DOWNLOAD THE MINING EXECUTIVE APP NOW
"Global Mining Descisions in Your Palms"
As the world pivots towards sustainable energy solutions, Africa’s vast reserves of critical minerals are attracting a surge of global investments. The continent is set to host the Critical Minerals Africa (CMA) 2024 summit under the theme Innovate. Enact. Invest in African Critical Minerals to Sustain Global Growth. This important event, scheduled for November 6-7, promises to illuminate the vast opportunities within Africa’s critical mineral resources, drawing the attention of global investors keen on tapping into the continent’s rich potential. The need for cleaner energy technologies is necessitating the demand for critical minerals. Africa, home to 30% of the world’s total critical mineral reserves, stands at the forefront of this global shift. The upcoming CMA 2024 summit, held alongside the African Energy Week conference in Cape Town, aims to position Africa as the premier investment destination for these essential resources.
The Investment Forum, a key feature of the summit, will explore the myriad investment opportunities across the spectrum of critical minerals and rare earth projects. It will spotlight how African governments are forging partnerships with global stakeholders to create a conducive environment for market expansion and infrastructure development.
One standout example is Zambia, Africa’s second-largest copper producer. Over the past three years, Zambia has attracted $10 billion in mining sector investments, propelling the country closer to its ambitious goal of producing one million tons of copper by 2026 and three million tons by 2030.
The Mineral Royalty Tax Reform introduced in 2022, which lowered mineral royalty rates, has catalyzed this investment surge. Highlighting this trend, Jubilee Metals Group recently acquired two operational copper mines to bolster its activities at the Sable Refinery. Canadian firm Ivanhoe Mines is expanding its concentrator at the Kipushi Copper Mine to significantly boost output, while the UAE’s International Resources Holding has pledged $300 million to enhance production at Mopani Mines. These developments underscore Zambia’s burgeoning copper value chain, a focal point of the CMA 2024 Investment Forum.
“Africa’s critical mineral resources present an opportunity for the continent to forge partnerships on infrastructure development and economic growth with global investors. We hope to see an increase in investments flowing into Africa as global mining stakeholders capitalize on the continent’s vast resources and strategic locations to feed the global demand,” stated Rachelle Kasongo, Project Director at CMA-organizer, Energy Capital & Power.
Zimbabwe, too, is making strategic moves to attract investment. By banning the export of raw lithium in 2022, the country aims to foster value addition within its borders, aligning with its goal of contributing 20% to global lithium demand and building a $12 billion economy by 2030. This regulatory shift has sparked a wave of new investments and project launches, with mining revenue soaring from $3.5 billion in 2020 to $9.77 billion in 2023.
Prominent firms like Rwizi Rukuru, Shengxiang Investments, Chengxin Lithium Group, Zhejiang Huayou Cobalt, and Sinomine Resource Group have spearheaded investments in large-scale lithium processing facilities. The upcoming CMA 2024 Investment Forum will spotlight these initiatives featuring key stakeholders from Zimbabwe’s critical mineral sector, showcasing investment opportunities across the lithium value chain.
As the global demand for critical minerals is expected to quadruple by 2030, Africa’s vast reserves present a golden opportunity The continent’s potential is further highlighted by its diverse mineral reserves. South Africa holds 80% of the world’s platinum group metals, Morocco 70% of total phosphate reserves, the Democratic Republic of Congo boasts the largest cobalt reserves, Guinea-Conakry has the second-largest bauxite reserves, and Gabon is home to the second-largest manganese resources. With global demand for critical minerals expected to quadruple by 2030, driven by clean energy technologies, Africa’s strategic importance is undeniable. CMA 2024 will spotlight these resources and the partnership opportunities available to global investors, unlocking Africa’s full potential for GDP growth.
By bringing together energy, mining, and finance leaders, the CMA 2024 summit aims to foster a collaborative environment where innovative ideas can take root, enabling Africa to not only meet global demand but also drive sustainable economic growth. As the world looks to a future powered by clean energy, Africa’s critical minerals will play a crucial role in this transition, making the CMA 2024 summit a landmark event for investors and stakeholders alike.
Conclusively, as CMA 2024 approaches, the narrative is clear: Africa stands as a pivotal player in the global critical mineral sector. With strategic reforms, substantial investments, and an unwavering focus on value addition, the continent is poised to meet the soaring global demand for critical minerals, fostering a new era of economic development and international collaboration.