JOHANNESBURG (miningweekly.com) – There are only two countries in Africa that currently make their geological survey data open to the world.

“Malawi is the first, and I believe Nigeria is the second,” stepping-down Vale Base Metals chairperson Mark Cutifani pointed out on day one of the London Indaba, chaired by South Africa’s mining luminary Bernard Swanepoel. (Also watch attached Creamer Media video.)

Delivering the opening keynote address, Cutifani said: “I would ask, and this is a plea to every country in Africa, if you want investment, open source your geological survey data, allow it to be transparent and demand value for access to your resources, and make it an open conversation.

“It deals with the perception of corruption at the same time. We have to be open, we have to be transparent, and we have to take these issues on in full view.

“When it's done, I have no doubt it'll be successful for all those concerned. That was a conversation we had regarding the DRC and other nations who were considering making this big step – and it is a big step. I congratulate Malawi and others, and I encourage the rest of the continent – and by the way, this is a plea across the globe. If you want transparency, if you want competitive tension in vying for capital to deliver on the resources we need to run the world, these are the sort of processes that we have to put in place, and we're starting to see it.

“That, I think, is great news for Africa, and I'm very excited by the potential. When you had a group of Africans talking to Silicon Valley people about where copper will come from in the future, and they looked at the grade of the deposits, that's a conversation to behold. That's the moment we're at. That's the potential we have, and it’s an exciting time. I hope we're on the cusp of something very special.

“As Bernard said, there's no such thing as critical minerals. They're all critical, depending on the time and place, supply, demand, it moves around. Iron-ore is critical. Copper is critical. Nickel is critical. They all have their time. It's understanding the cycles and investing for the long term to deliver on your potential, and Africa’s got the potential,” Cutifani highlighted.

“Last week I listened to a great presentation from Moses Engadu, Secretary-General of the African Minerals Strategy Group. He declared, and I quote, ‘Africa doesn't need charity. Africa needs capital to develop its potential. You don't trust us, and we don't trust you, and we've got lots of history to demonstrate we're on the right side of that equation. 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’.

“It was one of the best speeches I've heard. Not only did he talk about the nature of the relationship and how we have to work together, he also made some really positive points on how we can do this together.”

Only 1.8% of US venture capital funds invest in Africa. “They understand that this must change, and to change those numbers, they have to do things differently,” said Cutifani, who is well known in South Africa as the former CEO of AngloGold Ashanti and Anglo American.

ZAMBIA UNDERTAKING EXTENSIVE SURVEY

Zambia is currently undertaking the world's most extensive airborne geophysical survey, and in two years, the Central African country will likely have the world's most comprehensive geophysical database.

“This is another African country taking bold steps to change their development arc, and they are building the new Africa. As we develop resources, the allocation of development funds and support for local infrastructure will be key, as it will be for health and education, building that infrastructure that will build the continent, and the beneficiaries will be us as investors,” Cutifani added.

As home to 40% of the world's natural resources, Africa remains only 30% explored.