The global race to secure the minerals powering artificial intelligence, clean energy and advanced defence technologies is accelerating. Africa should be one of its biggest winners.
The continent holds more than a quarter of the world’s known critical mineral reserves, including some of the richest deposits of copper, manganese, bauxite and lithium.
Yet fewer than one in every 10 critical mineral projects has secured financing or advanced beyond the feasibility stage, according to a new McKinsey report.
The report warns that unless African countries fix long-standing infrastructure, financing and policy challenges, the continent risks missing one of the biggest mining investment opportunities in decades despite holding many of the minerals the world increasingly depends on.
Demand for energy-transition minerals is projected to grow by an average of 4.5% annually through 2035 as governments and companies invest heavily in artificial intelligence infrastructure, electric vehicles, renewable energy and advanced manufacturing.
