According to MiningWeekly, on the 7th, stakeholders in the critical minerals industry set up the Critical Minerals Africa Group (CMAG), with the aim of strengthening the link between Africa and the global market, expanding the space for enterprises to operate in non-critical minerals, and comprehensively tapping the potential of Africa's critical minerals.

According to statistics, sub-Saharan African countries account for about 30% of the world's proven reserves of critical minerals.

CMAG noted that according to the International Energy Agency (IEA), demand for nickel will grow two-fold, cobalt three-fold, and lithium ten-fold as a result of the unprecedented market focus on green technologies.

The International Monetary Fund (IMF) predicts that revenues from minerals alone could be enough to grow the GDP of sub-Saharan countries by more than 12% by 2050 if the right measures are taken.

CMAG warns that despite the continent's significant position in the global key minerals industry, African policymakers, business leaders and citizens still have to be actively involved in important discussions on policy and supply chains.

In addition, global companies seeking to maximize their capital still face high barriers to entry due to a lack of relationships and limited local knowledge on the continent.

CMAG said that its mission is therefore to closely link Africa to the global market, build resilient and diversified supply chains for key minerals that benefit the communities where the mines are located and accelerate economic development through value-added activities.

CMAG said it will also work with industry and governments to help remove barriers to market access in sub-Saharan African countries, create a more conducive business environment, promote sustainable development and localization of benefits, and support the creation of green value chains on the continent.

The organization aspires to be a bridge between the public and private sectors, while promoting connectivity to Western markets.

The CMAG team will provide its members with access to funding and opportunities to join the network; shelter members in negotiations with governments, regulators and other stakeholders, and provide information and branding services to members.

“It is a pleasure to be part of a world-class team that is determined to deepen the relationship between Africa and the global marketplace and to promote Africa as the center of the world's critical mineral and related supply chains,” said CMAG President Veronica Bolton Smith.

“African businesses and governments have a strong potential to become global leaders in an industry that is becoming increasingly important to the world economy, to the benefit of African communities.”

“Similarly, there are many opportunities for international businesses to expand their investments in the African market and seize the opportunities presented by its rapid growth”, she added, adding that one of the aims of CMAG's establishment was to enhance the capacity of interested parties by utilizing the tools, knowledge and relationships they need to succeed.

by GGMIS