Public/private partnership the key to Africa's success

The private mining sector cannot
stand on the sidelines if Africa is
to prosper in the future as successful
growth will require a collaborative
approach.
According to Mark Cutefani,
Anglo American CEO, there is
no denying the challenging times
mining faces on the continent,
but, he says, there is hope yet if
government and the private sector
work together.
“Yes, China is transforming its
economy to being consumer led, but
even though this super-country is
slowing down it is still consuming.
In fact it is consuming more now
than it was a decade ago when it
had double-digit GDP growth,” he
said. “It will continue to consume
minerals. India is set to follow. The
nature of the growth is different
and so mining companies need to
adapt and adjust to this and also
understand what it means.”
He said the United States
remained another critically
important market that was
often forgotten in light of the
distractions of China.
“The US for example is still
the largest consumer of diamond
jewellery in the world.”
The questions for African
governments and the mining
industry at large, said Cutefani,
was whether they were listening
or not. “Can we convert great
potential to reality? Much of
Africa is still at the start of the
journey. There is the need to
attract the funding required
to develop the infrastructure,
stable policy frameworks and
good governance structures
which are essential to create the
right climate for investment,”
he said. “If Africa is to prosper
then the private sector cannot
stand on the sidelines anymore.
It plays a major role in the
growth of the continent. All of
the visions will remain nothing
but dreams unless we are able to
engage business in investments
across the continent. A step
change is required and the time
to do it is now.”