At the upcoming Critical Minerals Africa (CMA) Summit, a dedicated Trends and Projects Presentation Showcase Area will feature African REE projects, exploring the latest market developments and key strategies aimed at propeling the transition metals industry. Widely dispersed across the continent, REEs are set to play a vital role within broader Africa’s critical minerals sector, with a view to diversifying global supplies and meeting demand for high technology applications.

The Critical Minerals Africa 2024 summit on November 6 - 7 serves to position Africa as the primary investment destination for critical minerals. The event is held alongside the African Energy Week: Invest in African Energy 2024 conference on November 4 - 8, offering delegates access to the full scope of energy, mining and finance leaders in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting [email protected]

“The IEA forecasts demand for rare earth elements to increase by between three to seven times from current levels by 2040. Africa’s growing contributions to this sector present an opportunity to fast-track the energy transition and drive the expansion of local economies on the back of new projects and increased export revenues,” stated Rachelle Kasongo, Conference Director at CMA organizer, Energy Capital & Power.

Among Africa’s projects recently securing investment is the Ngualla Rare Earth Project in Tanzania. Operated by Australian firm Peak Rare Earths, the project raised $63 million in funding for the implementation of its first phase from Chinese importer Shenghe Resources in July 2024. South Africa’s Phalaborwa Rare Earths Project also secured $50 million in December 2023 from the U.S. Government’s International Development Finance Corporation. Once operational in 2026, the project will be the world’s largest, low-cost rare earths production facility.

In neighboring Namibia, state-owned mining company Epangelo signed a joint funding and development agreement with Japan’s Organization for Metals and Energy Security for the Lofdal discovery in August 2023. With up to eight REE mines expected to become operational in Tanzania, Angola, Malawi and South Africa by 2029, Africa’s rare earth industry is poised for new growth and an influx of capital. As the premier deal-signing platform for African critical mineral projects, CMA 2024 will showcase lucrative investment opportunities in the continent’s rare earth sector.