JOHANNESBURG (miningweekly.com) – The South African mining industry has "a small window of opportunity to fix itself and move forward" which demands that mining companies sort out their balance sheets and recognise that there is a level of profitability within the industry, PwC South Africa partner Andries Rossouw told delegates at the Joburg Indaba, on Thursday.

The mining industry would, however, have to focus on technology and innovation, both in-house and downstream.

Additionally, the industry would need to respond “proactively to consumer preferences and concerns”, he advised, noting that the industry needed to “bring consumers on the journey”, considering that a lot of people “don’t [necessarily] understand the mining industry”.

In this respect, Rossouw echoed a statement by Mineral Resources and Energy Minister Gwede Mantashe that the industry had to “speak out” about the value the industry contributed to the economy.

Additionally, Rossouw said the mining industry would also need to build a culture of diversity and improve its skills development to enable it to better “face the world”.

Further, Accenture senior MD Rachael Bartels told delegates that there were opportunities for the South African mining industry to benefit from the circular economy.

While the common perception was that the circular economy was another form of recycling, she averred that it was much broader than that.

The whole concept of the circular economy, she explained, was to eliminate waste and reduce the use of unsustainable materials.

Entering the circular economy space, Bartels noted, would also position mining companies to take advantage of the opportunity it presents, considering that mining was “fundamental” to sectors such as construction, infrastructure and the like.

She pointed out that, in a survey conducted by Accenture, 81% of respondents had noted that purchasing decisions were made based on a supplier's approach and efforts to be environment-friendly.

She warned that, with the impact of the circular economy affecting consumer’s demand, if mining companies were not in a “looping system”, consumers might at some point, no longer buy their products.