Wednesday, 6th February 2008 (1463 views)

Africa could face significant new mining opportunities over the next ten years, thanks to its unparalleled potential for mineral extraction and growing demand from emerging markets, the chief executive of mining firm Anglo American has reportedly said.

Mining Weekly said that Cynthia Carroll told the Mining Indaba conference in Cape Town, South Africa, that although commodity prices may fluctuate, demand for gold and other mined materials would grow as millions of people enter the middle class in countries like China and India.

And Africa could benefit thanks to its mineral reserves, which include 40 per cent of the world's gold, as well as unexplored gas and oil deposits.

Ms Carroll said with the richness of minerals available, the mining industry must ensure its relationship with Africa is a mutually beneficial one.

She also called on mining companies to play a greater role in alleviating poverty through responsible development.

She added that Anglo American plans to increase its expenditure on exploration in African to 485 million South African rand (£32.35 million) in 2008.

Anglo American is a multi-discipline mining firm that operates around the world. Its currently projects in Africa include developments in Botswana, Namibia and South Africa.

 

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