The oak-panelled hall of the University of Cambridge Economics Society was filled to capacity—a blend of economists, business leaders, engineers, and environmentalists gathered to hear a perspective rooted in both the red soils of Africa and the boardrooms of global finance.
Anthony Blumberg, Chairman and Chief Investment Officer of the Blumberg Family Trust and Blumberg Family Office, has spent decades shaping the conversation around natural resources, sustainability, and ethical investment.
Hailing from South Africa, he has dedicated much of his life not only to responsible mining but also to philanthropy—from supporting nature conservation across sub-Saharan Africa to championing clean water, healthy rivers and oceans, and thoughtful stewardship of the land. His commitment extends beyond Africa to similar initiatives in Latin America, Southeast Asia, and beyond, all while building schools, technical colleges, and agricultural institutes designed to empower local communities.
Known to peers as a "long-arc investor"—someone who thinks in decades and generations rather than quarters or years—Tony Blumberg brings a uniquely reflective tone to global economics. This discussion, equal parts gravitas and good humour, explored what he calls the dawn of the metal-dollar era—a period when rare earths, not oil, will shape the currency of power.
Here is a look at that conversation:
Moderator:
Everyone's talking about rare earths and critical minerals, but few can clearly define them. Why have they become so essential to modern life?
Blumberg:
Because without them, modern life simply stops. There's no artificial intelligence, no electric vehicles, no renewable energy grids. The entire digital architecture depends on materials most people have never heard of—neodymium, dysprosium, vanadium, lithium, and cobalt—to name but a few. They are the hidden scaffolding of our civilisation.
Think of it this way: before you can upload to the cloud, you must dig the ground. Every digital dream begins with a physical act of discovery. The world speaks of the "virtual economy," but there's nothing virtual about the copper in a cable or the rare earths in a magnet. Progress begins in the soil.
"Rare earths are the hidden backbone of modern technology—ubiquitous in impact, invisible in sight, and stubbornly elusive in extraction."
Moderator:
Rare earth elements are at the center of technological and geopolitical discussions today. Could you explain why they are so difficult to mine and refine, where the main reserves are, and the strategic challenges the industry faces moving forward?
Blumberg:
Rare earths are like the hidden gears in a Swiss watch—out of sight, but without them, nothing ticks. Mining them is tricky because deposits are low-grade, and the elements are chemically similar, making separation a painstaking puzzle. Refining is energy—and waste-intensive, which is why China currently leads, having perfected the process over decades. Elsewhere, costs and regulations slow progress. The challenge is clear: diversify supply chains and find cleaner, more sustainable methods. Rare earths are abundant yet elusive—the invisible backbone of our technology.... and the quiet engine driving our green and digital future. Without them, your phone, your electric car, even your watch, simply wouldn't work.
Moderator:
You've said before that we're moving from the age of the petrodollar to something new. What do you mean by that?
Blumberg:
For much of the last century, the petrodollar defined geopolitics and growth. Energy, and specifically oil, was the lifeblood of global power. Today, that axis is shifting. We're entering what I call the era of the metal dollar—where critical minerals and rare earths are not optional but indispensable, powering everything from clean energy and artificial intelligence to defense, supercomputing, satellite systems, space exploration, and an entire universe of technologies that would collapse without them.
But with that shift comes a profound responsibility. We cannot afford to repeat the mistakes of the oil age: unchecked exploitation, environmental neglect, or short-termism. This time, we know better. The resources beneath our feet are valuable, yes, but so too are the ecosystems and communities that stand above them.
Moderator:
Mining has often struggled with its environmental legacy. You've been outspoken about rewriting that narrative. What does that look like in practice?
Blumberg:
It begins with honesty. Our industry's past isn't spotless, and it never will be unless we confront it openly. My generation's responsibility is to rebuild trust through tangible action, not slogans.
I grew up in Africa, where the relationship between people and land is intimate and sacred. You don't simply take from the earth—you belong to it—you're one with it. That philosophy shapes everything I do. Whether it's investing in clean water, malaria prevention, or education, our goal is to ensure that when we leave, we leave behind stronger ecosystems and better livelihoods.
Sustainability is not a department—it's the DNA of good business. If nature and people thrive, the enterprise will thrive too.
I often tell our teams, "If the earth's happy with us, the shareholders usually are too."
Moderator:
You're often described as a "long-arc investor." What does that mean to you?
Blumberg:
It means thinking in generations, not in quarters. In an age of short-termism, I prefer the discipline of patience. I've always believed that true investment should compound not only capital but capability.
That's why we build schools, vocational colleges, even agricultural and mining universities in the regions where we operate. The goal is that the local population becomes the next generation of engineers, geologists, and business leaders. As we grow, they grow—and as they prosper, so does the community.
Legacy should be a springboard, not a sofa.
Moderator:
And philanthropy—how do you see that fitting into your broader philosophy?
Blumberg:
Philanthropy and business are not opposites; they are complements. In many parts of the world, especially in sub-Saharan Africa, where I was raised, the two must coexist.
For me, giving back isn't an act of charity—it's an act of continuity. Whether it's helping fund malaria research, supporting wildlife conservation, or providing scholarships for young engineers, it's all part of the same ecosystem. A healthy community produces a healthy economy.
Audience Q&A
Following the interview, Tony Blumberg took some questions from several students in the audience:
Student 1:
Sir, you mentioned empathy as the key to the future of mining. How do you translate that into strategy?
Blumberg:
Empathy is the new intelligence. It's about seeing the world through another's lens—a local farmer, a village elder, a young graduate. When you understand what they value, you can align your goals with theirs. That's how trust is built, and trust is the most undervalued asset in any balance sheet.
Student 2:
Do you think technology—AI, automation, data—will make mining more humane or less?
Blumberg:
Technology is neutral; it's the intent that gives it direction. Used wisely, AI and automation can make mining safer, cleaner, and more efficient. Used carelessly, they can deepen inequality. The challenge is to ensure that progress uplifts everyone, not just the balance sheet.
Student 3:
If you could give one piece of advice to young investors or entrepreneurs here today, what would it be?
Blumberg:
Be curious and be kind. Curiosity keeps you learning; kindness keeps you grounded. Profit fades, but purpose endures. Build something that leaves the world better than you found it—and measure success not just in what you earn, but in what you enable and always remember; Capital is patient, people are not. Invest accordingly and keep showing up, keep getting better. Most people stop at one or the other.
In Closing...
As the conversation at Cambridge drew to a close, the applause lingered. It was clear that for Blumberg, mining is not merely an industry but a calling—a chance to bridge the material and the moral.
From the savannahs of Africa to the world's most distinguished centers of learning—and onto the global policy and business stage at premier forums such as the World Economic Forum, Allen & Co's Sun Valley Conference, and other leading international summit platforms—his message remains clear: progress without purpose is hollow. In a world rediscovering the value of the ground beneath its feet, he reminds us that the rarest resources of all are wisdom, patience, and humanity.
And perhaps that is the true currency of the new age—not the petrodollar, nor even the metal dollar, but the moral one.
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