 and introduce to you Jonathan Cordero. Jonathan is head of corporate business development of a great company it's called the Eurasian Resources Group, ERG, that is a natural resource conglomerate operating in Europe, in Kazakhstan, in Russia, Brazil, Sub-Saharan Africa, Congo, South Africa, 19 billion in assets, 7 billion revenues, 85,000 employees so it's a huge company and well if we talk about diversification of raw materials the ERG is one of the first addresses to turn to because they are all over the world and not only concentrated in a few countries so Jonathan the floor is yours. Great to have you here. Thank you Friedbert. It's an honor to be here with all of you and talking about a topic that is not only very close to my heart but also at the core of everything we do at ERG. COP 27 is a testament of our endeavors reinforcing the intent of our society to decarbonize to make the world a better planet for the ones that come after us and every week we can hear about new commitments both from the private as well as from the public sector to net zero some of which we heard very ambitious goals the transition towards electric vehicles let's appreciate where we have come as a society I think we can proud of ourselves and how united we as a society are in the move towards decarbonizing the harsh reality however is that the metals required to make this transition happening are coming from an industry that historically has suffered from a very bad reputation due to social and environmental issues and even bigger problem is that the commodities needed as we just heard and we got a very good wrap up of what is needed and the numbers simply do not exist let me be more precise they do not exist the metals itself exist subsurface untapped undiscovered underdeveloped we need to we need to quickly expand the production and that's where we're gonna struggle most in our industry to hit the net zero global emission goals by 2050 and we had some about 2030 already or 2035 we will need to produce on average six times more material than we'd produced today this means I mean it's a very abstract concept what does six eggs mean it means that 336 new mines predicted currently in development will all together need to come online and start producing to supply the materials needed lithium copper cobalt and so on recycling rates itself are low yes the segment in supply is exponentially growing but we're not substitute primary mining in the short term just ask yourself how many smartphones do you have unused in your own drawer at home we are in the verge of a decade long super cycle and despite some recent setbacks that we had this year and some disruptions the fundamentals have never been stronger yet our industry suffers from a variety of challenges ahead of us depleting resources deteriorating grades the mines existing will eventually come to a halt going concern does not exist in our industry the capital markets are failing junior miners to provide sufficient capital to take entrepreneurial risk and go to untapped territories and make the discoveries needed and the increased focus from investors towards ESG standards leads to funds being not diverted towards the mines that need to be developed that are in countries such as the Democratic Republic of Congo unless investors face the fact that the materials needed will not come from G7 countries the important mines they need to be developed will be continued to be disregarded and not go online which puts all of our plans and great missions at risk we face logistical bottlenecks that are separated by geopolitical tensions we spoke about this a lot today and our industry struggles to attract young talent against the competition of shiny tech companies space discovery or the financial sector I personally cannot think of any more industry that is more purpose driven and making an impact on the world and I think we need to improve here a lot our industry is not very good in adapting new technologies and innovating quickly enough we are behind the curve and notoriously risk averse and last but not least we can still learn a lot about marketing ourselves most people do not realize that in most of the operations we are the only employer we take responsibility for the people in our countries in the host communities we are the ones that built the roads the electricity the water supply the schools the hospitals and very often also the stadiums so let's make mining sexy again the global better transition is the largest purchase order in history probably only comparable with the industrial revolution some 200 300 years ago trillions of dollars will have to be invested in making our plans happen yet we face especially in critical minerals that resource nationalism increases parallel value chains are being built in several countries with several nations to capture vague value locally the value creation itself is very unevenly distributed among the value chain take your example of a typical smartphone which costs you a thousand dollars the materials used in that is typically around 150 to 200 dollar two dollars of this is the price of cobalt the Democratic Republic of Congo accounts for 70% of the production and holds about half of the reserves globally that gives you an understanding of where the value is allocated the global battery transition gives us the opportunity in creating a more balanced and fair distribution of value between the developed and the developing countries and with the increase of demand and the fast need for ramping up production ESG related risks increase at the same rate where states and national policymakers find its natural boundaries global market that participants needs to take responsibility responsibility to protect our environment responsibility to enforce human rights responsibility for the host communities that we operate in in short transparent and responsible sourcing cradle to grave and this means leveling the playing field by agreeing with all market participants with binding rules of engagement for responsible sourcing this is a commitment that end customers demand from us and they are more than right in doing so thank you so much Jonathan that's that's very important that your mind on on on this and well I think it was a great overview