By Edson Baraukwa | Africa Guardian
The Critical Minerals Africa (CMA) 2024 Summit launched today in Cape Town, featuring market insights from leading research firms Project Blue and Rystad Energy, along with the World Bank, focusing on the evolving African mineral market.
Nils Backeberg, Founder and Director at Project Blue, discussed how global geopolitical shifts and the rising demand for minerals essential to green energy technologies are reshaping Africa’s mineral landscape. He highlighted that policy changes in countries like Botswana, Mozambique, the U.S., and across Europe are redefining mineral trade and investment pathways, with impacts on Africa’s strategic role in global supply chains.
Backeberg noted the influence of U.S.-China trade tensions and similar dynamics involving Europe and Japan, which may accelerate investment in Africa’s mineral supply chains. Tanzania, in particular, is emerging as a key site in the competition for Southern African minerals. Recent U.S. efforts to expand the Lobito Corridor across Angola, Zambia, the Democratic Republic of Congo, and into Tanzania, coupled with China’s agreement with Tanzania and Zambia on the TAZARA railway, underscore Africa’s pivotal role in global mineral strategies.
“Africa offers significant geopolitical opportunities, but supply chain complexity is increasing,” Backeberg remarked. The ongoing boom in the electric vehicle market is also expected to drive investments in Africa’s copper, lithium, and cobalt industries, with China leading this demand surge, followed by Europe, while U.S. demand may moderate due to political shifts.
Martin Lokanc, Senior Mining Specialist at the World Bank, addressed the implications of Africa’s rapid urbanization and population growth on its critical mineral sector. With an expected 60% of the global population residing in cities by 2050, demand for essential minerals will intensify, placing Africa and India at the forefront of supply. “Decarbonization is disrupting energy systems worldwide, increasing the need for minerals, especially from Africa,” Lokanc noted. He emphasized that copper demand is set to double by 2050, presenting a valuable growth opportunity for African nations, particularly the DRC and Zambia.
Lokanc also advocated for enhanced local beneficiation processes to ensure mining profits contribute to local economies, stressing that many mineral-rich regions remain among the world’s poorest.
Erik Holm Reiso, Senior Partner and Head of EMEA at Rystad Energy, highlighted Africa’s critical role in addressing the global metals shortage, with lithium demand projected to multiply twelvefold by 2050.
Additionally, Wade Cherwayko, Co-founder and Director of Tronic Metals Ltd, urged stakeholders not to overlook African oil and gas, which, he argued, are essential to stabilizing power supplies for critical mineral production and supporting Africa’s broader energy diversification goals.
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