African Nations Ramp Up Efforts to Attract Mining Investment for Economic Diversification
Abidjan, Côte d’Ivoire – Across the continent, African countries are intensifying efforts to attract global mining investors as they seek to diversify their economies and tap into the wealth of mineral resources critical to global energy transitions.
Côte d’Ivoire is currently hosting its inaugural international mining and energy conference, SIREXE 2024, in Abidjan. The six-day event aims to showcase investment opportunities in the country’s mining and energy sectors. With the mining sector already contributing 3% to the Ivorian GDP and attracting over 500 billion FCFA ($833 million) in investments in 2023, the government is targeting a contribution of 6% to GDP by 2025.
A Continent-Wide Push
Côte d’Ivoire’s efforts mirror similar initiatives across Africa. Nigeria recently organized a mining roadshow in South Africa and plans another in London in December to court international investors. Meanwhile, South Africa, a mining powerhouse, will host the annual Mining Indaba conference in February 2025, focusing on sustaining and expanding its mining sector.
The renewed emphasis on mining stems from Africa’s vast mineral wealth. The continent is home to 90% of the world’s mineral deposits and holds significant reserves of metals essential for the energy transition, such as those required for battery-powered electric vehicles. With global demand for these minerals surging, African countries are seeking to capitalize on this advantage.
For resource-dependent economies like Nigeria, where oil exports have faltered, and Côte d’Ivoire, the world’s largest cocoa producer, mining offers a vital pathway to economic diversification.
Côte d’Ivoire’s Mining Potential
Under the patronage of Prime Minister Robert Mambe, the SIREXE 2024 conference underscores the Ivorian government’s commitment to positioning mining as a cornerstone of its economic growth strategy.
Minister of Mines, Oil, and Energy, Coulibaly Sangafowa, highlighted the government’s efforts to develop a robust, integrated national policy for mineral and energy resources. “Our ministerial department is committed to making mineral and energy resources the lever for a new phase of sustained and sustainable economic growth,” Sangafowa said in his opening address.
The government has undertaken reforms to attract foreign direct investment, including revising the mining code to facilitate access to strategic and critical minerals. Gold production remains dominant, with the country aiming to export 47 tonnes by 2024, but efforts are underway to diversify the sector.
Notable discoveries include the Issia columbite-tantalite (coltan) deposit and the Atex lithium-tantalite deposit in the Boundiali region, both poised to be among the largest in West Africa when operational.
A Future Shaped by Mining
Côte d’Ivoire boasts immense geological potential, with more than two-thirds of its territory covered by gold-rich formations and 35% of West Africa’s Birimian greenstone belts. Its diverse mineral resources include diamonds, manganese, nickel, bauxite, phosphate, lithium, and chromium, among others.
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By aligning policies and fostering private sector collaboration, the government hopes to create an investor-friendly environment that ensures the equitable distribution of wealth and boosts economic resilience.
Global Significance
Africa’s minerals are indispensable to the world’s shift to cleaner energy. The continent holds 19% of global reserves of metals critical to energy transition technologies, making it a focal point for mining investors worldwide.
As Africa’s mining landscape evolves, conferences like SIREXE 2024 and Mining Indaba 2025 are set to shape the future of the continent’s economies, driving sustainable growth and energy security.
