The global race for critical minerals and rare earth metals has intensified, with Africa emerging as a central battleground. Billionaires Bill Gates and Jeff Bezos have made a bold move, investing $537 million into mining ventures across the continent. Their target: securing essential resources for the industries of the future.
As reported by Glass Almanac, this investment highlights a rising trend among Western nations aiming to lessen dependence on China’s dominant mineral supply chain. With global demand for rare earth metals on the rise, Africa’s abundant mineral reserves have become a key strategic priority for the United States and its allies.
Over the past decade, global interest in Africa’s mineral reserves has soared. In December 2024, US President Joe Biden visited Angola, signalling renewed American engagement in the region. His visit underscored the United States’ intent to compete with China, which remains a dominant player in mining and battery industries.
China, through longstanding investments, has maintained a firm grip on the supply chain for rare earth metals. Companies like CMOC have acquired key assets, such as the Kisanfu copper-cobalt deposit in the Democratic Republic of Congo (DRC), strengthening Beijing’s dominance. Biden’s visit also served to remind Americans of Africa’s strategic significance, a priority now reflected in investments by Gates, Bezos, and other US entities.
Glass Almanac notes that this geopolitical competition is not just about securing resources but also about reshaping economic partnerships across Africa.
Rare earth metals power modern technology, from electric vehicles to renewable energy systems. For over a decade, China has leveraged its lead in controlling global supplies, giving it unmatched influence in critical industries. Recognising the risks of dependence, the United States is now racing to catch up by forging new alliances in Africa.
KoBold Metals, backed by Gates and Bezos, has raised $537 million to accelerate copper exploration in Zambia. Valued at $2.96bn, the company aims to develop a copper mine by 2030. This project underscores a broader US strategy to secure sustainable mineral sources and reduce reliance on China.
According to Glass Almanac, this investment is part of a larger trend of Western firms expanding their footprint in Africa’s mining sector.
In Tanzania, Lifezone Metals, supported by American investors like BlackRock, is working on the Kabanga nickel project. With plans to produce battery-grade nickel by 2026, the initiative represents a significant milestone in creating a secure supply chain for the US market.
Key to these developments is the Lobito Corridor, a vital logistical route connecting Angola, Zambia, and the DRC. This corridor facilitates copper exports from the DRC, one of the world’s largest copper producers. Simultaneously, US-backed ventures in Uganda and Mozambique are exploring graphite mining, another critical resource for battery technology.
However, Chinese companies still dominate many African mining operations due to longstanding agreements and infrastructure investments. While US projects aim to diversify supply chains, developing new mines and infrastructure remains a time-intensive endeavour.
Glass Almanac highlights that while Western companies are increasing investments, competing with China’s entrenched influence will be a long-term challenge.
One challenge for US firms is their focus on exporting raw materials for processing overseas. In contrast, African nations are increasingly prioritising local beneficiation—adding value to resources before export. Countries like Zambia and Tanzania are investing in processing facilities, aiming to ensure local economic benefits.
This trend presents a unique opportunity for American companies to support local industries, fostering partnerships aligned with Africa’s development goals.
The $537 million investment by Gates and Bezos marks a pivotal shift in the global race for rare earth minerals. As the demand for these resources grows, Africa’s role in shaping the future of green energy and digital technologies becomes ever more critical.
Glass Almanac reports that while the US is making significant strides, long-term success will depend on sustainable, mutually beneficial partnerships with African nations.
To succeed, global powers must build equitable, sustainable partnerships that align with Africa’s aspirations. The choices made today will define Africa’s economic trajectory and its position in the world’s energy transition.
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