Mineral resources have the potential to transform the economies and societies of some of the world’s poorest nations. Responsible, sustainable mineral development, however, has proven to be difficult—particularly in countries where it is needed the most.
The World Economic Forum established the Responsible Mineral Development Initiative (RMDI) to explore what can be done to foster sustainable mineral development. The first phase identified the impediments to responsible development. The second phase canvassed 400 experts from NGOs, governments, and mining companies on ways that developing countries can avoid the “resource curse” and translate mineral wealth into beneficial socioeconomic change.
The World Economic Forum, in collaboration with The Boston Consulting Group, captured the findings of the RMDI’s second phase in a recent report, which made clear that there is no silver-bullet solution to all problems. Instead, several themes and dimensions need to be addressed in parallel. A framework of six building blocks—along with a corresponding set of actions, case studies, and initiatives—was identified to address the most significant challenges.
The original version of this report was published by the World Economic Forum.