Can we start with a quick introduction to you and your career so far?
My first degree is a Bachelor of Science in Geology. While pursuing this I second guessed myself many times, whether the career path would give me fulfilment or not, whether I would be able to make an impact on people beyond mining? Despite this, I completed my degree and sought ways to transition away from a solely mining-focused career.
Working in mining, the local communities deeply affected me, particularly the socioeconomic conditions, which led me to question whether mining companies were doing enough. This prompted me to enrol in an MBA and later Master’s in Development Finance to acquire the skills necessary for transitioning and using every role I occupy to empower others, i.e., communities and internal stakeholders. Ultimately, this shift directed me toward the investment sector, where I discovered my voice and ability to create change. I haven’t stopped pursing knowledge and trying to contribute to the how decisions get made.
Additionally, I was fortunate enough to also be given a chance to steer the direction of companies and funds through roles held such as non-executive director, project steering committee member on several mining-related projects. Over 17 years, my experience has encompassed around 30% of actual mining operations work, where I enjoyed the technical aspects of the work in both underground and open-cast mines across commodities such as gold, PGMs, and coal. My recollection of crawling up and down raises and winzes is as if it were yesterday. How deepening understanding makes a person less scared of confined spaces and intimidating environments is astonishing. I developed a strong affinity for the labourers, known as malaishas in South Africa, who sacrifice so much for better futures for their families, which fuelled my desire to help more. The circumstances of young people in communities where alcohol abuse became a norm made me wonder if more could be done during idle time, and more.
What is your investment strategy and focus? How much does the African perspective play a role?
My experience spans working with the Industrial Development Corporation (IDC) in South Africa and now the AFC, both development finance institutions with a distinct investment strategy compared to traditional banks. Impact is a core element of our investment approach; we pride ourselves on creating impact through our investments that pivot into many other streams of impact. At AFC, we invest responsibly and are proud of ourselves for being solution providers. Our diversity and agility enable us to explore strategies that enable ecosystem growth.
From an ESG standpoint, we have invested in projects that have derived frameworks that protect the environment through sustainable mining practices or a hybrid/ green power play and empower communities through health and education initiatives. We have also prioritised investing in projects that have a level of indigenous ownership and rich local content. These are not just global trends to consider; we can pinpoint where we have demonstrated action.
Do you find that things are improving or there’s a more widespread focus within the African investment context with regards to ESG?
There’s a dual perspective on ESG investments: some believe they hinder profitability, while others recognize that effective ESG practices can enhance operational efficiency and financial performance. However, there’s still a learning curve for many sponsors, project companies, etc, and insufficient dedication of resources and time has hindered how fast we unlearn and learn the new ways of ESG. I call it new because it is still in the adoption phase by most stakeholders.
A positive trend that I have observed is that many company boards are now forming ESG subcommittees, integrating them into their decision-making processes, which reflects investors’ and all stakeholders’ expectations. There has been greenwashing, which, over time, I am starting to see less of. The stringencies within governance frameworks are ensuring transparency, regular reporting, and giving external parties a platform to hold companies accountable. This new era way of doing business, where it’s not just about shareholders and employees, is separating good potatoes from the bad ones.
Earlier this year, we spoke a lot about Africa’s essential role in supplying the critical minerals needed for the energy transition. Are you seeing any projects coming out from the continent that you think are great opportunities?
Mining requires long-term commitments and substantial capital, alongside political will from governments to attract and retain foreign investment. Despite the projected demand for critical minerals, progress has been slow, with financing pressures causing many projects to become unbankable, inconclusive, etc. Africa’s rich mineral endowments are often underutilized due to reliance on global capital rather than local resources. There have been lithium, graphite, rare earth elements, and other battery/ green infrastructure minerals in the recent past that have struggled to advance in stages, not because they don’t have world-class potential, but due to funding and even political challenges.
Fortunately, development entities like the AFC are working to address these challenges through partnerships with commercial banks, strategic private financiers, and governments, to enable the advancement of some key strategic projects on the continent. Some great trends from the continent include that there is more intent around building resilient supply chains, whereby offtakers are not in one single continent, they stretch across several; distance to offtaker is intentionally being reduced via setting up local capacity; gender diversity at leadership level; and one I will always praise, community inclusivity.
How do we bring that investment focus back in, whether it’s from the global or domestic sources?
The investment landscape is fluid, with policies changing unpredictably. There are signs that some financiers are returning to mining, recognizing its inherent value, especially as demand for mined products continues to grow. While mining can be cyclical, its fundamental necessity to everything the world uses (laptops, housing/ buildings, automotives, technology) ensures ongoing support. The critical minerals discourse and evolving regulations should bolster focus on the industry.
To attract investment, we need to harmonize definitions of critical minerals, pricing platforms, technologies, and product specs globally and create a database of financiers to facilitate intentional engagement with the right stakeholders. Collaborating with multilateral development banks can provide a protective layer, encouraging more investment in regions rich in critical minerals. So, to answer the how, we need partners that want to do more for and in Africa, so the world can achieve the energy transition.
There’s a growing discourse around how Africa needs to have a greater role across the metals value chain, with a focus on growing the downstream and midstream industries. Do you see progress here?
Yes, there is progress. I’ve been involved in initiatives identifying minimum volumes needed to establish downstream and midstream facilities, leveraging Africa’s strengths in commodities like manganese and PGMs. Some sponsors are now pursuing vertical integration by establishing smelters and refineries alongside their mines. For instance, at AFC, we are involved in a Congo project commissioning a smelter, shifting from exporting raw materials to adding value locally. South Africa is working on initiatives around electric vehicles supported by local DFIs, amongst others. So there is definitely material progress from where we were ten years ago.
What are some of the key areas that you would consider when looking at a potential investment, and how do you make your decisions?
We prioritize ecosystem investments as a development finance institution, aiming to maximize our impact. We often invest in both mining and supporting infrastructure, such as energy transmission lines. Our structure allows for collaboration across various sector desks, facilitating ecosystem-based investments. For example, our involvement in the Lobito Corridor project reflects our commitment to not just investing in enabling infrastructure but also taking initial risk via derisking- project development investments.
What are your thoughts on the year ahead? Are there any key trends that we should be on the lookout for?
Investors are becoming more agile, exploring diverse capital structures, including quasi-equities and royalties. This flexibility is encouraging collaboration to maximize investment potential. In Africa, traditional investments in gold remain significant, especially during political turmoil. Additionally, we expect more development financiers to prioritize supporting anything and everything “local content”. A lot of governments in Africa have taken a converging policy stance when it comes to things like community development, local content, and responsible practices.
You’re a prominent woman in the mining space. Can you talk about your experience and how you think we can help to encourage more women into the industry?
I love what this industry can do for Africans, though we are not there yet, we are certainly on our way. I have personally witnessed what mining companies can do for all children in Southern Africa through educating young people (bursaries, scholarships, building of good quality schools; incredible to say the least). There are models and frameworks in place that can be replicated.
We need to coach those who come after us. I engage with many women who share experiences and strategies for success in male-dominated sectors such as mining and finance. I have coached two incredible young women who have challenged the status quo concerning their careers and lifting others; they have fallen in love with their voices and use that to impact people’s lives; they prioritise continuous learning even in environments and work cultures that don’t embrace such quality. If you deeply embed your “why” in your values, you act not seeking acknowledgement but the change you want to effect because it keeps you awake. To encourage more women, I will say pursue this industry (operation and mining investment) it if it helps your “why”; if it satisfies something deeper in you than just in monetary earnings; then you will rise irrespective.
