While mineral exploration investments and discoveries grab the headlines on Africa's mining prospects for 2024, there is less visible progress being made that promises to strengthen the sector's future.
Africa's substantial and varied mineral endowment is undisputed, and the year ahead will likely see ongoing progress in exploration and mine development. This will be in both 'traditional' metals and in those minerals associated with the global energy transition. According to S&P Global, the continent is home to the world's most highest grade of mid-sized gold reserves. At the same time, it also hosts more than half the planet's platinum group metal, manganese and cobalt reserves-which are vital for certain battery storage technologies.
By the end of 2022, there was a healthy project pipeline of almost 600 projects led by gold and copper cobalt, but also including coal, diamonds, PG Ms and base metals. The exploration spend at that time was rising at about 12% year-on-year, driven mainly by funding out of Canada followed by Australia, the United Kingdom and South Africa.
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