RIYADH: Mining activities of critical minerals all around the world should be accelerated to meet the energy transition targets over the next 30 years, as the world dreams of a sustainable future, according to the BHP chief.
Speaking at the Future Minerals Forum in Riyadh on Wednesday, CEO Mike Henry said that it is impossible to meet the rising demand for critical minerals if the world continues to move at the current pace.
“Even at the current pace, we are not going to meet the demands for these critical minerals. But the momentum is building, and I am optimistic that we will get where we need to be in a reasonably short time,” said Henry.
He added: “Over the next 30 years, in order to meet the needs of the energy transition, the world is going to need two times as much copper, four times as much nickel, two times as much steel, and two times as much iron ore, as was needed over the past 30 years.”
According to Henry, to extract these huge quantities of minerals, the mining industry should triple or quadruple its activities, as these minerals will be coming from lower-grade deposits.
“The amount of mining required to unlock those resources is going to be even more significant. You might see three times copper mining needed, and six times nickel mining needed,” he said.
Henry also added that the time required in the mining sector to produce minerals after the first discovery has significantly increased now.
“The time to get from the first discovery to first production has gone from 10 years, 20 years ago to now 20 years. So, it is taking a lot more time to get these deposits,” he said.
Henry further noted that the mining industry as a whole should promote the importance of the industry to the general public, and it should also make sure that the sector is operating at the highest standards by promoting social values.
“Governments should respond to local community concerns. What we are seeing today is a much-enhanced understanding on the part of governments about the importance of the mining sector. I do not think that is yet been matched by the understanding of a person in the street,” he added.
