As such, the upcoming Critical Minerals Africa (CMA) 2024 summit will delve into the continent’s critical minerals industry, examining how the energy transition will boost GDP growth while fostering job creation and sustainable development.

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].

By expanding value addition projects, Africa has the potential to generate an additional $32 billion annually from exports of critical minerals such as cobalt, copper, lithium, nickel and rare earth elements. This potential is poised to boost GDP growth by $24 billion while creating approximately 2.3 million new jobs in the sector.

Recognizing the importance of adding value to raw materials to attract investment and spur economic growth, African nations are prioritizing midstream and downstream projects. For example, Zimbabwe increased its mining revenue from $3.5 billion in 2020 to $9.77 billion in 2023, following its 2022 ban on exporting unprocessed lithium. Boasting Africa’s largest lithium reserves, Zimbabwe aims to build a $12 billion economy by 2030 on the back of its burgeoning lithium industry.

Valued at over $460 trillion, the Democratic Republic of the Congo (DRC) – the world’s top cobalt producer and Africa’s leading copper producer – is well-positioned to utilize its untapped critical minerals resources to drive economic expansion. Global demand for resources used in the development of batteries, such as cobalt, lithium and copper, is set to quadruple by 2030, offering the DRC the potential to attract new investments and bolster GDP growth on the back of its burgeoning critical minerals sector. Major projects in the country include multinational mining company Glencore's $8 billion expansion at the KTO Mine, Chinese construction enterprise the China Railway Construction Company and state-owned Sinohydro's $7 billion Sicomines Project and China’s CMOC's $2.5 billion Tenke Fungurume expansion project.

Zambia – Africa’s second-largest copper producer – continues to record a surge in investments, attracting $10 billion in new capital over the past three years. With a target of increasing copper production to 3 million tons annually by 2031 through enhanced cooperation with global stakeholders, the critical mineral sector has the potential to bolster the country’s GDP expansion. Recent large-scale investments set to drive Zambia towards its production increase target include mining company KoBold Metals’ $2.3 billion investment in the Mingomba Copper Mine and resources extractive company International Resources Holdings' $1.1 billion investment in the Mopani Mine.

Amid these developments, the CMA 2024 summit will host panel discussions showcasing the mining sector’s contribution to Africa’s GDP expansion. These dedicated panel discussions will highlight lucrative investment opportunities in the sector while showcasing the potential for Africa to play a major role in driving the global energy transition.