By Staff Reporter
JOHANNESBURG, April 19 — Ministers from the G7 advanced economies, with support from the International Energy Agency, have proposed a Five-Point Action Plan for Critical Minerals Security aimed at strengthening energy security. The plan includes a medium and long-term demand-supply outlook, increased recycling and sharing of capabilities, innovation in resource-sharing, and preparation for supply disruptions. The plan also highlights the need for new mines and supply chains for critical minerals, which present opportunities for African markets.
Currently, overreliance on a few producing countries, such as China and the Democratic Republic of the Congo (DRC), which are responsible for approximately 60% and 70% of the world’s cobalt supply, respectively, presents challenges for consumers, such as price fluctuations and supply bottlenecks. With the pace of the global energy transition largely dependent on the supply of critical minerals, the G7 Action Plan aims to address supply chain challenges by capitalizing on promising, alternative critical minerals markets.
Africa, with significant critical mineral reserves, including in the DRC, Zimbabwe, Mali, South Africa, Namibia, and Nigeria, has garnered significant attention. With the right investment, the continent could play a central role in stabilizing global supply chains and accelerating the energy transition.
To connect key producers and users of mineral resources, the first-ever African Critical Minerals Summit will be held in Johannesburg on November 6-7. The conference, organized by African investment promotion and events producer Energy Capital & Power, will gather over 2,000 delegates from around the world, including delegations from the United States, the European Union, the United Kingdom, BRICS, and G20 countries. The summit is expected to lead to deals that help diversify global supply chains and prevent the very economic and security risks the G7 Group hopes to address. – Namibia Daily News
