A new initiative called the Critical Minerals Africa Group (CMAG) has been launched by global leaders in the critical minerals industry with the goal of fostering stronger relationships between Africa and international markets. CMAG aims to empower companies operating in Africa’s critical minerals sectors to unlock the continent’s vast potential in critical minerals commodities.
The primary mission of CMAG is to create resilient, diversified supply chains that benefit both the African communities where these minerals are extracted and the broader global market. CMAG intends to accelerate economic development across the continent by promoting value-adding activities, while working with industries and governments to eliminate barriers to market entry in sub-Saharan Africa. The group will focus on creating more favorable business environments, fostering sustainable growth and supporting the creation of green value chains.
As a bridge between the public and private sectors, CMAG aims to improve connectivity with Western markets and provide its members with access to vital funding and networking opportunities. The group will also advocate on behalf of its members in discussions with governments, regulators and other stakeholders, offering support for messaging and branding to help members position themselves as global thought leaders in the critical minerals space.
Veronica Bolton, CEO of CMAG, expressed her excitement about being part of this team, stating, “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.”
Africa’s role in the global critical minerals industry
Sub-Saharan Africa is home to around 30% of the world’s proven reserves of critical minerals, according to CMAG. As global demand for minerals used in green technologies grows, the importance of Africa’s reserves increases. The International Energy Agency (IEA) predicts that demand for nickel will double, cobalt demand will triple, and lithium demand will increase tenfold in the coming years.
Properly harnessing Africa’s critical minerals could lead to a significant economic boost for the region. The International Monetary Fund (IMF) estimates that increased commodity revenues could raise sub-Saharan Africa’s GDP by 12% or more by 2050.
Despite Africa’s central role in the global critical minerals market, CMAG highlights that African policymakers, businesses, and citizens often struggle to influence key discussions about policy and supply chains. Global businesses interested in tapping into Africa’s critical mineral resources also face significant challenges due to a lack of local knowledge and relationships on the continent.
However, Bolton sees a significant opportunity for African governments and businesses to become global leaders in the growing critical minerals industry. By fostering these relationships and creating more inclusive, accessible markets, Africa can benefit economically and create jobs and opportunities for local communities.
“There is an equally large opportunity for international firms to ramp up their exposure to African markets and capitalize on the enormous growth potential Africa offers,” Bolton emphasized.
A seat at the table for Africa
CMAG’s mission is to ensure that Africa and the companies operating within its critical minerals ecosystem have a voice in global discussions about supply chains and policy. As an advocacy group, CMAG aims to empower stakeholders across Africa with the tools, knowledge, and connections needed to succeed on the global stage.
By giving Africa a seat at the table in these critical conversations, CMAG hopes to solidify the continent’s role as a leader in the global critical minerals market and drive sustainable growth for the future.
