Without a collective vision and a commitment to transparency, Africa's vast mineral resources risk benefiting only the world's major economic powers. This week, the Mining Indaba kicks off in Cape Town, attracting industry leaders, investors and stakeholders keen to exploit the continent's mineral wealth.
Minerals essential to the energy transition, such as cobalt, manganese and graphite, are in high demand. Yet a study by Global Witness reveals that 71% to 81% of cobalt, copper and lithium mining production is controlled by companies from rich countries, relegating Africa to the bottom of the value chain.
For too long, African countries have competed with each other to attract foreign investment, resulting in agreements that are often unfavourable to local populations. However, recent initiatives, such as the African Green Minerals Strategy developed by the African Union in partnership with the African Development Bank and other institutions, aim to structure a more equitable and sustainable approach.
This strategy focuses on creating added value and putting in place legal and institutional frameworks that promote transparency, community involvement and the protection of human rights. By uniting around a common vision, African states could improve their position in negotiations with multinationals and foreign governments.
The current geopolitical context offers a unique opportunity for mineral-rich African countries. While China dominates the strategic minerals industry, the United States and the European Union are trying to catch up by introducing new legislation and establishing strategic partnerships. The countries of the Middle East, meanwhile, are investing heavily to secure their place in the world's energy future.
Africa must demand agreements that go beyond simple extractive models by focusing on local value creation and investment in communities. This means transferring technology, training local people and adopting more environmentally-friendly extraction methods.
To realise this vision, transparency and accountability must be strengthened to attract sustainable investment and ensure that mining wealth benefits citizens. The African Green Minerals Strategy provides a model for establishing resource governance frameworks that transcend national boundaries.
The experience of other resource-rich countries shows that strategic alliances and the sharing of knowledge can strengthen the negotiating power of African nations. The Mining Indaba provides a platform for discussion to promote equitable benefit sharing, community involvement and universal electrification in a context of energy transition.
With the whole world watching, it is essential that the major powers recognise Africa's right to a fair share of its mineral resources, while safeguarding its environmental and economic future.