Africa needs capital, not charity

Mark Cutifani delivering the keynote address on day one of the London Indaba. Image supplied.

Cutifani delivered the keynote address on the importance of Africa to ‘future-facing’ metals and minerals on the first day of the London Indaba, held in London on 24 and 25 June 2025.

Key to developing the continent’s mining potential is its age demographic. Cutifani says that its importance shouldn’t be underestimated.

While the rest of the world is getting older, Africa has the youngest population in the world, with 70% of sub-Saharan Africa under the age of 30.

“The real question is: How do we take advantage of that?” he asks.

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Africa’s potential

Cutifani says he is more convinced than ever that this is the century of Africa.

“If we, together as an industry, can work with our partners, at the government level and in our local communities, I think we can make a real difference in helping that dream become a reality and do something special for the continent and the rest of the world,” he adds.

He says that not only is Africa home to 40% of the world’s natural resources, but it also hosts some of the great mining deposits of the world. “The fact that we’ve only explored 30% of the continent tells me that there is so much more potential in Africa compared to the rest of the globe.”

He believes that the continent needs more capital to explore its untapped mining potential. Quoting Jim Rutherford, he says: “Capital follows returns, it’s not the other way around.”

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Anglo American example

Cutifani used Anglo American’s African operations as an example of what’s possible for the industry. Saying: “If you look at Anglo American’s performance over a few years, more than 60% of Anglo American's operating performance or operating contributions came from African operations.

“The doubling of productivity in the business is an African story; Africans delivered the most significant improvement in operating performance from a major, diversified company.”

However, to follow in Anglo American’s footsteps, he stressed the importance of working in collaboration with the government and communities.

“If you treat people with respect, you look them in the eye and treat them with dignity and respect, they will support where you're going, as long as they know that that long-term outcome is something that they can benefit from, along with shareholders, along with employees, along with local communities,” he says.

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Cutifani adds that he saw no better support from African governments in comparison to the rest of the world. South Africa holds a special place in his memory.

“I'm an unashamed torch and banner holder for South Africa because of what I've seen and what I've been involved in, and the support I've seen from a country in terms of unit operating costs,” he says.

Transparency is key

To ensure that the continent can explore its full mining potential and increase international investment, Cutifani also called on countries to share their geological survey data.

“If you want investment, open source your geological survey data, allow it to be transparent and demand value for access to your resources; make it an open conversation,” he pleads.

He adds that transparency is also key to dispelling the corruption perception of Africa. “We have to be open, we have to be transparent, and we have to take these issues on in full view. And when it's done, I have no doubt it'll be successful for all those concerned,” he says.

Cutifani reiterates the sentiment shared by Moses Engadu, the secretary-general of the Africa Minerals Strategy Group (AMSG), that Africa doesn't need charity, Africa needs capital to develop its potential.

“If you come to make a quick buck, we'll take your money, but if you come to invest in good faith, we will work as partners with you to deliver special outcomes,” emphasises Cutifani.