Africa's minerals are at the centre of a global scramble, from gold's record-breaking surge to the soaring demand for cobalt, copper, graphite and rare earths. Africa has entered a new era in the global minerals economy. Home to 30% of the world's critical minerals, the continent has been seen as no more than a source of raw ores to distant industrial centres; but times are changing. Africa is now the focal point of a geopolitical, economic and technological scramble driven by the energy transition, the race for electric vehicles and the reconfiguration of global supply chains. From cobalt in the Democratic Republic of Congo to copper in Zambia and graphite in Tanzania, African minerals have become indispensable to the world's decarbonisation ambitions.
The continent's reserves are vast, its production is rising, and its strategic importance has never been greater.
And the story unfolding today is increasingly one of beneficiation, processing and industrialisation; a remarkable shift championed by African institutions such as the African Export-Import Bank (Afreximbank), which is investing heavily to ensure that Africa captures more value from its mineral wealth.
As global demand intensifies, African governments, financiers and private sector actors are pushing to transform the continent from a supplier of raw materials into a competitive hub for mineral processing, battery manufacturing and green industrialisation.
Originally published by African Business.