Africa is taking a major step forward in the global rare earth sector, with significant exploration and production initiatives driving growth. Countries such as Tanzania, South Africa, and Nigeria boast substantial reserves, making them crucial players in the industry.
However, it’s essential to note that other African countries have smaller but still significant deposits, which are being explored and verified through innovative technologies like blockchain and B2B e-commerce platforms.
These advancements focus on supply chain transparency and sustainability, addressing consumer concerns and regulatory demands. As demand for rare earths continues to rise due to their critical role in clean energy and advanced manufacturing, Africa is emerging as a key player.
Industries such as wind turbines and electric vehicles rely heavily on neodymium-iron-boron magnets, making these resources essential for growth. The global market is expected to expand at 10% annually through 2032, attracting significant investor interest.
Tanzania leads the continent with substantial reserves and a flagship project starting production in 2027. South Africa and Nigeria are also poised to increase output by 2029. With investment in exploration rising from $1.7 million in 2017 to $34.8 million in 2024, more projects are expected to come online between 2026 and 2029.
Despite China’s dominance in production, Africa has the potential to convert its reserves into production and strategic influence, capitalizing on new mines starting operations during this period. With a growing presence across twelve countries, Africa is poised to play a significant role in the global rare earth market.
Source: https://africa.businessinsider.com/local/markets/top-3-african-countries-with-the-most-rare-earth-reserves/nxwzbdh