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Africa should attract $50 billion for critical minerals by 2040, according to the IEA

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L'Afrique devrait attirer 50 milliards de dollars pour les minéraux critiques d'ici 2040 selon AIE

Africa, which holds 30% of the world's reserves of critical minerals, is expected to attract $50 billion of investment in minerals production by 2040, according to a recent report by the International Energy Agency (IEA). As the global transition to clean energy gathers pace, the continent's vast deposits of copper, cobalt, lithium and graphite position Africa as a key player in the supply of materials essential to electric vehicles, batteries, solar panels and wind power. However, the IEA urges African nations to act quickly to turn this potential into concrete projects to maximise the economic benefits.

The IEA's Global Critical Minerals Outlook 2025 report highlights Africa's growing role in the global supply chain, with countries such as the Democratic Republic of Congo (DRC) and Zambia leading the way in copper and cobalt production, while new suppliers of lithium and graphite are emerging. The report forecasts that the majority of the $50 billion in investment will target copper, with cobalt attracting around $4 billion. By 2024, the African mining sector is expected to generate $50 billion in revenues, compared with $16 billion for mineral refining. By 2040, the combined value of mining and refining could reach $83 billion, driven by growing global demand for clean energy technologies.

The IEA presents two scenarios for the future: the Stated Policies Scenario (STEPS), based on current climate policies, and the Announced Commitments Scenario (APS), incorporating commitments not yet implemented. In both cases, Africa's mineral wealth positions it as a pillar of global supply chains. However, the continent still lags behind regions such as Central and South America, North America and Indonesia, which are each expected to attract $100 billion of investment in production by 2040, mainly in copper, nickel and lithium.

To bridge this gap, African governments are taking steps to improve geological data, attract investment and diversify partnerships. Although China remains a dominant player in Africa's critical minerals sector, countries such as Japan, South Korea, the European Union and the United States are increasing their presence.

Despite its wealth of resources, Africa faces challenges in turning interest into concrete projects. The IEA stresses the need to act more quickly to develop exploitation and refining infrastructures. Many African governments are focusing on local processing to increase added value. For example, the DRC has introduced policies to encourage local cobalt refining, with the aim of retaining more economic value in the country.

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However, these ambitions require substantial investment in infrastructure, skills development and regulatory frameworks. The IEA stresses that African countries need to strengthen data collection and project implementation to remain competitive on a global scale.

The IEA report makes a clear call to African nations to seize this opportunity. "Africa's critical minerals are essential to the global energy transition, but the continent must act quickly to turn this potential into reality," says the report. By improving regulatory frameworks and promoting public-private partnerships, African countries can enhance their attractiveness to investors while ensuring sustainable economic gains.

As global demand for critical minerals intensifies, Africa is at a crossroads. With strategic reforms and collaborative efforts, the continent can not only secure $50 billion in investment by 2040, but also establish itself as a leader in the clean energy economy, stimulating growth and development for its people.

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