Sustainable mining is about finding a more environmentally positive way to extract minerals that Africa is endowed with. Mining in Africa as a sector is positioned to continue to grow with critical renewable energy-related minerals found on the continent.
Abundant Mineral Resources: Africa is rich in mineral resources, including gold, diamonds, copper, cobalt, and platinum. Sustainable mining practices can help ensure these resources are extracted to minimize environmental impact and maximize social and economic benefits.
Growing Demand for Sustainable Products: There is increasing demand for sustainable products, including minerals and metals. By investing in sustainable mining practices, companies can meet this demand and differentiate themselves in the marketplace.
Government Support: Many African governments implement regulations and policies to promote sustainable mining practices. This creates opportunities for private companies to partner with governments and implement sustainable mining projects.
Social Impact: Investing in sustainable mining can have a significant social impact, as it can create jobs, support local economies, and promote community development. Sustainable mining practices can also help mitigate negative environmental impacts, such as land degradation and water pollution.
Access to Finance: Investors who priorities sustainability in their investment decisions may have greater access to finance from development banks and other institutions that priorities sustainable development. By investing in sustainable mining, companies can access this financing and reduce their cost of capital.
According to the United Nations Economic Commission for Africa, the continent has about 30% of the world’s mineral reserves, 12% of the world’s oil and 8% of the world’s natural gas reserves. The continent also holds 40% of the world’s gold and up to 90% of its chromium and platinum – both valuable metals.
Lithium and cobalt are some of the key metals used to produce batteries. In 2021, about 60-70% of the world’s cobalt production came from the Democratic Republic of the Congo.
Petroleum and coal are among the most abundant minerals for 22 out of Africa’s 54 countries. Metals including gold, iron, titanium, zinc and copper are the top produced minerals for 11 countries. Ghana is the continent’s largest producer of gold, followed by South Africa and Mali.
According to The World Mining Data 2021 by International Organizing Committee for the World Mining Conresses, the world extracted some 17.9 billion tones of minerals in 2019.
Asia was the largest producer, accounting for 59 percent of the world’s total production valued at $1.8 trillion. North America was second with 16 percent, followed by Europe at 7 percent.
Africa produced about 5.5 percent of the world’s minerals worth some $406bn.
