Economy
GLOBAL leaders in the critical minerals industry have today launched the Critical Minerals Africa Group, CMAG, to foster deeper relationships between Africa and global markets, empower companies operating in Africa’s critical minerals space, and thereby unlock Africa’s full critical minerals potential.
Sub-Saharan Africa is believed to be home to approximately 30% of the volume of proven critical minerals reserves globally. 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.
If harnessed properly, the International Monetary Fund, IMF, estimates that increased commodity revenues alone could increase Sub-Saharan Africa’s GDP by 12% or more by 2050.
Despite Africa’s central role in the global critical minerals industry, African policymakers, business leaders, and citizens struggle to influence vital discussions around policy and supply chains. Global businesses keen to seize the opportunities presented by Africa’s critical minerals also face high barriers to entry owing to a lack of relationships on the continent and limited local knowledge.
CMAG’s mission is to foster deeper relationships between Africa and global markets, and thereby enable the creation of resilient and diversified critical minerals supply chains that benefit the communities in which they are extracted, as well as to accelerate economic development through the capture of value-adding activities.
CMAG will also work with industry and governments to help remove barriers to market entry across Sub-Saharan Africa, create more enabling business environments, promote sustainable growth and localisation of benefits, and support the creation of green value chains on the continent. CMAG will act as a bridge between the private and public sectors while enabling greater interconnectivity with Western markets.
The CMAG team, which includes global leaders in the critical minerals industry with a track record of delivering results and tangibly influencing policy, will add value by offering members access to funding and networking opportunities, advocating for CMAG members in discussions with governments, regulators, and other stakeholders, as well as providing messaging and branding support to help members position themselves as global industry thought leaders.
Veronica Bolton Smith, CEO at CMAG, says, “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.”
“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. There is an equally large opportunity for international firms to ramp up their exposure to African markets and capitalise 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.”
Distributed by APO Group on behalf of Critical Minerals Africa Group (CMAG).
14th November, 2024.
C.E
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