: Banking analysts have been forecasting the 2015 full-year average price for iron ore to end up anywhere between $79 to $60 a tonne. Is this market just too volatile right now to make that call?

JK/PG: When you’ve been through such a sharp price change in either direction, analysts are always a little bit all over the place and there’s a tendency for people to follow the momentum. That’s why we’ve had a lot of low price forecasts. Q4 (2014) was absolute carnage in the iron ore market. The price was falling every day and dropped down to levels that no one, including us, expected, so there’s a tendency to get over-bearish when times are bad and vice versa. That’s what we’re seeing with some of those bank analysts right now.

Our view of the long term is driven by the short term for any commodity, so when prices are $100 or $110 you can’t conceive of prices at $60. Your view of the long term is much higher. But, when prices are down around $60, you just can’t conceive of prices recovering to $100 or more either.

MI: When might we see prices reach that $100-110 level again?

JK/PG: In terms of annual average price, possibly never. Our longer-term price is under review at the moment but we’re still running with a long-run price in real terms at around $90-95 a tonne CFR China, well above $70 where we are today. We think the prices need to be higher than where they are today in order to incentivise the new supply that is going to be needed at some point.

That assumption is very sensitive to what level and in what time frame Chinese steel will peak. So, if you think that Chinese steel production is going to peak within the next couple of years—we’ve even seen some reports suggesting it has peaked already—then clearly you don’t need that new iron ore production supply to be incentivised. You’re not going to need an incentive price as high as $90 a tonne, so the long-term price will be different. It’s incredibly sensitive to that view of Chinese steel.

Our view is a fairly long duration one. We are expecting much slower growth in Chinese steel production, but we’re still forecasting growth in absolute terms. Based on what we see on the supply side and what’s physical in terms of existing production and factoring in losses and mine depletions, then we do need new supply to be incentivised and we do need higher prices.

MI: Looking at Africa, are there any new opportunities for exploration?

JK/PG: It’s ripe for exploration, but no one is funding it. We know companies have withdrawn from their early stage African projects and some of the projects that were under development have been effectively shelved.

The biggest existing producer by a long way is South Africa and they will continue to be a significant producer. They’re reasonably at the mid-cost level, with good quality production and well-established infrastructure. That production is pretty safe.

The big potential is in West Africa in the heartland of Ebola, unfortunately. Sierra Leone, Liberia, and Guinea are where the big iron ore resources are. But even Ebola aside, companies were withdrawing from those projects from the middle of last year or not really moving forward on them because there was a realisation that at $70-80 per tonne it doesn’t make sense. They’re so infrastructure intensive.

You can very well find iron ore in the ground, but you’ve got to mobilise it. You’ve got to get it to a port that doesn’t exist on a rail line that doesn’t exist and then to China, and that costs money. There are great resources in the ground that will probably stay there for the foreseeable future.

MI: Are investors now looking around at possible opportunities while iron ore prices are relatively low?

JK/PG: There’s always going to be an opportunity to look at distressed assets. There have been a lot of companies in Africa, Australia, and Northern Europe that have gone into administration or are filing for it. There have not been any White Knights that have come along yet. I’m sure they’re looking but haven’t really had the appetite at current levels.

There might well be value there for some producer. There might be some ulterior motive to diversify investment, some in the Middle East sovereign world might want to diversify and be a little less energy focused. It might make sense to them. There’s always opportunities depending upon your perspective, but so far we haven’t seen any of it.

Chinese buyers had their chance, but haven’t bitten. China has an abysmal record of investing in projects offshore, not just in ore, but across the whole commodity space. Maybe with the exception of coal and copper, if you go back over the last 10 years there have been 14 offshore projects by China. Only one has come to fruition and one is still a little bit active. They just don’t have a good track record of running projects outside China. That’s a key challenge for China.

African mining will take center stage on the Main Stage today in two intriguing panel discussions probing investments in mining on the continent.

To start things off, this morning at 8:30 the keynote panel, moderated by Chris Bishop, Founding Editor of Forbes Africa, will probe the question, Why Africa? Why Now?

Panelists will include Bob Diamond, Chief Executive Officer and Founding Partner, Atlas; Robert Hersov, Chairman and CEO, Invest Africa; Paolo Scaroni, Deputy Chairman, Rothschild; and Ashish J. Thakkar, Founder, Mara Group & Mara Foundation.

The panel will discuss lessons learned to date as they ramp up investments in Africa; how the efficiency of banks could create more financing opportunities for mining; reliable regulation and developments that are being made to make the African continent an attractive investment destination; and an analysis of investment in different sectors to create reliable economic growth throughout the continent.

Investor Perspective

Then, at 10:55 on the same stage, Institutional Investor will hold an interactive panel discussion on the opportunities and challenges associated with investing in the mining sector.

Titled, Africa’s Mining Opportunities - The Investor Perspective, speakers will include Bradley George, Head of Commodities & Resources, Investec Asset Management; Frank Holmes, Chief Executive Officer and Chief Investment Officer, U.S. Global Investors Inc.; and Fidelis Madavo, General Manager, Listed Equities, Public Investment Corporation, South Africa.

The panel will be moderated by Ernest McCrary, Editor & Publisher - Custom Media, Institutional Investor Magazine, New York.

Panels to Probe Investing in Africa

Have a Smart Phone? Try Our New App!

Available for iPhone, Android and HTML 5

Julian Kettle

THE FUTURE OF GLOBAL MINING

London

Tel: +44 7444 640276 London Registered addressGrosvenor SW1XYLUnited Kingdom

South Africa

Tel: +27 11 326 6204 | Fax: +27 86 764 1066 The Forum Building 11th Floor, Office number 01Maude Street, Sandton, Johannesburg, South Africainfo@mvelominerals.com | www.mvelominerals.com

Mvelo Minerals was founded in 2006 by a South African mining entrepreneur Sarel Daantjie, with the support and assistance of the two large platinum companies Anglo American and Lonmin Platinum’s Black Economic Empowerment initiative.

“According to me the mining industry has transformed and it is still continuing to transform. Not only did the playing field change, but the rules have changed too. I do believe that the mining industry has played a major role in the expectations of many of our people. We must use this opportunity to share experiences and knowledge to ensure that expectations become a reality.

I believe to achieve this and to be successful we need to empower individuals with skills and opportunities with which they can and will add value to themselves, communities and the world. This can also be done by working together and finding each other so that we can enter in the right partnerships.” - Sarel Daantjie (Founder / Executive Chairman)

Mvelo Minerals is committed to provide quality and sustainable services that are safe and cost-effective as well as good value for money, in order to operate the business profitably which will be mutually beneficial to all stakeholders and constituency.

Mvelo Minerals’ specific goals and objectives is to have the lowest significant incident frequency in the industry (total combined lost time, medical aid and first aid injuries per 200 000 man hour worked) we will be the most productive, cost efficient and well managed company in the mining industry.

LTD

P L A T I N U M C O P P E R

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O I LC O A L

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THERE IS A NEW DAY DAWNING IN THE MINING INDUSTRY

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THE FUTURE OF GLOBAL MINING

London

Tel: +44 7444 640276 London Registered addressGrosvenor SW1XYLUnited Kingdom

South Africa

Tel: +27 11 326 6204 | Fax: +27 86 764 1066 The Forum Building 11th Floor, Office number 01Maude Street, Sandton, Johannesburg, South Africainfo@mvelominerals.com | www.mvelominerals.com

Mvelo Minerals was founded in 2006 by a South African mining entrepreneur Sarel Daantjie, with the support and assistance of the two large platinum companies Anglo American and Lonmin Platinum’s Black Economic Empowerment initiative.

“According to me the mining industry has transformed and it is still continuing to transform. Not only did the playing field change, but the rules have changed too. I do believe that the mining industry has played a major role in the expectations of many of our people. We must use this opportunity to share experiences and knowledge to ensure that expectations become a reality.

I believe to achieve this and to be successful we need to empower individuals with skills and opportunities with which they can and will add value to themselves, communities and the world. This can also be done by working together and finding each other so that we can enter in the right partnerships.” - Sarel Daantjie (Founder / Executive Chairman)

Mvelo Minerals is committed to provide quality and sustainable services that are safe and cost-effective as well as good value for money, in order to operate the business profitably which will be mutually beneficial to all stakeholders and constituency.

Mvelo Minerals’ specific goals and objectives is to have the lowest significant incident frequency in the industry (total combined lost time, medical aid and first aid injuries per 200 000 man hour worked) we will be the most productive, cost efficient and well managed company in the mining industry.

LTD

P L A T I N U M C O P P E R

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G O L D

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D I A M O N D

LTD

I R O N O R E

LTDLTD

M A N G A N E S E

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N I C K E L

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A-Cap Resources .............................. 214

AARD Mining Equipment (Pty) Ltd ..........................................1809

Abax Corporate Services .............. 2620

ABB South Africa Pty Ltd .................210

Acacia Mining Plc ............................ 214

acQuire Technology Solutions ........3513

AECI .................................................2401

AECOM SA Pty Ltd ...........................3702

African Mining and Crushing ....... 3804

African Rainbow Minerals ............... 212

AFRILOG South Africa (Pty) ..............141

Agilent Technologies ....................... 138

Alistair Group ................................... 201

ALS Chemex South Africa Pty Ltd ............................................. 3501

Altaaqa Global.................................4101

Amec Foster Wheeler ......................1118

Anglo American ............................. 2301

ASD Inc., A PANalytical Company ........................................4109

Atlas Copco SA .................................1810

ATS Inc. ..............................................811

Ausdrill Limited ............................... 1911

Australia’s Paydirt Magazine/Gold Mining Journal ................................1117

Australian Trade Commission .........901

Autodesk/WorldsView Technologies ................................. 2630

AUTOREDO ......................................... 103

Aveng Moolmans .............................610

B2Gold Namibia (Pty) Ltd. ............ 3906

Babcock International Group ...............................................1919

Bamboo Rock a Digman Group Company ............................... 701

Barloworld Transport ...................... 802

BCM International Ltd. ...................4401

Beak Consultants GmbH ................. 1213

Beijing Shenwu Environment & Energy Technology Corp ........... 2520

Bell Equipment.............................. 4203

BME (Pty) Ltd ................................... 1215

BNP Paribas ...................................... 144

Boart Longyear .............................. 3413

Bollore Afirca Logistics ...................4311

Bondoukou Manganese S.A. ...........1112

Bourevestnik Inc. .............................. 17

Bowman Gilfillan ............................. 135

BRGM ................................................2011

Bruker .............................................4501

Bureau Veritas Testing & Inspection SA (Pty) Ltd ...................1103

Bvi Consulting Engineers Pty ....... 2506

Byrnecut Offshore Pty Ltd ............. 1007

CA Mining Pty Ltd ............................ 504

Canadian Council on Africa ........... 3215

Canadian Solar South Africa ..........4119

Capital Outsourcing Group ............. 809

Cardinal Resources Ltd. ................. 902

Carmeuse Trade & Services (Pty) Ltd ......................................... 2406

Castor Satellite Networks (Pty) Ltd. ......................................... 808

Caterpillar Global Mining ............... 1315

Centric Mining Systems ..................604

CGG .................................................. 2013

Chamber of Mines South Africa ................................... 2007

Chameleon Innovations Australia...........................................1130

Chevron South Africa ......................1901

China Mining Tianjin Exhibition Service Center ................................. 4111

CITIC Heavy Industries South Africa (Pty) Ltd ................................1801

Cliffe Dekker Hofmeyr/DLA Piper Africa .....................................1209

Cochrane Steel Products .................. 105

Comexas Afrique ............................ 1803

COMILOG SA ......................................1913

Container World (Pty) Ltd ............. 3301

Control Risks ...................................1406

Copperzone Resources Ltd. ......... 4306

COSAMO (PTY) LTD. ........................2019

Cowan International ....................... 1101

Cradle Resources Limited .............. 1307

CRI Pumps SA (Pty) Ltd .................3001

CRONIMET Mining AG..................... 2502

Cummins Africa ............................. 3604

Dassault Systemes South Africa (Pty) Ltd ................................1126

Dawnus International Ltd. ............. 634

Deloitte ............................................. 125

DHL Global Forwarding .................... 1111

DMSA/Ambatovy ...............................121

DMT Kai Batla (Pty) Ltd. .................1309

DRA Projects SA Pty Ltd ................2524

DTP ................................................... 1813

Dust-a-Side .................................... 1205

Eddy Current Testing SA (Pty) Ltd T/A CK Aerial Surveys ...............1902

EGIS ................................................ 3802

Endeavour Mining .......................... 3213

Energold Drilling Corp. .................. 705

Engen Petroleum Ltd ......................1120

ENSafrica ..........................................1216

EnviroServe Waste Management ................................... 3303

EuroGeoSurveys ............................ 4407

ExecuJet Aviation Pty (Ltd) .......... 3608

F.H. Bertling Logistics (Pty) Ltd .........................................4307

Ferrit s.r.o. ......................................1809

First Quantum Minerals ..................3313

First Solar Development (South Africa) ................................. 2614

FLSmidth South Africa (Pty) LTD .... 302

Fluor South Afircan (pty) Ltd ........2001

Fraser Alexander ............................. 713

Frontier Rare Earths SA Pty Ltd ......1107

Frontier Services Group E.A. ..........1310

Fugro ................................................. 213

Fulcrum Chambers Ltd. ..................1105

Gas At Site (Pty) LTD ..................... 3605

GATES CORPORATION ......................1915

GCS Pty Ltd ...................................... 403

Geological Survey of Finland ......... 804

Geosense Ltd ................................. 2626

Geosoft ........................................... 1202

Geotech Airborne Limited .............. 1110

German Cooperation .....................1003

GINAF Trucks Nederland B.V. ....... 3603

GoIndustry DoveBid SA (Pty) Ltd. . 3612

Golder Associates Africa Pty Ltd .... 1101

Group Five (Pty) Limited ............... 4123

Gryphon Minerals Limited ...............1115

Guernsey International Finance Centre ................................. 139

Hanno Resources ........................... 405

Harmony Gold Mining Co. LTD ....... 506

Henred Freuhauf ...........................1009

HUD Mining Supplies (Pty) Ltd ......1134

Hyspec Mining Services . ................... 13

IDC .................................................... 217

InfoMine.com and MINING.com ... 4304

Infra Tech Pty Ltd .......................... 2609

iNHEMACO S.A. ................................ 2618

Innov-X-Africa ................................. 626

Intermodal Solutions Group (ISG) Pit To Ship Solutions ........................632

International Facilities Services (Pty) Ltd ............................................140

International SOS ............................ 630

Intersocial Consulting .................... 2510

Intertek Mineral Services ................ 3511

IronRidge Resources Limited ........906

ITC Global ........................................ 1208

Ivanhoe Mines ............................... 2402

Japan Bank for International Cooperation .....................................1201

Jindal Africa Investments (Pty) Ltd .........................................1402

JOGMEC ............................................ 1104

Jozi Power ....................................... 220

Kibaran Resources Limited ............. 803

Komatsu South Africa (Pty) Ltd ... 2509

Leapfrog Software ........................... 136

Light Equation ..................................1811

Locate Jersey ..................................4105

Lombard Insurance ....................... 3902

MAC Consulting (Pty) Ltd ................. 310

Macmahon Holdings .......................3101

MagIndustries ................................1204

Major Drilling .................................. 206

MANAGEM Group ........................... 4302

Master Drilling Group Limited ............. 1

Mayer Brown International ........... 1305

Mbuyelo Coal (Pty) Ltd. ................ 4209

MDM Technical Africa (Pty) Ltd. .... 1302

MetGroup (Pty) Ltd. ......................2622

Metso ................................................ 134

Micromine Africa Pty Ltd ............... 628

Mincon .............................................. 813

Mineral Resources Authority ........4405

Minerals Commission Ghana ........4404

Mining Review Africa ......................3611

Ministry of Mines, Government of India ....................... 107

MIREM – MAGTAP........................... 4207

MMCZ .............................................. 4303

MMG Limited ..................................2610

MonuRent Holdings Ltd. ................ 1226

Morocco – Office National des Hydrocarbures et des Mines..........4102

Murray & Roberts ........................... 1508

Mvelo Minerals PLC .......................... 1116

New Partnership for Africa’s Development ................................. 4402

New Resolution Geophysics ..........1128

Newmont Ghana Gold Limited ..... 2516

Nippon Travel Agency .....................1108

Nord Gold N.V. ................................ 622

NOSA (Pty) Ltd ............................... 3806

NSL Engineering Pte Ltd ................. 1114

ORElogy Group Pty Ltd ....................... 4

Orica Africa (Pty) Ltd. ................... 4502

Oryx Enegies SA ...............................410

Osborn Engineered Products ..........303

Outotec (RSA) (Pty) Ltd. .................. 113

Owen Jenkins Ltd – Jobs for Africa ............................... 2505

Partners in Performance ................... 6

Peak Resources Limited ................904

Peninsula Energy Limited .............1404

Platinum Group Metals ....................707

Pretorius Group of Companies ......1913

Projects IQ (Pty) Ltd ........................ 502

PW Mining International Ltd. ........406

PwC ..................................................801

Randgold Resources ........................ 618

Raubex (Pty) Ltd .............................4411

Ravestein BV ...................................1819

Redis Construction Afrika .............. 1304

REFLEX .............................................. 908

Rio Tinto Management Services SA (Pty) Ltd ..................................... 704

RMSI Pvt. Ltd. .................................. 208

ROSOND............................................ 806

Runge Pincock Minarco ..................1301

Saint-Gobain PAM ........................... 602

Samsung C&T Corporation ........... 3005

Sandvik Mining RSA (PTY) Ltd.......2702

Sandvik Mining RSA (PTY) Ltd...... 3706

Sasol Chemicals (Explosives) ....... 2503

Scaw SA (Pty) Ltd. ............................207

Schlumberger Logelco Inc. South Africa Branch ........................ 402

Schneider Electric South Africa Pty Ltd ............................................. 608

Schramm, Inc ............................... 2606

Sedgman Limited ..........................1102

SEDIDRILL SAS .................................. 603

SEI, Kew Project Management .......601

SEMM Logging ................................1306

SENET (Pty) Ltd ..............................4004

SGS South Africa (Pty) Ltd ...............510

Sheltam (Pty) LTD .............. 4010-4012

Sierra Rutile Limited ...................... 204

SLR Consulting .............................. 2628

SNL Metals & Mining ...................... 624

Societe Equatoriale des Mines ......2507

SODEMI ........................................... 4125

South African Airways .......................10

Southern Africa Stainless Steel Development Association ........... 2508

Southern Mapping ..........................501

SRK Consulting (SA) (Pty) Ltd. ........ 117

SSG Consulting CC .......................... 2514

Stefanutti Stocks Mining Services ...........................................1210

STOCKHOLM PRECISION TOOLS AB ........................................ 2005

Sunbird Energy Ltd ....................... 4208

Tanzania – Ministry of Energy and Minerals ..................... 2605

Technical Mechanical Services ...... 2512

Technip Corporate Services .............. 131

Teichmann ......................................4017

terratec Geophyscial Services ...... 2003

TFE South Africa (Pty) Ltd. ............ 3515

The DOW Chemical Company .......3401

The MSA Group ................................1410

Thermo Fisher Scientific Messtechnick GmbH ........................ 202

THIESS ...............................................616

ThyssenKrupp ............................... 2602

Total South Africa .......................... 3606

Transnet SOC Ltd.............................. 2511

True Gold Mining ...........................2009

Trust Merchant Bank ..................... 4308

Tsebo Outsourcing Group ...............3411

United Nations Economic Commission for Africa (UNECA) ..... 807

UTi South Africa (Pty) Ltd. ...............211

Van Vliet Trucks Holland B.V. .......... 127

Vedanta Zinc International ............ 203

Vinci Construction ..........................3507

VIVO Energy South Africa (Pty) Ltd ......................................... 3805

WBHO Construction .......................4201

Wear Check/Set Point Laboratories ..................................1504

Weatherhaven Africa (Pty) Ltd. ........................................ 2412

White Rivers Exploration ............... 805

WireCo WorldGroup ......................4301

Women in Mining UK .....................4019

Wood Mackenzie ........................... 3704

World Gold Council ...................... 3602

WorleyParsons ..............................1906

WSP in Africa .................................. 3201

Xcalibur Airborne Geophysics Pty Ltd. .......................................... 2624

Xrosswater Ltd. .............................. 3315

Zoerkler Gears GmbH & Co KG ........1124

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Building Partnerships for Prosperity in Africa

Anita Marangoly George, Senior Director of the World Bank Group’s Global Practice on

Energy and Extractive Industries, will present today’s afternoon keynote address focusing on the vitally important role that mining plays in growth and development on the African continent.

The Power of Mining to Transform Development

in Africa13:15 – 13:55 | Main Stage

In her position at the World Bank, Ms. George provides strategic direction that fosters partnerships with key clients through lending, advisory and knowledge services.

The World Bank looks to the energy and extractive industries as key components in the effort to reduce extreme poverty and improve shared prosperity.

Major Discussion Points

In today’s address, Ms. George plans to discuss three main position points:

� Leveraging mining’s demand for energy to generate power and increase energy access in Africa

� The rise of innovative partnerships within mining to boost shared prosperity, drive investment in local capacity and promote sustainable best practices

� A specific focus on public-private partnerships and how they can facilitate diversification of local economies

Extensive Experience

Prior to her current role at the World Bank, Ms. George served as the Asia Pacific Regional Director for Infrastructure and Natural Resources at the International Finance Corporation (IFC).

She has played several roles in the World Bank Group working in Asia, Africa, Middle East and Latin America. Besides her work with the Bank Group, she has headed Siemens Financial Services in India covering the telecommunications, power and transportation sectors, and has also served in management positions with the Steel Authority of India.

Mining Indaba™ Announces Its Four Recipients of the 2015 Bursary Programme

In line with its agenda of and contributing to the advancement of the country’s mining industry, the organisers of the Investing in African Mining Indaba have offered bursaries to four deserving mining/engineering students. The bursaries valued at US$30 000 (R 330 0000 at the current

exchange), have been awarded to:

VISIT US at our Mining Indaba stand xxxat Cape Town International Convention Centre

9th - 12th February 2015

For more information contact WorldsView TechnologiesTel: +27 (0) 11 844 1000 | E-mail: info@worldsview.co.za | www.worldsview.co.za

The Future of How Things Are Made

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CM

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Abdulla Rehaan 3rd year student

University of the Witwatersrand

Buthelezi Sifiso 4th year student

University of Johannesburg

Lebase Lerato4th year student

University of Johannesburg

Ramovha Avalyvei Adolph 4th year student

University of Johannesburg

The bursary is for one academic year, 2015, and it will cover tuition, books, accommodation, meals and other related academic expenses and fees like mine

excursions. The bursary is administered and managed by Eduloan, a leading education finance and bursary management specialist operating in Southern Africa, who pioneered a smart card solution in 2001, to assist bursars to manage, control and easily report on the correct spending of funds.

Academic Achievement and Industry Passion

“The combination of academic achievement and passion for the industry exhibited by these students underscores the core values of this programme,” said Jonathan Moore, Managing Director, Mining Indaba. “Supporting students interested in a career in our sector is essential for the growth of our industry and the continent and we applaud these future innovators and leaders for their commitment.”

As part of the award, Abdulla Rehaan and Lebase Lerato have been invited to attend the 2015 Mining Indaba in Cape Town, where they will have an opportunity to interact with financiers, investors, mining corporates, government ministers, and African mining’s most influential stakeholders, who are expected to be part of the 7,000 delegates attending the Mining Indaba. (Full student profiles will be available at www.miningindaba.com)

The selection criteria included academic performance, letters of recommendation and an essay describing their passion and interest for the mining sector. Students applying for these scholarships included those with strong academic achievement and are currently in their third or fourth year in the curriculum. The call for recipient applications was sent to the major mining universities in South Africa.

With each year, the programme has gained more popularity with the educational institutions. For the 2015 programme

there was a 50% increase in the number of applications received. As one of several projects of Mining Indaba’s Corporate Social Responsibility Programme, these scholarships are funded directly by the organisers of the Mining Indaba.

Additional Donation

In addition to the Bursary Programme, Mining Indaba has made a donation of US$2,500 (R27 500 with the current exchange) to the Rural Education Access Programme (REAP). REAP offers talented and motivated young South Africans from poor rural areas the chance to study at high quality tertiary institutions and provide them with the support and guidance they need to graduate. The funds of this donation will go to five students to supply them with the computers, text books and items needed to further their education.

Further to supporting initiatives with university students, Mining Indaba has once again partnered with the Els for Autism South Africa foundation. In 2014, a donation of R100 000 was made to the organisation from proceeds of the official Mining Indaba Golf Tournament and the silent auction which took place at the event. Another donation will be made at the conclusion of the 2015 tournament which took place on 8th February.

For more information about Mining Indaba’s Corporate Social Responsibility Programme, visit http://bit.ly/M15PRBUR

About the Mining Indaba

Investing in African Mining Indaba™, often referred to as “the Mining Indaba™,” is an annual professional conference dedicated to the capitalisation and development of mining interests in Africa. It is currently the world’s largest mining investment conference and Africa’s largest mining event. For

two decades, the annual Mining Indaba has served as the pathway for foreign investments into Africa’s mining value chain - opportunities ranging from small diamond deposits to mega coal projects. The Mining Indaba is now part of Euromoney Institutional Investor PLC. Visit MiningIndaba.com.

Join the Mining Indaba global community: � Twitter.com/MiningIndaba

� LinkedIn.com/Company/Mining-Indaba

� Facebook.com/africanminingindaba

� Youtube.com/Miningindaba

About Eduloan

Eduloan, founded in 1996, is a leading education finance and bursary management specialist operating in Southern Africa. Since it pioneered South Africa’s first Eduloan bursary management solution in 2001, Eduloan has assisted millions of busars and students alike, to ensure that allowances are administrated in accordance with the bursars criteria and that the allowances are spent on the commodity that it was intended for. Visit www.eduloan.co.za.

Join the Eduloan community on: � http://www.linkedin.com/company/edu-loan

� Twitter.com/EduloanSA

� Facebook.com/EduloanSA

� Youtube.com/EduloanSA

Bursary Programme Information

For further information about the Mining Indaba Bursary Programme, contact:

Maria Palombini

+1 212 224 3546 | maria.palombini@miningindaba.com

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ARM mines and beneficiates iron ore, manganese ore and alloys, chrome ore and alloys, platinum group

metals, copper, nickel and coal. ARM also has an investment in gold through its shareholding in Harmony.

African Rainbow Minerals (ARM) is a leading South African diversified mining and

minerals company with long-life and low unit cost operations.

New Study: Africa Represents Half of Top 20 Countries Globally With Highest Mineral Export ContributionsBotswana (91.7%) and Democratic Republic of Congo (81.5%) top table. Study to form centrepiece of The Sustainable Development Day at Mining Indaba on Thursday 12th February.

About ICMMThe International Council on Mining and Metals is an industry body created by the leading mining and metals companies to catalyse strong environmental and social performance in the sector, and to enhance understanding of the benefits, costs, risks and responsibilities of mining and metals in contemporary society. It works as a not-for-profit organisation, engaging with all parts of society and collaborating with 21 major mining and metals companies and 35 national mining and commodity associations that are its members.

ICMM is governed by the CEOs of the following companies: � African Rainbow Minerals � AngloGold Ashanti � Anglo American � Antofagasta Minerals � Areva

� Barrick � BHP Billiton � Codelco � Freeport-McMoRan � Glencore

� Goldcorp � Gold Fields � Hydro � JX Nippon Mining & Metals � Lonmin

� Mitsubishi Materials � MMG � Newmont � Rio Tinto � Sumitomo Metal Mining � Teck

Sustainable Development to Take Center StageFor the fifth consecutive year, the International Council on Mining

and Metals (ICMM), in collaboration with Mining Indaba, will be presenting a comprehensive program on Sustainable

Development on Thursday, 12 February from 8:45 to conference conclusion at 13:00 in Auditorium II.

The half-day programme is a cornerstone element of the annual Mining Indaba fostering discussion on key issues surrounding sustainability, including but not limited to corporate governance, environmental legislation, and other critical factors that are of interest to shareholders.

Below are the scheduled agenda highlights:

8:55-9:00 Official WelcomeJonathan Moore, Managing Director, Mining Indaba

9:00-9-15 Welcoming Remarks Dr. Anthony Hodge, President, International Council on Mining & Metals (ICMM)

9:15-10:00 Keynote Address H.E. Graça Machel, President, Foundation for Com-munity Development (FDC)

10:00-11:15 African Mining in 2030: Harnessing the Transformative Potential of the Industry

Tom Albanese, Chief Executive Officer, VedantaRev. Dr. Kwabena Opuni-Frimpong, General Secretary/Chief Executive Officer, Christian Council of GhanaAnita Marangoly George, Senior Director, Energy and Extractives Global Practice, World Bank GroupJohan Ferreira, Regional Senior Vice President – Africa Operations, Newmont Mining CorporationThe Most Rev. Albert Chama, Bishop; Archbishop, Zambia; Central Africa

11:45-12:55 The Building Blocks of Trust: How Do Communities Make Sense of a Company?

Tod Donhauser, Managing Director, Edelman South AfricaJohn Capel, Managing Director, Bench Marks FoundationDr. Kieren Moffat, Senior Research Scientist, Commonwealth Science and Industrial Research Organisation (CSIRO)Dr. Ven Pillay, Vice President, Sustainability: Community, AngloGold AshantiDr. Janina Gawler, Global Practice Leader, Communities & Social Performance, Rio Tinto

12:55-13:00 Closing Remarks Dr. Anthony Hodge, President, International Council on Mining & Metals (ICMM)

New research to be shared on Sustainable Development Day at the 2015 Investing in African Mining Indaba indicates the contribution

of mineral exports to national economies in Africa rates as some of the highest in the world.

A special African focussed review of ‘The role of mining in national economies’ (2nd Edition) from the International Council on Mining and Metals (ICMM) provides a comprehensive picture of how important mining is to economies.

Critically, the report demonstrates the significance of mining within each national economy rather than the traditional approach to understanding the economic importance of mining that has been to focus on the percentage that any single country accounts for in total world mining production. From that perspective, the five BRICS countries currently have the biggest share of world production value.

Harnessing the ContributionThe Sustainable Development programme this year features sessions chaired by ICMM President Dr. Anthony Hodge, focussing on ensuring that the mining industry harnesses its contribution to Africa’s development and bridges the existing trust deficit between mining companies and communities.

The first session took place Tuesday with a high-level panel on ‘Managing business risks while ensuring strategic growth’ and included Alan Davies, Chief Executive, Diamonds & Minerals, Rio Tinto; Ben Magara, Chief Executive Officer, Lonmin; and David Noko, Executive Vice President: Sustainability, AngloGold Ashanti.

Tomorrow’s session, Sustainable Development at Mining Indaba, takes place 08:45 – 13:00 in Auditorium II. (www.miningindaba.com/ehome/indaba/Sustainable_Development)

Keynote:

� H.E. Graça Machel, President, Foundation for Community Development

Speakers include:

� Jonathan Moore, Managing Director, Mining Indaba™

� Rev. Dr. Kwabena Opuni-Frimpong, General Secretary, Christian Council of Ghana

� Johan Ferreira, Regional Senior Vice President of Africa Operations, Newmont

� Tom Albanese, Chief Executive Officer, Vedanta

� Anita George, Senior Director of the Energy and Extractive Industries Practice, World Bank Group

� The Most Revd. Albert Chama, Bishop; Archbishop, Zambia; Central Africa

� Kieren Moffat, Senior Research Scientist, Commonwealth Scientific and Industrial Research Organisation (CSIRO)

� Tod Donhauser, Executive Director, Edelman

� Ven Pillay, Vice President Sustainability: Community, AngloGold Ashanti

� John Capel, Managing Director, Bench Marks Foundation

� Janina Gawler, Global Practice Leader Communities & Social Performance, Environment, Health and Safety, Rio Tinto

“The Sustainable Development Day at Mining Indaba, presented in collaboration with ICMM, is the cornerstone of the annual Mining Indaba’s contribution to fostering discussion on key issues surrounding sustainability such as corporate governance, environmental legislation, and other critical factors that are of interest to shareholders,” explains Jonathan Moore, Managing Director, Mining Indaba.

“If mining makes a major contribution to a small economy, national decision-making will be driven by the development opportunities that can flow from the mining and metals industry,” said ICMM President Anthony Hodge. “That is what we need to understand more clearly.

This report increases our ability to strengthen the contribution of mining

and metals to development.

“ICMM companies increasingly embrace their role in poverty alleviation. Increasingly they recognize the economic, environmental, socio-cultural implications of their activities through the full mine project life cycle. But it is not a solo role. Mining can catalyse improvements to quality of life and the environment only in partnership with governments and local populations. We must each play our part,” Hodge continued.

The Report:

The 2014 report updates and expands on the first edition in 2012. A preliminary version was released in late 2014 and the final report is now available. Page 20, Table 2, presents a list of the 20 countries with the highest mineral export contributions as a percentage of total merchandise exports in 2012. Ten of the nations are African countries. To view the report please visit: www.icmm.com/national-economies.

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COME AND VISIT US AT:Mining Indaba - Cape Town9-12 February 2015

They call it Africa. We call it home.Connect with us at our hospitality area outside the Westin Grand Hotel from 3pm, Monday to Wednesday.

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MACIG Guide UpdatedEconomist: Three More Decades of Economic Volatility Investing in African Mining Indaba has once again partnered

with Singapore-based Global Business Reports to present the “Mining in Africa Country Investment Guide” (MACIG) to give investors a holistic perspective on progressive investment climates on the continent.

The 160-page publication, updated for 2015 to include additional countries in Africa that are progressing on the continent, provides access to what the authors consider to be the most exciting mining investment destinations.

The magazine-style guide is being distributed this year to all delegates at the 2015 Mining Indaba as they retrieve their conference materials.

More than 250 government leaders, industry associations, mining companies, junior explorers and service providers were interviewed in order to provide a comprehensive understanding of the current trends in African mining.

In addition to country profiles, MACIG provides regional overviews and perspectives of common challenges for mining in Central, East, Southern, and West Africa.

The global economy looks set to be highly volatile over the next three decades, economist Dr. Dambisa Moyo said during her keynote address to Mining Indaba delegates on Monday.

She said that the economy was headed into an even deeper plunge than currently experienced and that anyone who is still holding a candle for positive economic change over the next 20 years is maintaining misplaced optimism.

Negative FactorsShe attributed the lack of improvement in the economic situation to factors such as demographic growth, advancements in technology, income inequality and politics. “For poverty to be reduced in the economy, there has to be an economic growth of a minimum of 7%, per year,” Moyo said.

Although the U.S. is thought of to be one of the stable economies, its annual growth rate is only 3%. China’s economy is growing at between 2% and 3%, with South Africa at 1.4% a year, according to the noted economist.

Investors should think strategically when making decisions, Moyo said. In emerging markets, for example, investments are not necessarily guaranteed.

Political Impact“Policy makers and investors must think liberally about investments and not focus on democratic models because democracies do not last,” she said, adding that politics impacts on business decisions and in order to maintain a democracy, an income of US$6,000 per capita is required.

Change is inevitable and affects investment decisions. For example, Moyo pointed out that tenures for chief

For additional information about the “Mining in Africa Country Investment Guide,” contact info@gbreports.com.

By Kudzai Mazvarirwofa

executives used to be about 10 years in the 1990s, but now tenures run for about four years, a trend indicative of a volatile economy and politically unstable government.

Advances in technology also play a role in negatively affecting economies, she said. The progression of technology erodes employment and entrepreneurship, replacing jobs and creating a void in the economy as unemployment rates rise.

The Amazon EffectMoyo offered an example where technology is replacing human labour—and winning. The third largest private company—Walmart—employs more than 2 million workers, while its biggest competitor—Amazon—employs only 80,000 people.

Economic zones and regional countries have put various protective mechanisms in place to try and minimise losses. One such mechanism is the introduction of stringent trade tariffs.

“Companies and investors need to be aware of capital flow and the regulations in the global trade economy,” Moyo said, adding that investors should always carry out proper research in all the factors that have an impact on business, not just taking political stability into account.

Investment in the private sector is not always an iron-clad venture, she said.

Changing demographics, technological advances, a deeping gulf between the haves and have nots, and

changing political factors all play a role in the global economic outlook.

Blair on Africa(Continued from page 1)

The fourth principle revolved around the thorny issue of taxes and predictability of taxation, while the fifth principle spoke to the business environment itself.

‘A Head of Government Is a CEO’

Blair’s Africa Governance Initiative, founded in 2008, works with African governments to improve regulation and investment oversight—focusing, he told his Mining Indaba audience, on the fifth of the above principles.

“Today, not just in Africa, the single element in the success or failure of a government is transparency and the ability to get things done,” he said. “There is great difficulty running a government. You can talk well when campaigning, but you need to implement this once you are in office.”

And once you are in office, the former U.K. prime minister said, you find that you have become a CEO. “So, how do you get things done [when you have had little experience]? How do you prioritise? This is what [my foundation] focuses on. Prioritisation is hard, especially when your country has so many hardships to deal with.

“You also need to be able to engage in contractual relationships with investing companies as an equal to get the best deal for your country,” Blair said. “So, the fifth principle is that if the relationship between investors and countries is a partnership, it is important that government listens to business, and business listens to government.”

Africa was going to change enormously over the next decade, Blair said. “Those of you who know a long-term bet over a short-term bet, I think Africa is a great place to come to and a great place to invest in for the future.”

And to companies already invested in Africa: “I know you face challenges that are very difficult to overcome, but personally I think you made the right choice.”