Africa launches critical minerals group
By BUUMBA CHIMBULU
GLOBAL leaders in the critical minerals industry have launched the Critical Minerals Africa Group (CMAG) to foster deeper relationships between Africa and global markets and empower companies operating in Africa’s critical minerals space.
This is expected to unlock Africa’s full critical minerals potential.
CMAG’s mission is to foster deeper relationships between Africa and global markets, thereby enabling the creation of resilient and diversified critical minerals supply chains that benefitted communities in which they are extracted.
It would also work with industry and governments to help remove barriers to market entry across Sub-Saharan Africa, create more enabling business environments, promote sustainable growth and localisation of benefits, and support the creation of green value chains on the continent.
CMAG would act as a bridge between the private and public sectors while enabling greater interconnectivity with western markets.
Commenting on the development, CMAG Chief Executive Officer, Veronica Bolton Smith said there was an equally large opportunity for international firms to ramp up their exposure to African markets and capitalise on the enormous growth potential Africa offers.
Ms Smith said CMAG had been launched to empower these stakeholders with the tools, knowledge, and relationships they need to succeed
“I am delighted to be part of a world-class team determined to foster deeper relationships between Africa and global markets and put Africa at the heart of international discussions surrounding critical minerals and associated supply chains.
“There is a huge opportunity for African businesses and governments to become global leaders in an industry which is of ever-increasing significance to the world economy, something that would be to the benefit of communities across the continent,” she said.
Sub-Saharan Africa is believed to be home to approximately 30 percent of the volume of proven critical minerals reserves globally.
The International Energy Agency predicted that as markets around the world place an ever-greater emphasis on green technology, demand for nickel will double, demand for cobalt will triple, and demand for lithium will rise tenfold.
If harnessed properly, the International Monetary Fund estimates that increased commodity revenues alone could increase Sub-Saharan Africa’s GDP by 12 percent or more by 2050.
