Fast Facts About Africa’s Mining Industry - By Ettore Poggi
With ExecuJet again exhibiting at Mining Indaba, 9-12 February in Cape Town (we hope you can visit us at Stand 3608) we thought it would be informative to look at some of the staggering statistics, facts and opinions about mining and economic growth across the African continent:
- 46% of the world’s diamond production occurs in Africa, led by Botswana and The Congo (Kinshasha) with 35% and 34% of Africa’s production, respectively (Source: Minerals Yearbook)
- 21% of the world’s gold production occurs in Africa, with South Africa (56% of Africa’s overall production) and Ghana (13%) as leading producer (Minerals Yearbook)
- Billions of US Dollars of foreign investment have poured into the African mining industry over the past 19 years that the annual conference has been in existence (Mining Indaba)
- Economic growth for sub-Saharan Africa is expected to remain strong at about 5.75% in 2015 (IMF projection)
- Africa’s economy is valued at $2 trillion overall, with faster growth than any other continent; about one third of the 54 African countries are seeing annual GDP growth of greater than 6% (Harvard Business Review)
- Politics, resource constraints and infrastructure limitations have held intra-Africa trade to just 11%. But that is changing now, with more pan-African companies and leaders promoting free trade across and within the continents five major trading blocs (Harvard Business Review)
- Africa’s sheer size, a lack of suitable airports and a limited range of choices for transport connections make business aviation more vital in Africa to economic growth than in other regions of the world (Aviation International News)
- In Africa, aviation is a deeply troubled industry. The continent “has less than 1 percent of the global air service market despite having more than 12 percent of the world’s population” (World Bank report).
These factors combine to make private aviation a very attractive alternative for companies needing to access Africa’s remote mines and facilities regularly, foreign entities contemplating investment and firms needing to fly in executives from overseas or within Africa. We look forward to another educational week in Cape Town for Mining Indaba, and hope to hear about how companies like ExecuJet are striving to make remote destinations more accessible across the continent.