The wave of resource nationalism is sweeping across the African continent, and China is no exception when it comes to critical minerals in Africa: over the past decade, copper investments have accounted for more than 90% of the growth in new critical mineral project investments across Africa.

¬ Since 2016, copper investment growth has accounted for over 90% of the increase in new critical mineral project investments in Africa.

¬ In 2024, greenfield critical mineral project investments more than doubled, exceeding $7 billion.

¬ Africa’s share of global critical mineral investments rose from 14% to 19%, primarily driven by projects in the Democratic Republic of the Congo (DRC), Zambia, and other emerging producing nations.

The International Energy Agency (IEA) noted in its Friday release of the World Energy Investment Report 2026 that over the past decade, copper investments have dominated new critical mineral project investments in Africa. This trend is particularly pronounced in leading copper-producing countries on the continent—such as the Democratic Republic of the Congo (DRC) and Zambia—where overall industry investment continues to grow steadily.

The report documents how investments in so-called "greenfield critical mineral projects"—mining projects developed at sites with no prior operational infrastructure—have more than doubled. These expenditures grew from approximately $3.5 billion in 2016 to over $7 billion in 2024, with the copper sector accounting for more than 90% of this growth.

The IEA did not detail specific factors behind this trend or provide examples of individual investment surges. However, the agency does link this upward trajectory to growing concerns about structural copper shortages driven by the expansion of energy transition efforts and the rise of artificial intelligence. Last year, the agency warned that copper supply could face a shortfall of up to 30% by 2035—a prospect that has prompted mining companies in recent years to accelerate development of new projects aimed at increasing market supply.

In the Democratic Republic of the Congo, Canada’s Ivanhoe Mines, along with its Chinese partner Zijin Mining, launched the Kamoa-Kakula copper project in 2021, investing billions of dollars, including subsequent expansion phases. Investment in other emerging markets is also rising—for example, Angola began production at its first industrial-scale copper mine in 2025; similarly, Botswana and Namibia are seeing increased activity. The report also highlights Morocco as another investment destination in this field.

Africa is attracting unprecedented attention

In summary, these developments reflect Africa’s growing prominence in global discussions around critical mineral supply. The report notes that Africa’s share of global critical mineral spending rose from 14% to 19% over the past decade. With about 30% of the world’s known reserves of critical minerals—including copper, rare earths, lithium, graphite, and nickel—Africa possesses a vast and diversified resource base, positioning it well to attract even greater investment in the coming years.

Recent progress in certain sectors, especially rare earths, further strengthens this outlook. Projects focused on key metals needed for electric vehicle batteries and wind turbines are emerging across the continent, including in Malawi (Kangankunde, Songwe Hill, and Kasiya), Angola (Longonjo), and Tanzania (Ngualla). Similar trends are evident in the graphite sector, as Western countries seek to reduce their reliance on China’s dominant position in these markets.

Against this backdrop, copper remains a key area of focus, supported by the advancement of large new projects such as Mingomba in Zambia. For producing countries, the challenge lies in translating this surge in investment into broader economic growth. In this context, the importance of localizing resource processing is increasingly evident—but significant obstacles remain before its full potential can be realized.

The IEA stated in the report: “Since 2023, 13 African countries have implemented export bans on critical minerals, aiming to boost local processing capabilities and enhance value chains. Yet despite the proliferation of new projects, investment growth in refining over the past decade has been sluggish, reaching only $2.5 billion in 2024. Water scarcity, insufficient electricity, and lack of infrastructure and human capital continue to hinder the region’s ability to capture a larger share of downstream value.”

Source: ecofinagency

Original article: toutiao.com/article/1866798260132163/

Disclaimer: The views expressed in this article are those of the author(s) alone.