In the wake of the violence at South Africa’s Marikana platinum mine. Africa investors may be uncomfortable holding mining industry shares in their portfolios.

Recent market performance suggests that those who avoid investing in the industry are, on average, further ahead than those who do.

Most global investors still treat Africa as a commodity play. They overlook the continent’s increasing political stability, improved governance, and burgeoning middle class. Instead, they focus on the treasure trove of copper, iron, oil, and gold that will fuel the growth of emergent economic superpowers like China and India. As an investor, I’m uncomfortable with this bias for three reasons. Mining stocks are risky, dirty, and most investors don’t need them.