Editorial comment
As 2024 draws to a close, it is time to reflect on the highlights of the past year. And what a year it has been, for the mining industry and beyond. With significant political and economic changes across the world, and huge developments in technology and artificial intelligence, 2024 is one to be remembered.
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The buzz and excitement leading up to MINExpo 2024 definitely paid off, as it proved to be a fantastic show highlighting the best the mining industry has to offer. MINExpo’s physical scale was undoubtedly impressive, featuring 2000 exhibitors and drawing in 45 000 attendees (more than double the previous show in 2021), as it expanded into Las Vegas Convention Centre’s West Hall for the first time. The myriad of innovations and technologies that were showcased, as well as the countless ideas and discussions about the green energy transition and digitalisation, were inspiring and demonstrate that mining’s future is truly a bright one.
However, it is important to note that the mining industry does not exist in a vacuum, and will be impacted by the widespread political developments that have occurred this year. More than 100 countries across the world have held elections, and many of these have a large presence in the mining sector, including India, Brazil, and the US. In an unprecedented victory, Donald Trump has been elected the 47th President of the US after the country’s recent Presidential Election at the beginning of November.
What impacts could this change have on the mining industry globally? After the passing of the Inflation Reduction Act under the Biden Administration, mining companies across the US have benefitted from loans and grants encouraging the exploration of critical minerals such as lithium. This legislation aimed to reduce the country’s dependence on Chinese imported materials that are key to the energy transition and manufacturing of electric vehicles. During his presidency, Donald Trump is likely to continue promoting domestic mining of critical minerals when highlighting the importance of American-produced goods. This could mean the introduction of harsher measures against China, as Trump has already promised to impose tariffs of 60% on Chinese goods. According to Reuters, China exports goods worth US$400 billion to the US,1 so these significant tariffs could have a large impact on China’s metals industry, and knock-on effects globally. The US coal mining sector could also be revitalised, as Trump has indicated his desire to reverse tax increases on oil and gas and coal producers and lower regulatory barriers.
Vast transformations of the global economic landscape are therefore on the way. Nevertheless, the mining industry has proved time again to be resilient in the face of uncertainty, and its growth and expanding innovation demonstrate that it will be able to adapt to whatever is to come next year.
After an exciting and eventful 2024, the Global Mining Review team would like to thank all of our readers, contributors, and advertisers for their continued support this year. We wish everyone well over the holiday period, and hope that you all have a joyful New Year!
