Southern Africa's Critical Minerals: Key to Global Energy Transition
A new report by the World Economic Forum (WEF), DBSA, and McKinsey & Company highlights the potential of Southern Africa's critical minerals in the global energy transition. Despite holding around 30% of the world's known reserves, the region receives less than 10% of global exploration spending. The report focuses on ten countries and addresses financing gaps, using successful projects like the Lobito Corridor as case studies.
The Lobito Corridor project, involving Angola, the Democratic Republic of Congo, Zambia, SADC, CFB, and mining firms, aims to improve regional connectivity and mineral transportation. This public-private collaboration seeks to overcome transportation barriers and enhance access to energy, two significant hurdles identified in the report.
The report also praises Zambia's mining policy reform, which targets a threefold increase in copper production by 2031. This ambition addresses the region's innovation lag and industrialisation pace, further obstacles to development. Other challenges mentioned include policy uncertainty, investment risks, skill gaps, and demand volatility.
The report underscores the importance of Southern Africa's critical minerals in the global clean energy and low-carbon technology sectors. By tackling financing gaps and addressing identified barriers, the region can enhance its role in the global energy transition. Successful projects like the Lobito Corridor and Zambia's mining policy reform offer valuable insights into overcoming these challenges.
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