00:00No continent is richer in natural resources than Africa, from the metals that power electric cars, to the wires behind
00:07global power grids and data centers, to the gold that underpins economies and currencies worldwide.
00:14Take cobalt. It's indispensable for electric vehicle batteries and energy storage.
00:19The Democratic Republic of Congo produces nearly three quarters of global supply, giving Africa a central role in the clean
00:27energy transition.
00:28And as demand for EVs, data centers and AI infrastructure surges, cobalt has become not just a commodity, but a
00:36strategic asset for countries like the US and China.
00:39And then there's copper. The price has rallied to all time highs this year as demand for the red metal
00:46soars through the roof.
00:48Countries across the world are racing to meet surging demand from grid expansions and electrification to the rapid build out
00:55of AI data centers and modern defense systems.
00:58And that demand is putting Africa's copper belt firmly in focus.
01:02Stretching across the DRC and Zambia, it's among the richest copper regions on Earth.
01:08Zambia alone is targeting 3 million tons of annual production by 2031.
01:13That's more than triple today's levels.
01:16But Africa's mineral story doesn't end with the metals of the energy transition.
01:21There's also gold, the continent's most enduring mineral story.
01:25And long before some of these critical minerals entered the conversation, gold was powering economies across the continent.
01:33Today, countries like Ghana, South Africa and Burkina Faso remain among the continent's top producers,
01:40supplying global markets whilst also supporting millions of jobs across formal and artisanal mining.
01:46And for many African economies, gold remains a critical source of revenue, foreign exchange and employment.
01:54And that's even as the world pivots to new minerals.
01:57And together, these minerals put Africa at the center of the global economy's future.
02:03The continent holds a vast share of the world's critical mineral reserves,
02:07yet captures only a fraction of their value, constrained by infrastructure gaps, financing risks, ESG scrutiny, and fierce global competition.
02:17And for more on the context of the biggest beneficiaries in the race for critical minerals,
02:22we are joined by Bloomberg NEF's head of metals and mining.
02:25That's Kwezi Ampofoj here.
02:27Let's just start here because there's quite a lot of discussion about what is critical and for who.
02:32How would you assess what is critical for Africa at this point in time?
02:37Because it differs from what's critical for the Western world.
02:40Correct.
02:40And I'm glad you made that distinction because you take America, for instance,
02:44actually legislated their definition for critical, critical to industries that matter like defense.
02:50It's also, it's concentrated in a country that would not be considered an ally.
02:56And the list goes on and on what the U.S. describes as critical.
02:59Same with the EU, same with Brazil, still with Indonesia.
03:01I think Africa, collectively, has more crafted that definition of what is critical.
03:06And if you and I were to do that now, I think the three things that should be on top
03:10of that agenda,
03:11can it help us industrialize?
03:14Can it help us to create jobs and improve the economy?
03:18And then I think the final thing is that can it ensure that Africa's evolution towards industrialization
03:25is done in the greenest possible way?
03:26Industrialization, job and economic creation, and then finally, a green transition.
03:32Has the industry caught up to that reality?
03:35Or are they still sort of serving what is their export partners?
03:39I think, yes, we've seen that marginal shift.
03:43And for the simple reason being that governments as well as companies are no more just looking at exporting rocks,
03:50you know, thinking about value addition, right?
03:52And that feeds into the industrialization here.
03:54We've seen more of the cobalt from the GRC and the copper from Zambia increase in export.
04:00And that's Africa's contribution towards the green economy.
04:03And finally, we just listened to the Zambian president,
04:06and he talked about how much money has been invested in the mining industry the last four years.
04:10And he mentioned something around $12 billion, right?
04:13So I think all three companies and governments seem to be aligned.
04:17But there's always room for improvement.
04:18Yeah, let's talk about some of that improvement
04:20and potentially where we are seeing progress in terms of project expansion.
04:25What are you noticing right now?
04:27I think it's important that it's very concentrated in a few countries, unfortunately.
04:33You can take Ghana as an example.
04:35Ghana has added significant capacity of gold in terms of ounces,
04:39overtaking South Africa to be the leading gold producer.
04:42In cobalt GRC, we've seen the Congo double its capacity.
04:46Zambia is aiming to reach 1 million.
04:49But at the same time, we've seen South Africa's contribution to some of these commodities decline.
04:54So it's not really a universal, evenly distributed growth.
04:58Some are concentrated in others.
05:00What is going to be contingent for the industry to catch up to really the demand,
05:06the global demand, but then also regionally what they need?
05:09Is it coordinated policies that we heard from the AFC president?
05:12Where does it start?
05:14So coordinated policies are good start.
05:16One market, because we need to also create our own demand.
05:18We cannot rely on demand in the U.S.,
05:20especially what happens in the U.S.
05:22shouldn't impact a mine in Congo in an ideal world.
05:25We also need infrastructure.
05:27I think it's important.
05:28The winter is a classic example of how infrastructure can unlock regional opportunities for the continent.
05:33And we need capital.
05:34A diversified capital market,
05:36where whether you're an explorer or scaling up an existing brownfield,
05:39it's important for you to tap into a segment of the market that will support you.
05:43If we do these four things,
05:44I think Africa will be well positioned to take advantage of the global demand.
05:48But in some way, some of these foreign investors and these foreign partners,
05:52there is still a place for them, right?
05:54And I'm talking in particular U.S., China.
05:56Where do you see this race for critical minerals more broadly?
06:01There's four countries on the continent.
06:03Certainly, there's room for everyone, including Africans themselves,
06:06across China or the U.S.
06:07I think the most important thing is that we've seen the colonial days where it was just shipped out
06:12with very little utility for Africans.
06:15And this time, what has to change is that regardless of who else who part in Africa,
06:19I think it has to be a win-win relationship.
06:21And I think that's what governments are focusing or aiming for.
06:24It's not just about China.
06:25It's not just about the U.S.
06:27But then how can U.S. and Africa rise together?
06:29It's not just about the U.S.
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