There’s Mining, Then There’s Illegal Mining
The Democratic Republic of the Congo loses about $1 billion each year through illegal mining. Almost 90 people were recently killed in an illegal mining mishap in South Africa. Colombian criminal gangs earn more from illegal mining than they do from cocaine.
Last year, the global mining industry was valued at $792 billion. With clean energy production and multi-sector technological innovation on the rise, global demand for precious metals and critical minerals like gold, copper, lithium, cobalt, and tantalum will only grow in the years ahead. The increased demand will certainly benefit the extractives industry, but it can also be good news for mineral-rich countries themselves in the form of increased revenues and high-paying jobs. Much of the world’s known critical mineral reserves are found, after all, in developing countries desperately in need of economic opportunity and revenue.
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