materials catalogue involves a multi-step process including: Assessment of current and future demand: “This required the examination of both domestic and global markets to forecast demand for various raw materials over the short and long-term. Geopolitical considerations: We analysed South Africa’s position in the global supply chain and the geopolitical risks associated with sourcing/export- ing each material, especially in politically unstable regions or where monopolies can dictate market conditions. Socio-economic considerations: Much time was spent on evaluating the socio-economic implica- tions of critical raw material extraction, including potential for job creation, community development, and impacts on local economies. We are also assessing potential displacements or disruptions to local communities. Evaluation of supply vulnerabilities: We took the time to unpack and understand the vulnerabilities in the supply chain, from local disruptions to inter- national trade tensions. Environmental Impact Studies: Each CRM (critical raw mineral) will require a thorough environmen- tal assessment so we understand the ecological consequences of extraction and processing for each material. For South Africa, the benefits of establishing a Critical Minerals Catalogue will be manifold: it will enhance economic opportunities for the country’s vast mineral wealth; increase international trade opportunities by high- lighting strategic materials; and the potential to leverage these resources in
bilateral and multilateral negotiations, ensuring both economic growth and national security. Aside from establishing a stakeholder consulta- tion process, WMI put in place a regular review and update mechanism to review and update the cata- logue periodically, to reflect changes in technology, market demands, geopolitical scenarios, and local socio-economic conditions.
Underpinning the world’s transition to a clean energy system is the need for critical metals to support clean energy technologies.
February 2024 MODERN MINING 11
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