Africa hosts an estimated $29.5 trillion in mineral value, based on mine-site evaluations, a new report found, accounting for a fifth of global mineral wealth. About $8.6 trillion of these mineral assets remain undeveloped, according to the Africa Finance Corporation.
Iron ore, gold, potash, and phosphates are the minerals whose value are the largest contributors to Africa’s undeveloped endowment. Some African countries, such as DR Congo and Zambia, host the world’s largest reserves for some of these minerals, making their development of crucial interest to global markets.
AFC cites energy availability as the “single most binding constraint across Africa’s minerals sector” and called for investments in power transmission and distribution infrastructure to support mining development. Efficiently developing mineral sites is necessary for Africa’s own industrialization, infrastructure expansion, food security, and energy systems, AFC argued.
