AFC reveals Africa’s mineral wealth is $29.5tn but underutilised, urging infrastructure and industrialisation to capture full economic value

The Africa Finance Corporation (AFC) has revealed that the continent’s mine-site mineral value is estimated at $29.5 trillion, accounting for roughly 20 per cent of global mineral wealth, yet Africa captures only a fraction of this economic potential.

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The AFC, which supports infrastructure and industrial investments across the continent, launched the report Compendium of Africa’s Strategic Minerals at the Mining Indaba in Cape Town.

The study found that $8.6 trillion of Africa’s mineral wealth remains undeveloped due to fragmented geological data, limited transparency, and uneven coverage, which elevate investment risks.

AFC President and Chief Executive Officer, Samaila Zubairu, said the report reframes Africa’s mineral sector through a development lens, linking reserves, processing capacity, transport networks, and power infrastructure to long-term regional demand.

“The Compendium maps full value chains to de-risk exploration, lower capital costs, and guide smarter investment into mining and the enabling infrastructure needed for beneficiation and integrated regional value chains,” Zubairu said.

The study emphasises that mine-site valuations significantly understate Africa’s true mineral potential, as the value created when raw materials are processed into steel, aluminium, fertilisers, batteries, and alloys is excluded.

When industrial use is considered, Africa’s mineral endowment expands exponentially, revealing substantial latent value.

According to the report, mineral production, enabling infrastructure, and demand rarely co-locate, creating dependency on global cycles, particularly Asia, rather than African industrial needs.

This misalignment has led to production quotas, shutdowns, and volatile prices in cobalt, manganese, and steel markets across the continent.

The AFC Compendium places infrastructure at the heart of mineral strategy. Reliable power, transport connectivity, and industrial land availability are identified as crucial for beneficiation and the development of regional industrial platforms.

The report highlights key opportunities, including rare earth magnet metals in Angola, graphite and anode feedstock in Mozambique, battery-grade manganese sulphate projects in Southern Africa, and uranium production in Namibia and Malawi.

Zubairu stressed that strategic infrastructure investments in shared rail corridors, cross-border power transmission, and integrated logistics corridors could unlock scale, reduce costs, and strengthen Africa’s competitiveness in global low-carbon industrialisation.

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The report concludes that capturing Africa’s mineral wealth requires coordinated planning, industrialisation, and investment in infrastructure to translate endowment into economic growth, employment, and regional development.