The Elements of Innovation Discovered
The Elements of Innovation Discovered
Metal Tech News - November 11, 2024
CMAG aims to provide African policymakers, business leaders, and citizens a seat at the table when it comes to global critical minerals discussions.
Sub-Saharan Africa is estimated to host nearly one-third of the world's proven critical minerals reserves but has struggled to have its voice heard when it comes to global critical minerals policy and supply chains. The newly launched Critical Minerals Africa Group (CMAG) aims to provide African policymakers, business leaders, and citizens a seat at the table when it comes to international critical minerals discussions.
"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," said Critical Minerals Africa Group CEO Veronica Bolton Smith, founder of The Connect Africa Network and director of the Palladium: Make it Possible consulting group.
The International Energy Agency (IEA) predicts 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.
Sub-Saharan Africa is enriched with these critical minerals, along with copper in high demand due to its importance in a world transitioning to clean energy; manganese used to provide thermal stability in electric vehicle batteries; platinum group metals used as catalysts for hydrogen production and numerous other processes, along with most other minerals critical to high-tech and clean energy.
The International Monetary Fund estimates that Sub-Saharan Africa hosts roughly 30% of the world's critical mineral reserves. If harnessed properly, these critical minerals could provide a significant boost to the continent's economy.
"Global revenues from the extraction of just four key minerals – copper, nickel, cobalt, and lithium – are estimated to total $16 trillion over the next 25 years, in 2023-dollar terms," IMF penned in an April report. "Sub-Saharan Africa stands to reap over 10% of these cumulated revenues, which could correspond to an increase in the region's GDP by 12% or more by 2050."
To help ensure Africa maximizes the economic benefits through the creation of resilient and diversified critical minerals supply chains that benefit local communities, CMAG will act as a bridge between the private and public sectors on the continent. At the same time, the advocacy group will foster stronger interconnectivity between Africa's critical minerals sector and Western markets.
"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," said Smith. "There is an equally large opportunity for international firms to ramp up their exposure to African markets and capitalize on the enormous growth potential Africa offers. CMAG has been launched to empower these stakeholders with the tools, knowledge, and relationships they need in order to succeed."
More information on CMAG and how to join the group can be found on the Critical Minerals Africa Group website.
With more than 16 years of covering mining, Shane is renowned for his insights and and in-depth analysis of mining, mineral exploration and technology metals.
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