It is the first-ever fund that is dedicated to making mining for metals and minerals a more sustainable practice that complements the energy transition.
Building on the World Bank’s initial USD2-million investment, Anglo American joins partners from the private sector and governments as a donor, providing USD1-million to the facility over the next five years. The facility’s work will support the sustainable extraction and processing of mining products used in developing clean energy technologies, such as copper used in energy storage and electric vehicles. The fund will also work with governments and operators in developing countries to establish strategies for sustainable mining operations and legal frameworks that promote smart mining.
Mark Cutifani, chief executive of Anglo American, says, “To have real impact we must work together with governments and operators to bring changes. That is why we support the World Bank with this facility, to provide funds that can transform our industry for the future.”
Anglo American believes the World Bank’s view that the energy transition will be mineral-intensive, creating economic opportunities for resource-rich countries and the mining sector.
“Mining cannot continue its long path of simply scaling up to supply what the world needs. We need to do things in dramatically different ways if we are to transform our footprint and be valued by all our stakeholders. Our first responsibility is to reduce our energy and water usage and our emissions. At Anglo American, we have set ourselves on a journey to carbon neutrality operationally, with our 2020 and 2030 targets as staging posts. Our FutureSmart Mining technologies are key drivers of this,” Cutifani adds.