Securing Minerals for the Energy Transition 2025

The Southern African Region (SAR), which includes Angola, Botswana, Democratic Republic of the Congo (DRC), Madagascar, Mozambique, Namibia, South Africa, Tanzania, Zambia and Zimbabwe, is expected to play a crucial role in the energy transition. Nearly 30% of the world’s proven critical mineral reserves are found in the region, which also includes approximately 50% of the world’s cobalt reserves, 20% of the world’s graphite reserves and 10% of the world’s copper reserves.8 Critical minerals found in SAR countries can be leveraged to support the region’s economic and social development. However, Africa’s exploration spending in 2024 was $1.3 billion, only 10.4% of the total global spending,9 while SAR countries’ percentage share was even smaller. In comparison, Australia and Canada attracted $2 billion and $2.5 billion, respectively, 16% and 20% of global exploration spending in 2024, largely driven by private sector investment. Compared to global peers, SAR countries have higher reserves-to-production ratios for most minerals (except lithium), suggesting greater extraction potential.The Southern African Region’s role in critical minerals Critical mineral deposits in the Southern Africa Region FIGURE 1 Deposits Copper Nickel Lithium Graphite Rare earths Cobalt All others1 Location of deposits Global rank in reserves x Mozambique Madagascar Botswana South AfricaZimbabweDRC3rd 4th 8th 1stZambiaAngola 8thNamibia1st5th 11thTanzania 5th 9thArea enlarged Note: 1. Includes platinum group metals, manganese, chromium and diamond. Source: SNL metals and mining intelligence, United States Geological Survey. Securing Minerals for the Energy Transition: Finance for Southern Africa 7