New Report Highlights Need for Investment in Southern Africa's Critical Minerals
A new report by the World Economic Forum (WEF), DBSA, and McKinsey & Company emphasizes the necessity for increased investment in Southern Africa's critical minerals. These minerals, crucial for clean energy and low-carbon technologies, are abundant in the region but under-explored.
The report, 'Boosting Investment in Southern Africa's Critical Minerals', centers on ten countries and pinpoints eight key financing hurdles. These encompass policy uncertainty, investment risks, access to energy, transportation barriers, innovation lag, slow industrialization, skill gaps, and demand volatility.
Zambia's mining policy reform stands out as an example. It aspires to triple copper production to three million tonnes by 2031. South Africa, notably, seeks closer cooperation on these minerals. Despite the challenges, the report spotlights successful strategies like the Lobito Corridor project and Namibia's green iron production facility.
Sub-Saharan Africa harbors around 30% of the world's known reserves of critical minerals but attracts less than 10% of global exploration spending. The WEF, DBSA, and McKinsey & Company's report underscores the urgent need to tackle financing gaps and boost investment in the region's critical minerals sector.
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