UK private and public sector entities have accelerated their investments in Angola in recent months to enhance the southern African country’s critical mineral value chain, seeking robust returns and a secure supply of metals for clean energy applications. In April, UK investment firm Gemcorp announced plans to raise one billion dollars in debt investments to support critical projects, including mining in Angola and other mineral-rich nations like the Democratic Republic of the Congo.

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]

Specifically, British companies are tapping into Angola’s vast – and largely untapped – rare earth elements (REEs) potential, as global demand expands, driven by electric vehicle applications. By 2029, Africa is projected to account for 9% of the global share of REEs, with countries such as Angola, Tanzania and Mali leading growth. UK mining firm Pensana is advancing its Longonjo Project – supported by $80 million in funding from Angola’s sovereign wealth fund – with first production expected in 2026. Additionally, UK asset manager M&G Investment increased its stake in Pensana to 23% with a $10-million investment in 2023, supporting Angolan developments including the Coola Carbonatite and Sulima West exploration projects. British multinational Anglo American is also conducting rare earth exploration in Cunene Province. At CMA 2024, UK-AO Connect will lead and engage in discussions on Angola’s rare earths potential, highlighting prospects for UK and global companies.

Funding and mining expertise provided by UK companies are also playing a crucial role in advancing Angola’s copper and cobalt mining industries. British-Australian multinational Rio Tinto is exploring copper in Moxico Province, while London-based Anglo American is executing copper and cobalt exploration campaigns under mining investment contracts signed with Angola in November 2019. UK Export Finance is backing the revitalization of Angola’s critical transportation infrastructure to facilitate the export of these minerals, as part of a €415-million finance package announced in December 2023.

Additionally, Angola will benefit from a $1.2-million finance package announced by British High Commissioner to South Africa Antony Phillipson during last year’s edition of the CMA Summit, aimed at supporting in-country critical mineral processing and mid-stream value addition across southern Africa. Meanwhile, the UK government is further intensifying its investment focus in Angola and across Africa, following a critical minerals cooperation agreement signed with Japan in October 2023, which serves to support collaboration on resilient, transparent and sustainable critical mineral supply chains for both countries. Amid growing demand for energy transition minerals and metals – and the UK’s interest in Angola’s market potential –  CMA 2024 represents the ideal platform for British and Angolan companies and investors to maximize cooperation on mining industry expansion.