Demand for energy transition metals such as lithium, cobalt and copper is expected to soar fourfold by 2030 due to the rapid adoption of clean energy technologies such as electric vehicles. The upcoming Critical Minerals Africa (CMA) 2024 Summit will highlight the continent's cobalt, copper and lithium production as Africa ramps up the development and monetization of critical minerals to capitalize on the growing demand for economic growth. A specialized panel discussion on activity trends will be held.
The session, titled “Energy Transition Technologies and Critical Materials: Spotlight on Lithium, Copper and Cobalt,” featured market researcher and CMA 2024 partner Project Blue founder and director Nils Bakkeberg, Sr. Featuring insights from analyst Leithumetse Shalare and research analyst Lois Mpangala, it explores Africa’s evolution. Critical mineral value chain.
The Critical Minerals Africa 2024 Summit, to be held from 6 to 7 November, will help position Africa as a leading investment destination for critical minerals. The event will be held in parallel with the Africa Energy Week: Investing in Africa Energy 2024 conference, which will be held from 4 to 8 November, and will invite participants to explore energy, mining and finance in Cape Town. You will have access to the full range of readers. Sponsors, exhibitors and attendees can contact sales@energycapitalpower.com for more information.
Africa, which has the world’s largest cobalt reserves, with 6 million tonnes of the world’s 11 million tonnes in the Democratic Republic of the Congo (DRC) alone, is renewing investment across the cobalt value chain. Swiss mining company Glencore is introducing new technology to maximize cobalt production at its DRC mines as part of an $8 billion multi-year plan announced in 2021. In March 2024, the company introduced proximity detection technology from technology company Nutrax to advance exploration and development activities at the mine. The KTO mine is in line with the goal of increasing the project’s production to 30,000 tons per year.
Chinese companies Sinohydro and China Railway announced plans to invest $7 billion in the Sicomines cobalt mine in January 2024 in exchange for a 68% stake in the mine. South Africa’s Marula Mining is proceeding with geological exploration at the Mansena-Creis River Cobalt Project after acquiring a 51% stake in the project in July 2024. Meanwhile, global mining company Anglo American is considering a cobalt project in Zambia, one of the world’s leading countries. Largest producer of important minerals.
African copper-rich countries, which account for 21% of global copper production, are accelerating cooperation with global investors to expand their market share. In the Democratic Republic of the Congo, the world’s third largest copper producer, Chinese company CMOC will carry out the third expansion of the Tenke Fangourmet mine, increasing copper production to 570,000 tons in 2024 and by 2026. The aim is to double the production to 1 million tons. Zambia, Africa’s second largest copper producer, has set a target of increasing production to 3 million tonnes by 2031. The country has numerous projects across the value chain with companies such as Ivanhoe Mines, Galileo Resources, Tertiary Minerals and Vedanta Resources. , Noronex, Konkola Metals, Jubilee Metals.
In the lithium sector, Africa’s global market share is expected to increase from 4% to 10% in 2024 due to new investments. Zimbabwe, which has one of the world’s largest lithium reserves, aims to build a $12 billion economy based on its mining sector. In July 2024, state-owned Kubimba House signed a $310 million deal with Chinese and British investors to build a 3 million tonne per year lithium processing plant at the Sandawana mine. Meanwhile, in Zambia, UK-based First Africa discovered commercial lithium at its Musika project in October, and mining company Atlantic Lithium received approval for Ghana’s Ewoyaa project in September 2024. Companies such as Kazaly Resources and Andrada Mining are developing lithium in Namibia. Several exploration campaigns to unlock the potential of the country.
The CMA 2024 Summit Panel will therefore highlight the lucrative opportunities in Africa’s lithium, cobalt and copper markets, and highlight the importance of collaboration with global companies and investors to advance the continent’s supply chains.
