Bill Gates and Jeff Bezos invest $537 million in rare metals in Africa

During his visit to Africa in December 2024, US President Joe Biden marked a turning point in US strategy. At a time when China is stepping up its investments on the continent, Washington intends to catch up in the race for critical minerals and rare earths, essential for the technologies of tomorrow.

Biden's visit to Angolan President João Lourenço had a dual dimension. On the one hand, it was aimed at strengthening relations between the two countries and promoting the Lobito Corridor, a strategic project for the export of mining resources from the Democratic Republic of Congo (DRC) and Zambia. On the other hand, it carried a political message to his potential successor, Donald Trump, insisting on the importance of not ignoring Africa.

This initiative comes at a time when the Chinese Foreign Minister is touring four African countries (Namibia, Republic of Congo, Nigeria and Chad), demonstrating Beijing's determination to maintain its lead on the continent.

Biden is counting on the support of wealthy Americans to strengthen the US presence in Africa. Investors such as Bill Gates and Jeff Bezos are actively involved in financing mining projects. KoBold Metals, a company backed by Gates and Bezos, recently raised $537 million for copper exploration in Zambia. The company plans to develop a mine by 2030, aiming for strategic value in global supply chains.

Similarly, Lifezone Metals, listed on the New York Stock Exchange, is investing in the Kabanga nickel project in Tanzania, with production destined for the US market from 2026. These initiatives mark a belated but determined awareness of the need to secure supplies of critical minerals, in the face of a China that already controls a large share of the world market.

The United States is now paying for the strategic mistakes of the 2010s, when it abandoned several mining assets in Africa. The emblematic example is the sale by Freeport-McMoRan of the Kisanfu copper-cobalt deposit in the DRC, acquired by the Chinese giant CMOC.

In response, Washington is trying to diversify its sources and develop projects in regions less dominated by China, such as Uganda and Mozambique for graphite. However, these projects take several years to become fully operational, maintaining dependence on Chinese suppliers in the short term.

A major obstacle to the American strategy lies in the difference in approach compared with China. The United States favours extracting minerals and exporting them to its territory for processing, whereas many African countries are seeking to develop their industrial capacity locally.

"Africans no longer want to be exporters of raw materials alone. They want partnerships that include local processing, thereby creating jobs and local added value", explains an industry analyst.

In this sense, the American strategy could clash with the aspirations of African countries to strengthen their economic sovereignty.

While China maintains a comfortable lead in critical minerals, the United States is seeking to establish itself as a credible partner for Africa. The revival of projects such as the Lobito Corridor, combined with private funding, could help to narrow the gap. However, Washington will have to adapt its approach to meet the expectations of a continent undergoing rapid economic change.

Africa is now at the heart of the geo-economic rivalry between the great powers, and its strategic position in the industries of tomorrow is growing all the time.