Earlier this month, China pledged over $50 billion in financing over the next three years to support Africa’s strategic sectors, including mining and natural resources, as well as port and transport infrastructure. The funding will be crucial to advancing China’s access to Africa’s critical minerals supplies – which amount to 30% of the world’s total supply – and its position as a global manufacturing hub for clean energy technologies.
The upcoming Critical Minerals Africa Summit in Cape Town will explore the flow of Chinese investment to Africa’s critical minerals sector and the geopolitical dynamics at play. A spotlight session on African copper prospects will highlight China’s contributions to the recent increase in copper output, as the continent’s leading mining players leverage Chinese investment and technology to strengthen their position in the global copper market and meet growing demand for energy transition minerals.
The Critical Minerals Africa 2024 summit on November 6 – 7 serves to position Africa as the primary investment destination for critical minerals. The event is held alongside the African Energy Week: Invest in African Energy 2024 conference on November 4 – 8, offering delegates access to the full scope of energy, mining and finance leaders in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com
Africa accounts for roughly one-fifth of global copper production. In the DRC, where copper production ranks third globally, Chinese firms Sinohydro and China Railway Engineering Corporation are advancing production at the Sicomines Copper Project in Kolwezi. The two firms committed $7 billion in investment to mining operations and infrastructure development, in exchange for a 68% stake in the project in January 2024. China’s CMOC Group is also investing $2.5 billion to expand operations at the Tenke Fungurume and Kisanfu mines, aiming to double copper production to one million tons annually by 2028.
Chinese companies are also operating a series of large-scale projects in Zambia, driving the country closer to its targeted 3 million tons per annum by 2030. In September 2023, China Non-Ferrous Metals Mining Company announced a $1.3-billion investment plan to enhance production at the Chambishi and Luanshya mines. Meanwhile, JCHX Mining plans to invest $300 million in expanding production at Lubambe Copper Mine. JCHX is also involved in contract mining at the country’s Konkola Copper and Chambishi Copper mines.
In South Africa, a consortium of Chinese companies, including HBIS, Tewoo, General Nice and the CAD Fund, operates the Palabora Copper Mine in Limpopo province. The consortium is investing nearly $560 million to extend the mine’s life beyond 2033, advancing South Africa’s agenda to drive economic growth on the back of maximizing production of copper and other critical minerals. CMA 2024 will examine China’s contributions to African copper production and unlock new opportunities for Chinese and global investors in Africa’s expanding critical minerals industry.
