Boasting the world’s sixth-largest graphite reserves – a key input in the battery manufacturing process – Tanzania is strengthening cooperation with global mining firms and investors to expand its role in the global energy transition. In September 2024, Tanzanian company Black Rock Mining signed several financing agreements – including with the Development Bank of Southern Africa, the Industrial Development Corporation of South Africa, CRDB Bank and South Korean steel firm POSCO – to expedite the development of the 213-million-ton Mahenge Graphite Project.

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].

Having secured financial backing from the Japan Organization for Metals and Energy Security for the Kabanga Nickel Project in October 2024, Tanzania is fast-tracking partnerships with international entities to diversify its critical minerals production. The project also received financial support from the U.S. International Development Finance Corporation, after producing first nickel, copper and cobalt in July this year. Meanwhile, the Kabanga Nickel Project’s operators Lifezone Metals and BHP received approval in April to develop and operate metal refineries at the mine.

In Tanzania’s rare earths sector, Peak Rare Earths signed a $63-million financing agreement with global mining company Shenghe Resources to accelerate development of the Ngualla Rare Earth Project. Building on an offtake agreement signed in June 2024 between the two companies, the new agreement is set to facilitate a final investment decision by December of this year. With the funding, Peak Rare Earths will not be required to raise additional capital through equity funding, with any additional project development costs set to be raised through a debt facility arranged with Shenghe Resources.

On the logistics front, Tanzania signed an agreement with Zambia and China in September 2024 to modernize and expand the Tanzania-Zambia Railway. The project aims to ensure efficient transportation of critical minerals to Chinese buyers via the Dar es Salaam port. The U.S. State Department also announced plans to fund the extension of the Lobito Corridor – a logistics network linking the DRC, Zambia and Angola – through to Tanzania, ensuring optimal transportation and monetization of Tanzania’s mineral deposits.

Amid these developments, CMA 2024 provides the premier platform for Minister Mavunde to strengthen existing partnerships and forge new strategic alliances to enhance Tanzania’s critical mineral supply chain. During this year’s summit, the Minister is expected to drive discussions around finance, circularity and environmental, social and governance standards in the mining sector, as well as leading investment opportunities.