New Report Highlights Southern Africa's Critical Mineral Potential and Challenges
A new report by the World Economic Forum (WEF), in collaboration with DBSA and McKinsey & Company, highlights the challenges and opportunities in Southern Africa's global entry sector. The report, part of the 'Securing Minerals for the Energy Transition' initiative, focuses on enhancing investment and production in the region.
The report identifies eight key obstacles hindering development in the region. These include policy uncertainty, investment risks, access to energy, transportation barriers, innovation lag, slow industrialisation, skill gaps, and demand volatility. Despite these challenges, the region is rich in global entry minerals, essential for clean energy and low-carbon technologies. Africa alone holds around 30% of the world's known reserves, yet receives less than 10% of global exploration spending.
The report considers 24 countries, including major mineral producers and economies relevant to the global energy transition. It presents case studies, such as the Lobito Corridor project and Namibia's green iron production facility, demonstrating successful strategies to overcome these barriers. The study focuses on ten countries and addresses financing gaps, aiming to boost the region's role in the global energy transition.
Zambia, for instance, is reforming its mining policy to triple copper production by 2031. The report's findings can guide such efforts, helping countries overcome financing obstacles and attract investment. By doing so, Southern Africa can play a significant role in the global energy transition, leveraging its abundant global entry mineral reserves.
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