Johannesburg — June 1, 2026 — Copper has dominated Africa’s critical mineral investment landscape over the past decade, accounting for more than 90% of growth in new project spending, according to the International Energy Agency’s (IEA) World Energy Investment 2026 report.
Investment in greenfield critical mineral projects — those developed on previously unused sites — more than doubled from $3.5 billion in 2016 to over $7 billion in 2024. The surge has been led by copper projects in the Democratic Republic of Congo (DRC) and Zambia, alongside emerging producers in Angola, Botswana, Namibia, and Morocco.
The IEA links this trend to mounting concerns over a structural copper deficit, driven by the global energy transition and rising demand from artificial intelligence data centers. The agency has warned of a potential supply shortfall of up to 30% by 2035, prompting mining companies to accelerate development.
Major projects include the Kamoa‑Kakula mine in the DRC, launched in 2021 by Ivanhoe Mines and Zijin Mining, and Angola’s first industrial‑scale copper mine commissioned in 2025. Zambia’s Mingomba project is also highlighted as a key development to watch.
Africa’s share of global critical mineral investment rose from 14% to 19% over the past decade, reflecting the continent’s growing role in supply debates. With an estimated 30% of global reserves of copper, rare earths, lithium, graphite, and nickel, Africa is increasingly seen as central to future resource security.
Beyond copper, new projects in rare earths and graphite are emerging across Malawi, Tanzania, and Angola, as Western powers seek to diversify supply chains away from China. The challenge for African producers will be to translate this investment momentum into local processing capacity and broader economic growth.
