15 ignorance of mining’s critical development and environmental protection role in society and the weaknesses in our leadership in understanding how to develop workable responses to come to grips with these existential threats – he would not have the materials he needed to make products for our modern world. I said it wouldn’t be a cost issue in the first instance, it would literally be a lack of supply issue, which would then manifest in costs and less efficient workarounds. In that conversation I said I expected major industry sectors and governments will need to intervene to drive us towards building more progressive material supply solutions. In my view, the emergence of the Critical Minerals Debate is both a response to society’s existential growth in economic expectations and our struggle to deliver on society’s demand in this regard. We need to be honest with ourselves – the emergence of the Critical Minerals conversation is both a function of new world developments and a reflection of our lack of vision and determination to put ourselves in a position to deliver on society’s expectation of our industry. The other question to ask, from a business leadership to shareholder perspective, will the market reward this broader approach. Or will the word “Sustainability” make some shareholders think twice about what they may be investing in. The answer goes back to leadership and how we “join the dots” and talk to a modern materials story that reflects our role and the results we can deliver if we get the moving parts working in the most efficient and long term sustainably economic way. As of today, and in my experience, the world tends to measure success and whether there is a belief performance can be sustained and improved – the share price is probably as good as any measure on this continuum. And going back to my Anglo American experience on costs, Collaborative Regional Development and project delivery – the market does tend to reward performance. Figure 2 – ANGLO AMERICAN – SHARE PRICE PERFORMANCE YEAR I I I I I I I I I I I I I I I I I I I I I I I I 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 I 100 200 300 ANGLO AMERICAN – SHARE PRICE PERFORMANCE X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X At Retirement Anglo American Peer 3 Peer 1 Peer 4 Peer 2
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