Demand for energy transition metals like lithium, cobalt and copper is expected to surge fourfold by 2030, driven by the rapid deployment of clean energy technologies such as electric vehicles. As Africa intensifies the development and monetization of its critical minerals to capitalize on the growing demand for economic growth, the upcoming Critical Minerals Africa (CMA) 2024 summit will host a dedicated panel discussion on trends within the continent’s cobalt, copper and lithium activities.
Titled Energy Transition Technologies and Critical Materials: Spotlight on Lithium, Copper, and Cobalt, the session will feature insights from market researcher and CMA 2024 partner Project Blue’s Founder and Director Nils Backeberg, Senior Analyst Reitumetse Chalale and Research Analyst Loyce Mpangala, exploring Africa’s evolving critical minerals value chain.
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.
Boasting the world’s largest cobalt reserves – with the Democratic Republic of the Congo (DRC) alone holding 6 million metric tons out of the world’s 11 million metric tons –, Africa has renewed investments across the cobalt value chain. Swiss mining firm Glencore is deploying new technologies to maximize cobalt production at its DRC mines as part of an $8 billion multi-year plan unveiled in 2021. In March 2024, the firm installed technology firm Newtrax’s proximity detection technology to advance its E&P activities at the KTO Mine, falling in line with a goal to increase the project’s output to 30,000 tons per annum.
Chinese firms Sinohydro and China Railway announced a $7 billion investment plan for the Sicomines Cobalt Mine in January 2024, in exchange for a 68% stake in the mine. South Africa’s Marula Mining is advancing geological studies at the Mansena Kruisriver Cobalt project after acquiring a 51% stake in the project in July 2024. Meanwhile, global mining company Anglo American is exploring cobalt projects in Zambia, a country that serves as one of the world’s largest producers of the critical mineral.
Accounting for 21% of the global copper production, copper-rich countries in Africa are accelerating cooperation with global investors to bolster their market share. In the DRC – the world’s third largest producer of copper – Chinese firm CMOC aims to double its copper output to 570,000 tons in 2024 and 1 million tons by 2026 by implementing third phase expansion at the Tenke Fungurume Mine. Zambia – Africa’s second-producer of copper – has set a goal to increase output to 3 million tons by 2031. The country is deploying a number of projects across the value chain with firms such as Ivanhoe Mines, Galileo Resources, Tertiary Minerals, Vedanta Resources, Noronex, Konkola Metals and Jubilee Metals.
In the lithium space, Africa’s global share of the market is projected to increase from 4% to 10% in 2024 due to new investments. Zimbabwe, home to one of the largest global lithium reserves, is aiming to create a $12 billion economy on the back of its mining sector. In July 2024, state-owned Kuvimba House signed a $310 million agreement with Chinese and British investors to build a three-million-ton-per-annum lithium processing plant at the Sandawana Mine. Meanwhile, in Zambia, UK-based First Africa discovered commercial lithium at the Msika Project in October, while mining company Atlantic Lithium received approval for the Ewoyaa Project in Ghana in September 2024. In Namibia, firms such as Cazaly Resources and Andrada Mining are deploying several exploration campaigns to untap the country’s potential.
As such, the CMA 2024 summit panel will spotlight Africa’s lucrative opportunities in the lithium, cobalt and copper markets, highlighting the importance of collaboration with global companies and investors to advance the continent’s supply chain.
