“EY is known for its deep mining and metals sector knowledge, relationships with the industry’s key stakeholders and strong global capabilities.”
Exclusive interview with Lindsey Domingo, Country Managing Partner, Ernst & Young DRC. The company is a bronze sponsor at the upcoming Katanga Mining Week, is contributing several speakers to the programme and Mr Domingo is on the esteemed panel of judges for the inaugural DRC Mining Industry Awards.
Which mining projects that Ernst & Young is involved in in Katanga are you most excited about currently?
We are involved in various mining projects in Katanga and as a leading professional services provider have served in the field of auditing, tax and advisory consulting major players of the DRC mining industry. We are particularly proud of having the opportunity to work with Tenke Fungurume Mining. The completion of such a major project requires passion and commitment, attributes we value at EY.
What makes Ernst &Young competitive in this industry?
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY is known for its deep mining and metals sector knowledge, relationships with the industry’s key stakeholders and strong global capabilities. We understand the key business drivers and challenges facing the mining and metals sector and believe our significant credentials in this industry set us apart: far ahead of our competitors, we serve 28 of the top 30 global Mining & Metals companies ranked by market capitalization, 3 as auditors and 25 as advisors.
What in your view are the main challenges for the mining sector in the DRC?
In line with EY’s latest publication on business risks facing the mining sector by our Global Mining & Metals Center, the most notable challenges facing the DRC mining sector continues to be access to energy (I believe last year’s IPAD touched on the subject and it is in the program this year) and Resource nationalism.
Access to reliable and sustainable sources of energy is delaying the approval of new projects and / or expansion phases of existing projects that could increase significantly the production level and reduce costs for mining companies. As seen in DRC, governments and communities expect more of the sector, and resource nationalism continues to spread over the world. The new mining code under discussion illustrates the government’s desire to have a greater state ownership and participation as well as to capture a larger share of the economic benefits from mining activities. Next to these challenges we could also add the shortage of skilled resources, access to transport and utility infrastructure, complying and operating in evolving regulatory and fiscal environments
What is your vision for the industry?
At EY, we are optimistic about the abundance of opportunities in DRC. The country is known for its huge deposits of mineral ore, including the world’s largest reserves of cobalt (60%) and significant quantities of the world’s diamonds, gold and copper. The potential for growth is considerable and we will continue to foresee significant amounts of foreign direct investment (FDI) to respond to the continued demand for natural resources to support the development, urbanization and industrialization of emerging markets
What surprises you about the mining sector?
The mining sector is fascinating. We have been on several mine tours and are continually amazed at the size and scope of the operations, as well as the engineering involved. Whether it’s an underground mine, or an open pit copper mine with concentrator operations, I think the processes involved are awesome to witness.
Why did you decide to partner with Katanga Mining Week?
Katanga Mining Week is a great platform and source of information. We have seen the growth and interest it has been gaining and we are tremendously happy to partner with Katanga Mining Week for the second year running.
What will be your message at the event? E&Y is doing several presentations.
EY‘s unique presentation will focus on the implementation and impact of OHADA in DRC mining companies. We will highlight the new possibilities for the structuring of investments in the country, which in the long term will boost the economic climate in the country. At EY, we are passionate about the mining and metals industry. Whether you are considering entering the DRC market, expanding or optimizing your existing operations, or improving your governance, compliance or control environment, EY have the right people in the right places with the energy, enthusiasm, skills and experience to assist you in unlocking value.
How important is this event on the DRC’s mining calendar?
It is a very important forum in the DRC’s mining calendar. It is the one event where central, provincial government, mining companies, civil society and any other sectors directly or indirectly related to the mining industry, take the opportunity to dialogue, exchange views and share experience with one another.
You are on the esteemed judging panel for the DRC Mining Industry Awards, what are the criteria that you are following, what are the judges looking for in the winners?
I am both humbled and privileged to have the opportunity to be part of the judging panel for the DRC Mining Industry Awards. I am really looking for distinctive contributions to the mining industry in DRC, those that have brought about a sustainable change and impact for all stakeholders involved.
Anything you would like to add?
We would like to congratulate Katanga Mining week on the excellent job it is doing in boosting the mining industry and in providing opportunities for companies like EY to spread its message of “Building a better working world” across the country.