Guided by light, driven by resolve

Opening remarks (as written) at FT Mining Summit 2025.
Rohitesh Dhawan, President and CEO, ICMM

So, it felt fitting to begin the 2025 FT Mining Summit by giving thanks as a mining community. Why? Because the industry has come a long way in just a few years. In our professions, like in our personal lives, we are all guilty of taking for granted things that were once a dream. 

This is also a time of great change - geopolitics, mergers, new CEOs. While change can feel overwhelming, reflection can be grounding.  

So, let’s remind ourselves of 4 quite extraordinary things that have happened in recent years which define the moment we are in:

First, governments swung in behind the sector. Nearly 100 countries have published critical mineral strategies. Some, like in Europe and India, expedited permitting; others, like Saudi Arabia, turbocharged domestic and regional mineral industries. The US introduced minimum support prices and even made equity investments in companies, and the UK placed critical minerals at the heart of foreign policy.

Second, the industry continued to show leadership on critical issues. We launched the Global Tailings Management Institute, deepened our commitment to Indigenous rights, advanced diversity and inclusion, invested in decarbonisation, and committed to a nature positive future.  Most importantly, we are at the cusp of a Consolidated Global Mining Standard to be launched in 2026, giving all companies a clear and globally consistent guidebook for responsible practices. The 2nd Public Consultation on it launched yesterday, so please check it out and participate!

Third, investors raised their game. New sources of capital came into the sector such as from Sovereign Wealth Funds, private capital continued to grow, valuations improved albeit not as much as one would hope, and equity investors showed support for compelling investment propositions – including value accretive M&A. 

Fourth, mining’s reputation and social license improved. We saw many examples of strong local and indigenous support for ongoing and new projects such as in Canada and Australia, significant interest from African countries to have more – not less – mining and processing in-country, and interest from young people in mining careers increased, even resulting in viral TikTok videos of the life of a mineworker!

Are there still big issues? Yes, absolutely. Geopolitics, inflation, grade decline, commodity price uncertainty, illegal mining, infrastructure bottlenecks, to name a few. But are things better today than 3 years ago? Most definitely – and we must not forget that as we work through the remaining challenges in the next day and a half. 

To end, I’d like to recognise those whose Diwali – or similar – reflections will be very different to ours. They might be filled with pain, loss and suffering – and their grief must become our fuel for the future. 

Victor’s family will never see him walk through their front door again. Tragically, he was found dead earlier this week, alongside 6 of his colleagues following the mud rush at the Grasberg mine in Indonesia. Their death must become our driving force in achieving zero harm in our industry.

Katleho’s family bears not only the pain of his death, but a grief compounded by the lasting damage to their water supplies caused by the Jagersfontein tailings dam failure. Their struggle must be our guide to raise tailings management practices across the industry.

And Maria (not her real name) lives with the trauma of being sexually assaulted at a mine site. Her experience, and her courage, must compel us to stamp out all forms of harassment and assault, especially gender-based violence – in our workplaces and our communities.

So as we step into this Summit — with the light of Diwali guiding us — let us honour the progress we’ve made, carry the weight of those we’ve lost, and commit with unwavering resolve to shaping a mining industry that is safer, fairer, and truly worthy of the future it is helping to build.

Thank you.