"At its core, the arrangement was asymmetrical. Zimbabwe was being asked to share its biological resources and data over an extended period, with no corresponding guarantee of access to any medical innovations—such as vaccines, diagnostics, or treatments—that might result from that shared data," Mangwana said in a statement.

He added that the United States was not offering reciprocal sharing of its own epidemiological data.

The U.S. embassy in Harare confirmed that Washington’s health assistance to Zimbabwe would be wound down following the decision.

The two countries had been negotiating a bilateral health memorandum of understanding that would have provided $367 million to Zimbabwe over five years. The funding was intended to support HIV/AIDS treatment and prevention, tuberculosis, malaria, maternal and child health, and disease outbreak preparedness.

"We will now turn to the difficult and regrettable task of winding down our health assistance in Zimbabwe," U.S. Ambassador to Zimbabwe Pamela Tremont said.

Mangwana stated that the U.S. financial support was tied to conditions that Zimbabwe could not accept.

"When financial assistance is contingent upon concessions that touch upon national security, data sovereignty, or access to strategic resources, it fundamentally alters the nature of the relationship from one of partnership to one of unequal exchange. This we cannot accept."

On the same day, Zimbabwe’s mines ministry announced the suspension of exports of all raw minerals and lithium concentrates with immediate effect, citing alleged malpractices and leakages. Zimbabwe holds the largest lithium reserves in Africa.

The development follows similar concerns raised elsewhere on the continent. Late last year, a Kenyan court suspended a health funding agreement worth more than $1.6 billion signed with the United States, pending a hearing of a case filed by a consumer protection group over concerns about the safety of citizens’ health data.

"This growing continental reflection should not be misconstrued as anti-American sentiment," Mangwana said. "On the contrary, it is a sign of Africa's maturation as a geopolitical actor, one that seeks partnerships based on equality rather than patronage."

The Kenya pact was signed in Washington and was the first of its kind under an overhaul of U.S. foreign aid introduced during President Donald Trump's administration.

According to the U.S. embassy in Harare, sixteen African countries have signed health collaboration MOUs with the United States, representing more than $18.3 billion in new health funding. This includes over $11.2 billion in U.S. assistance and $7.1 billion in co-investment from recipient countries.

Last month, Washington announced it had signed a five-year health agreement with Malawi worth $936 million. Under the deal, signed as part of the U.S. government’s America First Global Health Strategy, the United States plans to provide up to $792 million over five years, subject to congressional approval. 

“Our lease expired in April 2025. We applied for an extension, but the government indicated a preference for the asset to transition to Ghanaian ownership, which we accepted and thought made sense,” Gold Fields CEO Mike Fraser said during a media briefing on the company’s 2025 results.

Under Ghana’s mining laws, mineral assets revert to the state when leases expire. A transition team appointed by the sector minister has been working alongside Gold Fields since July 2025 to coordinate the handover. The team is expected to assume interim leadership from April 19, 2026, pending the appointment of a new operator.

Fraser said the company has not received formal communication on who will take over long-term operations. “A new operator would need to be appointed and issued with a mining lease to continue operations, a process that could require parliamentary approval,” he noted.

Gold Fields completed a feasibility study before the handover, indicating that Damang could continue operating for at least nine more years with annual production of 100,000 to 150,000 ounces. Extending the mine’s life would require an estimated $500 million to $600 million in new investment.

The Damang Mine, located in the Western region of Ghana is one of the largest gold mines in the country and directly employs about 500 staff and supports up to 1,500 contractors, making operational continuity a key concern.

As part of a strategy to capture more value from its natural resources, the Angolan government is considering acquiring a 20 - 30% strategic stake in De Beers. Officials say discussions are at an advanced stage.

Botswana, already a key shareholder in De Beers, is also seeking to increase its stake. The government currently holds 15% of the company and has expressed interest in expanding its ownership as Anglo American moves forward with plans to sell the diamond business .

Meanwhile, Anglo American CEO Duncan Wanblad said he is optimistic a deal could be signed before the end of the year. 

“At this stage I’m optimistic that we should see a deal signed during the course of this year. We are now really advanced in the second phase of our process,” Wanblad told reporters after the release of the company’s interim results. 

He added that “Botswana is an extremely important and key stakeholder,” noting that its position would be decisive in determining the structure of any final deal. Botswana President Duma Boko has publicly voiced support for increasing the country’s stake.

De Beers, founded more than 135 years ago by Cecil Rhodes in South Africa, has mined hundreds of millions of carats across the continent, particularly in South Africa, Botswana and Namibia, generating tens of billions of dollars in revenue.

However, the diamond market is currently facing headwinds. Wanblad acknowledged uncertainty over De Beers’ valuation following significant write-downs that contributed to Anglo American posting a $3.7 billion loss.

“At the moment there is a plentiful supply of rough diamonds in the market, with Angola ramping up output during the course of the year,” he said, adding that he could not rule out further impairments depending on market conditions .

If Angola secures up to 30% and Botswana increases its holding, the two African producers would collectively control a substantial share of De Beers.

A central theme was the need for African countries to process their natural resources locally instead of exporting them in raw form. Leaders argued that local beneficiation would increase economic returns and strengthen industrial development.

Ghana announced a specific policy measure during the summit. President John Dramani Mahama declared that by 2030, the country will end the export of unprocessed mineral ores. The directive applies to manganese, bauxite, and iron ore.

"By 2030, there will not be any raw mineral ores leaving Ghana," Mahama said at his "Accra Reset" side event. The policy aims to promote local industrialisation and increase the value Ghana gains from its natural resources.

South African President Cyril Ramaphosa also warned against what he described as a "new form of colonialism", where foreign economies target Africa’s natural resources. He said minerals should be processed locally. "It should no longer be a case where rock, soil and dust is exported out of Africa without being beneficiated," Ramaphosa told delegates. He urged African nations to work together to ensure their resources benefit their citizens.

United Nations Secretary-General Antonio Guterres condemned the historical exploitation of Africa’s resources. "No more exploitation, no more plundering," he said, stressing that "the people of Africa must benefit from the resources of Africa". He called for fair and sustainable value chains to ensure African countries benefit "first and fully" from their critical minerals.

President Mahama also announced changes to Ghana’s cocoa financing system. For nearly 30 years, Ghana has relied on syndicated loans from international banks to purchase cocoa, using cocoa beans as collateral.

According to Mahama, this system has limited domestic processing because collateralised beans must be exported to international financiers. Ghana has the capacity to process 400,000 tons of cocoa locally, but local processors have not had sufficient access to raw beans.

Under the new approach, Ghana will raise domestic bonds in cedis to finance cocoa purchases. "Ghana has enough cedis to pay for its cocoa," Mahama said, adding that the change will "immediately" release 400,000 tons of beans for local processing. Beginning with the 2026–27 season, at least 50% of all cocoa beans must be processed within the country.

The policy announcements were presented under the "Accra Reset" initiative. The framework focuses on strengthening resource sovereignty and shifting from aid dependency to investment-led growth.

Mahama criticised delays in implementing AU decisions. "African leaders come with decisions, agree and develop frameworks, but what is missing is urgency and implementation," he said. He urged leaders to "stop talking and start implementing" to create opportunities for young people and reduce irregular migration.

The summit also marked leadership changes within the AU. Burundi’s President Évariste Ndayishimiye will assume the AU chairmanship for 2026. Outgoing chairperson President João Lourenço of Angola said Africa’s development is not possible "if we leave anyone behind," and called for continued investment in infrastructure and human capital.

The submission follows renewed U.S. initiatives to secure access to critical minerals and reduce dependence on China, which currently processes a majority share of the global supply of copper, lithium, and cobalt. 

In the DRC, Chinese firms, including CMOC, Zijin, and Huayou, have previously held control over approximately 80% of the nation's mining production.

By offering access to assets not tied to existing joint ventures, the DRC government aims to encourage American investment. U.S. interest in these minerals is driven by their use in electric vehicles, renewable energy systems, and advanced defence technologies.

Key mineral assets listed

The assets now open for U.S. investor review span several strategic resources, including manganese, copper, cobalt, gold, lithium, and other critical minerals. Projects on the list, as reported by Reuters , include:

Officials have stated that the listed assets have been subjected to internal screening processes and comply with Congolese legal frameworks.

Diplomatic context and peace accords

The minerals agreement is closely linked to recent diplomatic developments. It follows a peace agreement signed on December 4, 2025, between DRC President Felix Tshisekedi and Rwanda, brokered by U.S. President Donald Trump. Referred to as the Washington Accords, the deal includes provisions for U.S. oversight of regional stability efforts in exchange for investment access.

The United States has supported these efforts through financial commitments, including funding for the $553 million Lobito Corridor upgrade. This infrastructure project is designed to facilitate the export of minerals from Central Africa to international markets.

Oversight and implementation structure

A Joint Steering Committee for American Investors has been created to manage the agreement. The Congolese side of the committee includes:

The committee is expected to initiate meetings to begin formal contract discussions with interested investors.

Contrary to popular belief, no country actually owns the North Pole. The image above makes this clear. At the very top of the world sits a central zone labelled International Waters, surrounded by five Arctic states: Russia, Canada, Denmark via Greenland, Norway, and the United States via Alaska.

What this really comes down to is the seabed.

Under the Arctic ice are vast reserves of oil , natural gas, and critical minerals. As climate change melts ice and makes the region more accessible, the economic and strategic value of the Arctic has surged. Control over the seabed means control over future energy routes, resources, and influence.

The North Pole itself sits in international waters, meaning it cannot be claimed outright by any single state. However, countries can claim rights to parts of the Arctic seabed if they can prove that the underwater continental shelf is a natural extension of their land territory.

This is where the competition begins.

All Arctic claims are governed by the United Nations Convention on the Law of the Sea , known as UNCLOS. Under this framework, coastal states have an Exclusive Economic Zone extending 200 nautical miles from their shore. Beyond that, they can submit scientific evidence to claim additional seabed rights.

These claims do not grant sovereignty over the water or ice above. They grant rights to resources beneath the seabed.

The image shows how each Arctic nation’s claim fans out toward the pole, creating a patchwork of overlapping ambitions.

Russia’s aggressive push

Russia has been the most assertive player in the Arctic. It has submitted extensive claims arguing that underwater ridges, including the Lomonosov Ridge , connect its continental shelf directly to the North Pole. In 2007, Russia famously planted a titanium flag on the seabed beneath the pole, a symbolic act that drew global attention.

While the flag had no legal standing, it underscored Moscow’s long-term Arctic strategy, which combines scientific research, military expansion, and infrastructure development.

Canada, Denmark, and Norway’s competing claims

Canada and Denmark, through Greenland, have also submitted overlapping claims based on geological evidence linking the seabed to their landmasses. Denmark’s case is particularly notable because Greenland gives it a strategic Arctic footprint far larger than most people realise.

Norway’s claims are more limited geographically, but it remains a key Arctic actor with advanced polar research capabilities and significant offshore energy experience.

Where the United States stands

The United States, via Alaska, is shown in the image as one of the five Arctic states. However, its position is complicated by the fact that it has not formally ratified UNCLOS. Despite this, the US still conducts seabed mapping and asserts its interests through customary international law and diplomatic channels.

He said that the US will take Greenland “one way or the other” to prevent Russia or China from doing the same on Sunday, January 11.

Danish Prime Minister Mette Frederiksen has warned that any attempt by the U.S. to seize Greenland would effectively destroy NATO, given that both Denmark and Greenland are members of the alliance.

“If the United States chooses to attack another NATO country militarily, then everything stops. That is, including our NATO and thus the security that has been provided since the end of the Second World War,” Frederiksen told Danish broadcaster TV2.

This is the second time Trump has threatened to take the Island since he started his second term in January 2025. You may have wondered, "Why Greenland?"

Greenland hosts a wide range of minerals that modern economies depend on. Although copper and gold remain fundamental to construction, electronics and finance, the country also boasts graphite, rare earths , nickel, iron ore and zinc that stretch along its coasts.

Graphite and nickel are increasingly critical for batteries , electric vehicles and renewable energy systems. Iron ore and zinc support heavy industry, while rare earth elements play a central role in wind turbines, advanced electronics and defence technologies.

Geological surveys show that many of these resources are concentrated in distinct zones, particularly in southern and western Greenland, reflecting the island’s unique and ancient rock formations.

What makes Greenland especially significant is not just the presence of common metals, but the breadth of strategically important ones as well.

Studies indicate that Greenland contains a large share of the minerals classified by the European Union as critical raw materials. These are essential resources for economic security, yet they are vulnerable to supply disruptions.

Rare earth elements, in particular, have attracted global attention because production is currently dominated by a small number of countries, leaving Europe and North America exposed to geopolitical risk.

However, here’s the thing: mineral wealth on paper does not automatically translate into mining success. Greenland’s mining sector remains small, and only a limited number of projects have moved beyond exploration.

Environmental regulation plays a major role. The government’s ban on uranium mining, for example, has stalled or cancelled several rare earth projects because uranium often occurs alongside those minerals. Legal disputes and investor uncertainty have followed, slowing development further.

Still, progress is happening. One notable example is the Amitsoq graphite project , which recently secured a long-term mining permit with backing from the European Union. If developed as planned, it could supply high-grade graphite for lithium-ion batteries and help reduce Europe’s reliance on external suppliers.

Beyond economics, Greenland’s mineral map has geopolitical weight. As competition over critical minerals intensifies, the island’s location between Europe and North America makes it strategically important. Interest from major powers is driven not only by commercial opportunity but also by concerns about supply chain resilience in an increasingly fractured global economy.

This concludes our live coverage of Guinea’s 2025 general election, with the vote widely expected to cement the rule of Mamady Doumbouya. Follow Global South World for continued updates as Guinea moves into the next phase of the process.

19:22 GMT: Polls close in Guinea’s presidential election as vote counting begins

18:45 GMT: Polling stations' closing extended by one hour

18:00 GMT: Voting day ends in England

17:00 GMT: Voting is expected to end at 18:00 GMT. As of now, polling stations remain open, with long queues still forming.

14:59 GMT: There are more than 200 observers on the ground and its experts in its situation room

13:30 GMT: Guinean security forces report they have neutralized an armed group posing a "threat to national security" on the outskirts of Conakry

1:21 GMT: Military coup leader and candidate Mamadi Doumbouya votes in Boulbinet accompanied by his wife

12:16 GMT: High turnout in the polling stations

11:41 GMT: The ambassador of Guinée in Angola, H.E. Dienabou Saifond Diallo, accompanied by Sékou Kaba and Lansana Camara votes in Luanda.

10:27 GMT: Presidential Candidate Faya Millimouno casts his vote

9:45 GMT: Reports of an alleged coup following a shooting in the conakry suburbs spread on social media

9:35 GMT: Monitor the election in real time

8:45 GMT: Voting underway

8:25 GMT: Electoral observers monitor elections underway

7:58 GMT: Voters are beginning to head to the polling stations

7:13 GMT: Polling stations open

7:05 GMT: Guinea has shut its borders

Polling stations across the country are expected to open at 7:00 GMT and close at 18:00 GMT

Guinea’s 2025 presidential election is the first since a military coup in September 2021, when General Mamady Doumbouya ousted then-President Alpha Condé amid political unrest and protests. That coup abruptly halted a decade-long experiment with electoral democracy that began with Guinea’s first broadly accepted free election in 2010.

A new constitution lays the groundwork

A constitutional referendum on September 21, 2025 reshaped Guinea’s political system in advance of the election. Approved by nearly 90 % of voters, the new constitution:

This constitution effectively opened the door for Doumbouya to run, a reversal of earlier transitional pledges that had barred junta leaders from seeking office.

The lead candidate: General Mamady Doumbouya

General Mamady Doumbouya, a former special forces commander who led the 2021 coup, is the clear frontrunner. He initially pledged not to contest elections following the coup, but reversed that pledge after the new constitution removed restrictions on junta members running for office.

Doumbouya’s supporters highlight infrastructure work, mining sector reforms, including the long-delayed Simandou iron ore project, and relative stability compared to some neighbours, as reasons for backing his leadership.

Competition and the opposition field

Although multiple candidates are on the ballot, none represent the country’s main opposition leadership. Many big-name figures are either banned from running due to residency or party suspension or remain in exile.

This fragmented field has reinforced expectations that Doumbouya will secure a commanding victory, even as international and regional observers call for a credible, inclusive process.

What’s at stake

Election framework

Polling stations across the country will open at 7:00AM GMT and close at 6:00PM GMT on Sunday, December 28, 2025 for registered voters to cast their ballots. There are over 24,000 polling stations nationwide for this vote.

The president is elected using an absolute majority system: if no candidate gets more than 50 % of the vote in the first round, a runoff between the top two contenders will be held later.

How the Results Will Be Announced

Provisional results are expected to be published quickly after polling:

Observers and Process

Regional and international observer missions from ECOWAS, the African Union, the United Nations, and other organisations are deployed to monitor voting and reporting

Who is eligible and how many voters?

Approximately 6.7 million registered voters are expected to participate on election day. The president is elected by absolute majority; if no candidate secures over 50 % of the vote, a runoff will be held between the top two contenders.

In September 2021, General Mamady Doumbouya led a military coup that ousted then-President Alpha Condé, ending a decade of increasingly contested democratic governance.

When and how the election was announced

The presidential election in Guinea is scheduled for Sunday, December 28, 2025. The date was officially set by government decree on September 27, 2025, following the adoption of a new constitution that reset the political calendar after the 2021 coup.

Guineans will vote in 24,000-plus polling stations nationwide. Results are expected to begin coming in within 48 to 72 hours after polls close.

The world's largest exporter of bauxite

Guinea’s election is set against the backdrop of one of the richest natural resource endowments in Africa, a factor that deeply influences politics, economics, and investor interest.

Guinea holds some of the largest bauxite reserves in the world — roughly 7.4 billion tonnes, accounting for about two-thirds of global reserves and making Guinea a major supplier of the ore used to make aluminium.

Recent figures show the Democratic Republic of Congo (DRC) maintaining an overwhelming lead in global cobalt output, producing 220,000 metric tonnes in 2024. No other nation comes close; Indonesia follows with 28,000 tonnes, while countries such as Russia, Canada, the Philippines, Australia, Cuba, Papua New Guinea, Turkey, and Madagascar contribute significantly smaller volumes.

The Global Critical Minerals Outlook Report 2024 reinforces this picture. According to the International Energy Agency (IEA), the DRC provides over 70% of all mined cobalt worldwide. At the same time, global demand has nearly doubled in the past decade, fuelled largely by the surge in electric vehicles.

The IEA projects that cobalt demand for clean energy technologies could rise by up to 60% by 2030, depending on how rapidly EVs and battery storage systems are adopted. Although battery developers continue exploring lower-cobalt chemistries, cobalt remains crucial for delivering the stability, safety, and performance required in many advanced battery designs.

Growing demand from the United States and European Union coincides with efforts by both regions to reduce reliance on single-country supply chains. Meanwhile, China retains a dominant role in cobalt refining, adding another layer of strategic complexity.

Indonesia’s rise as the world’s second-largest producer stems from rapid investment in its nickel and cobalt industries , which support its burgeoning battery manufacturing sector. At the same time, countries such as Australia, Canada, and the Philippines are positioning themselves as stable, regulation-friendly alternatives for manufacturers seeking diversified supply sources.

Ongoing conflict in Eastern Europe, sanctions involving Russia, and evolving mining regulations across parts of Africa are also influencing supply dynamics and reshaping investor strategies.

The project, located in the mineral-rich Simandou mountains in southeastern Guinea, is a joint venture involving mining giants Rio Tinto, Winning Consortium Simandou (WCS), China Baowu, Chinalco, and the Guinean government. Once fully operational, Simandou is expected to produce up to 120 million tonnes of iron ore annually, nearly 7% of the world ’s seaborne iron trade, with an average iron content of 65%, making it one of the highest-grade outputs globally.

“We are unlocking an exceptional new source of high-grade iron ore that is in demand from customers for low-carbon steelmaking. This enhances our world-class portfolio of iron ore mines,” said Simon Trott, CEO of Rio Tinto.

Government officials expect the mine and its supporting infrastructure to trigger over $200 billion in investment across transport, education, energy, and housing sectors.

“Simandou is more than a mining project: it is the driving force behind a national transformation,” said Djiba Diakité, Chair of the Simandou 2040 Strategic Committee, adding, “This reflects the vision of the Head of State and the determination of an entire nation to build a future of shared prosperity.”

President Mamadi Doumbouya, who came to power in a 2021 coup, has made Simandou the centrepiece of his administration’s economic legacy.

In an interview with local news channel Joy News , the Chamber President, Michael Edem Akafia, said Ghana’s continued leadership in gold output underscores its maturity as a mining hub.

“In terms of performance, if you look at it on the global level, Ghana is still maintaining its place as the biggest gold producer in Africa and sits globally as well. So those are the positives you have going for it,” Akafia said.

Small-scale mining has driven much of the growth, with production soaring from 1.1 million ounces in 2023 to 1.9 million ounces in 2024. In contrast, large-scale production has stagnated at around 2.9 million ounces.

“If you unpack it and look behind those headlines, you find that there may be challenges and issues of concern for the industry,” Akafia noted, adding that Ghana must continue positioning itself as a “beacon for the mining industry” across Africa.

Akafia also pointed to uncertainty over the government’s planned overhaul of mining laws. While reforms are aimed at improving transparency and governance , industry stakeholders remain cautious about how the changes could affect investment and operations.

According to data from the World Gold Council , Ghana has been Africa’s leading gold producer from 2010 to date, with 135.1 tonnes, followed by Mali with 105 tonnes and South Africa with 104.3 tonnes. Burkina Faso ranks fourth with 98.6 tonnes, while Sudan rounds out the top five at 72.5 tonnes.

The DRC, which supplies 70% of the world’s cobalt, halted exports of the mineral in February following a slump in prices. Daniel Mukoko Samba, who is deputy prime minister as well as economy minister, said his country was talking to Indonesia, the world’s second biggest producer, in discussions that have widened to include forestry products and other goods.

“ We understand that we can't do it alone, that we need some kind of cooperation between the big producers and the big exporters,” Mukoko told GSW on the sidelines of the Crans Montana Forum in Casablanca. Asked whether he would like to see the formation of an organisation among resource-rich states, he replied: “ That's what we would like to see happening.”

OPEC, or the Organisation of Petroleum Exporting Countries, was set up in 1960 by a group of mainly Middle Eastern countries to control the supply of oil to world markets. Although its power has waned in recent years, it has largely succeeded in limiting supply to support prices.

Mukoko Samba confirmed that the government will review the cobalt export ban at the end of the initially announced four-month period, noting that prices had risen following its introduction.

Cobalt is a key ingredient in rechargeable batteries and semiconductors, but its price has been extremely volatile. Twice in the past decade, the market price for a ton of the metal has peaked at over $80,000 a ton before dropping below $30,000. Part of the challenge for producers is that because cobalt is largely mined together with copper and nickel, production becomes delinked from the market.

Indonesia’s Ministry for Energy and Minerals did not respond to a request for comment.

Update: In June, DR Congo decided to extend its cobalt export ban for another three months, although the impact on prices has been muted because of significant stockpiles around the world. The nation did invite US investments in its mineral industry as part of a June accord brokered by Donald Trump to end fighting the country's east. Videography: Glody Nzita Matondo

Below is a list of leading diamond economies:

While Russia and Botswana dominate the market, Canada and Angola are tied in third place, each producing $1.5 billion in diamonds annually. Namibia also joins the elite with over a billion dollars in annual output, showcasing southern Africa's continued prominence in the industry.

Southern Africa is especially significant in the global diamond economy. The region is home to five of the world’s top producers , with Botswana, Angola, Namibia, South Africa, and Zimbabwe contributing billions in combined value.

Botswana’s economic stability and infrastructure are closely tied to the diamond trade, accounting for over 80% of its export revenue . Similarly, Namibia’s off-shore diamond mining efforts and Angola’s post-conflict industry revival reflect how deeply embedded diamonds are in regional development.

Though Africa leads in volume and value, Canada stands out as the only top producer outside of the Eastern Hemisphere, leveraging arctic mining operations in territories like Northwest Territories and Nunavut. Meanwhile, Brazil and Australia also contribute to the global diamond market but at significantly lower levels—$25 million and $65 million, respectively.

In one incident in 2023, a truck carrying what was declared as chrome was intercepted at the border with Mozambique, only for inspectors to discover the shipment contained raw lithium. The truck and trailer, valued at over $50,000, were impounded for a year, and the transport company was fined $5,000 before recovering the vehicle, the East African reports.

Zimbabwe holds Africa’s largest lithium reserves and is among the world’s top producers of the mineral, which is critical for green energy technologies. However, border officials have admitted to accepting bribes to allow lithium shipments to pass unchecked. Tendai, a former border agent, confirmed his involvement in such schemes and acknowledged being arrested and fined for his role.

Despite efforts by mining companies such as Arcadia and Bikita Minerals to establish local processing operations, illegal exports persist. Gorden Moyo, director of the Public Policy and Research Institute of Zimbabwe, said the trade is sustained by officials and security personnel colluding with politicians and foreign entities, particularly from China, which dominates Zimbabwe’s mining sector.

While the country’s lithium production capacity reportedly grew by 230% between 2022 and 2023, the government has yet to demonstrate whether the export ban has translated into higher revenues. Most of the smuggled lithium is destined for China.

Manganese, traditionally used in steel production, has become critical for the manufacture of electric vehicle (EV) batteries, where demand for high-purity manganese compounds is surging. This shift is positioning resource-rich countries like Gabon at the forefront of global supply chains, supporting both industrial and green energy transitions.

Gabon’s output, driven largely by the Compagnie Minière de l'Ogooué (Comilog), a subsidiary of French mining group Eramet, plays a significant role in global supply. The company operates the Moanda mine, one of the world ’s largest sources of high-grade manganese. Despite a temporary production halt in late 2024 due to market oversupply, operations have since resumed.

The U.S. Geological Survey ranks South Africa as the leading country in manganese reserves with 560 million tonnes, followed by China (280 million tonnes), Brazil (270 million tonnes), and Australia (110 million tonnes), with Gabon rounding out the top five.

The U.S. remains a major importer of Gabonese manganese, with the West African country accounting for 63% of American imports in 2024.

“Oil is in transition. Everybody who has any assets should be pumping like there’s no tomorrow. I will lay a red carpet for anybody who wants to drill and pump oil because, in the next decade or two, the world would have made a transition to renewables,” Graphic Online quotes the president.

He criticised the previous administration for regulatory delays and disputes that he said discouraged investment in the oil sector. He cited long-running tensions with companies such as Tullow Oil and ENI, which he claims disrupted operations and led to disinvestment.

“ENI was held in contempt, and they had to move all their expatriate management to Côte d’Ivoire. Now the company is back and they are drilling again," he said.

Data from Ghana’s Public Interest and Accountability Committee (PIAC) shows that crude oil production declined to 48.25 million barrels in 2023, down from 71.44 million barrels in 2019, largely due to reduced investment in new wells.

Despite advocating for increased oil production, the president reaffirmed Ghana’s commitment to renewable energy targets. Under the Renewable Energy Act, at least 10% of the country’s energy mix must come from renewable sources.

Chinese telecom giant Huawei has unveiled a cloud-enhanced AI solution in Zambia aimed at delivering seamless, personalised education to underserved rural areas. Speaking at a digital inclusion summit, Huawei VP Lei Yang said the technology will enable real-time access to learning content, support language translation, and tailor education to diverse learning needs. According to Xinhua , Zambia’s Ministry of Education praised Huawei’s two-decade partnership, highlighting the role of smart classrooms in closing the country’s digital divide.

Vedanta's Zambia copper unit seeks RMB support for debt financing

Vedanta Resources Ltd.’s Zambian unit has appointed Rand Merchant Bank to help secure up to $1 billion in debt financing to expand Konkola Copper Mines (KCM), according to sources. The move comes 10 months after Vedanta regained 80% control of KCM following a settlement with the Zambian government, which included a $1 billion investment pledge. So far, $330 million has been invested, primarily to settle debts. KCM aims to boost copper output from 40,000 tons in 2023 to 300,000 tons annually, as global miners anticipate long-term demand despite short-term market pressures, NDTV reports.

AfDB approves guarantee for Zambeef expansion to boost Zambia’s agriculture

The African Development Bank has approved a Kwacha-denominated Risk Sharing Credit Guarantee to support Zambeef’s $100 million expansion in Zambia. The five-year project aims to double production, enhance efficiency, and strengthen food security across Southern Africa. It is expected to create nearly 1,400 direct jobs and benefit over 86,000 farmers and small businesses. Zambia’s largest cold-chain food producer, Zambeef, currently contributes about 1% to the nation’s GDP. The move aligns with Zambia’s national development goals and AfDB’s "Feed Africa" strategy.

Zambia opens upgraded Nakonde Lab to boost food security after drought

Zambia has commissioned a refurbished Plant Quarantine and Phytosanitary Service (PQPS) lab at the Nakonde border with Tanzania to boost maize import screening and protect food security after the country’s worst drought in 40 years. According to Africa.com , the lab, upgraded with UK funding and TradeMark Africa support, features advanced equipment to detect crop diseases like Maize Lethal Necrosis. With nearly half the population facing food insecurity, officials say the lab is critical as Zambia imports maize from neighbouring countries.

Keith Mweemba defeats Kamanga to become new Zambia FA president

Keith Mweemba has been elected President of the Football Association of Zambia (FAZ), winning 45 votes at the reconvened AGM in Kabwe on May 9, 2025. He replaces Andrew Kamanga, who led FAZ for nine years. The election, delayed by a court injunction in March, was supervised by FIFA, CAF, and COSAFA to ensure transparency. A vice-presidential run-off is pending, while Col. Priscilla Katoba was re-elected unopposed as Women’s Representative, marking continued progress for female leadership in Zambian football, myjoyonline reports.

A growing opioid crisis is gripping Ghana, with increasing numbers of young people abusing the drug known locally as "Red." Disturbing social media videos reveal youth in severe distress after taking opioids, often seeking an energy boost for physically demanding jobs or influenced by peer pressure. In an interview, users such as 20-year-old Ekow Annan from the Western Region and Charles Manu from Koforidua described how they became dependent on opioids to cope with labour or enhance sexual performance, RFI reports. Health experts are raising the alarm over the dangerous side effects, which include seizures, depression, and cognitive impairment. Dr. Kwabena Ofori of the Presbyterian Hospital in Dormaa Ahenkro highlighted that the drugs are illegally entering the country through ports and unapproved routes, with weak regulation exacerbating the crisis. "There is an abnormal electrical activity in the brain, potentially leading to seizures. There are also mood disorders, anxiety, and depression. There are also difficulties concentrating, memory problems, and decision-making issues," he said.

Gold reserves surge

Ghana’s official gold reserves have quadrupled in less than two years, reaching 31.37 tonnes by April 2025, up from 8.78 tonnes in May 2023, according to the Bank of Ghana. This rise has been attributed to a strategic decision to diversify foreign reserves and reduce dependence on traditional currencies, local news portal Citinewsroom reports. The GoldBod initiative, introduced under President John Dramani Mahama, has played a crucial role by securing commitments from major mining firms to supply 20% of their output to the local market. As Africa’s leading gold producer, Ghana is reinforcing its economic stability through this bold reserve expansion strategy.

Banking sector staff fraud

The Bank of Ghana's latest fraud report reveals a worrying trend: 155 banking employees were dismissed for fraud in 2024, with a total of 365 implicated. Fraud incidents in banks and Special Deposit-Taking Institutions (SDIs) rose to 16,733 cases, a 5% increase from 2023, with associated financial risks reaching nearly GH¢99 million. The central bank noted in its report, "The lengthy nature of court cases often discourages institutions from pursuing them, resulting in fewer successful recoveries." The report further observed that "this is an indication that other staff implicated in fraudulent activities are either exonerated or given lesser punishments," Business Insider Africa quotes. The central bank criticised the sluggish legal system for deterring the recovery of stolen funds, calling for stronger punitive measures and a culture of zero tolerance.

Ghana and Algeria visa-free travel agreement

Ghana and Algeria have signed a visa-free travel pact aimed at boosting cooperation and reviving long-standing bilateral ties. The deal was sealed during Foreign Minister Samuel Okudzeto Ablakwa’s official visit to Algiers, where leaders also discussed initiatives in education, security, and trade, Business Insider Africa reports. The announcement followed high-level meetings with Algeria’s President Abdelmadjid Tebboune and Foreign Minister Ahmed Attaf. The leaders also tabled plans for direct flights between Accra and Algiers, expanded scholarships in tech-related fields, and revived Joint Economic Cooperation talks.

Non-traditional exports to hit $10 Billion

In a bold economic move, President Mahama inaugurated the Accelerated Export Development Committee (AEDC), aiming to triple Ghana’s non-traditional export revenues from $3.5 billion to $10 billion annually by 2030. The AEDC will spearhead efforts to shift Ghana away from raw material dependency toward value-added exports. “Ghana’s current exports remain dominated by low-complexity raw materials such as gold, cocoa, cashew, and timber, mostly in their raw state. We must change this narrative,” President Mahama noted. Key priorities include modernising port infrastructure and fostering strategic coordination under the National Export Development Strategy, Citinewsroom reports.

For the first time , crude oil has surpassed soybeans to become Brazil’s leading export, accounting for 13.3% of the nation’s total export volume.

Petrobras President Magda Chambriard described the shift as “a significant milestone” in Brazil’s export trajectory.

However, beneath this surge in crude shipments lies a concerning structural vulnerability, Brazil’s insufficient domestic refining capacity.

Despite being among the top ten oil-producing countries globally, Brazil exports over half (52.1%) of its oil output in unrefined form. Much of that crude oil returns to the country in the form of imported fuels such as gasoline and diesel. Currently, Brazil imports approximately 10% of its gasoline and a staggering 25% of its diesel requirements.

“For a very, very long time, these guys have made a lot of money from oil imports,” Semafor quotes Dangote, adding, “They are determined to see that our refinery does not work easily.”

The Dangote Refinery, located in Lagos State and with a capacity to process 650,000 barrels of crude oil per day, began distributing petrol to Nigerians in September 2024. However, it has encountered multiple setbacks, including difficulties sourcing local crude, a surprising challenge for a country that is Africa’s largest crude oil producer.

“We’re fighting, and the fight is not yet finished,” Dangote told the audience. “But I have been fighting all my life and I am ready, and hundred percent sure I will win at the end of the day.”

The refinery is one of Africa’s most ambitious industrial undertakings, and its success is viewed as critical to reducing Nigeria’s reliance on fuel imports, curbing foreign exchange outflows, and strengthening local energy security.

Carnegie, founder of risk management firm Thouwd, paints a grim picture where the U.S., Turkey, China and others are competing for agricultural and mineral wealth without regard to the people whose livelihoods those goods represent.

“It's a bit like if you go back to 150, 200 years to the 1860s and that sort of land grab for Africa. And that causes friction and tension … with the countries where are rich in minerals or commodities that people need,” he observes, warning that powerful nations are not looking for sustainable relationships," he told GSW.

“You have the various different countries that are looking to get into some of these Africa, Middle East , wider areas, Central Asia. They compete against each other. You've got the Turks, Turkish, Chinese, you know, American, European and It's essentially the influence that China can have in terms of repaying or paying national debts, taking stakes in land, and they know that some of these countries will never be able to pay that debt back,” he added.

This new form of colonialism may have apparent upsides - Donald Trump ’s US administration is brokering peace talks between Rwanda and the Democratic Republic of Congo in order to gain access to mineral deposits in the conflict zone - but the long term damage will persist for years if states sign away the future revenues they need to develop.

Several African countries, including South Africa , are enforcing much stricter rules on foreign businesses in a bid to keep wealth onshore. Mali’s foreign minister, Adboulaye Diop, explained to GSW that his country was also implementing tough rules to stop miners from draining all their profits to foreign shareholders.

And Carnegie sees mutual mistrust being one of the key threats to businesses operating in Africa.

“The perception will be that this foreign company will want to come in and take their mineral assets and their perception is it will go back to that sort of colonialism, that period where they come in, take the land, take everything out of it and leave them with nothing."

“And the perception of the investor will be when we go into this country. We're going to be met with hostility, we're gonna be met with bureaucracy, we've got to be met with corruption, we got to be met, you know, and the list goes on." 

“If you were to take a step back and look at that and manage that perception from the outset. I think it would be a very different picture.”

Carnegie, a former senior British soldier, points out that the United Arab Emirates, where he is based, is trying to take a more collaborative approach with its investments to avoid tensions and future crises.“They look at it very much from a collaborative approach, where essentially they can go in and work with governments, rather than trying to take advantage of a disadvantaged situation to their long-term gain, so it destabilises,” he says.

"General Langley adopts a posture that deliberately denies the new sovereignist dynamic of Burkina Faso," the Ministry declared, condemning what it described as "serious inaccuracies" made without evidence and in a context unrelated to Burkina Faso.

The government criticised the U.S. general’s statement for lacking a factual basis and for casting doubt on Burkina Faso’s efforts toward transparent governance , particularly in the management of natural resources.

The Ministry emphasised that these comments, delivered before such a high-level body as the U.S. Senate, were not only unjustified but also damaging to the image and credibility of the Burkinabè state.

"Such light, unfounded, and eminently political remarks are all the more worrying because they were made... by a senior military official," the Ministry added.

In a formal rebuttal, the Ministry reaffirmed the government’s commitment under President Ibrahim Traoré to fight corruption and ensure that all revenues from the mining sector are channelled transparently into the national budget.

"All revenues from mining are now returned to the state coffers and are subject to rigorous and transparent management," the statement noted.

The Foreign Affairs Ministry stressed that the Traoré administration has taken decisive steps to clean up public governance and promote inclusive growth, countering any claims to the contrary.

Under the new law , all existing licenses issued by the Precious Minerals Marketing Company (PMMC) or the ministry responsible for mines to non-large-scale entities have been revoked. Going forward, only GoldBod and its officially licensed aggregators or service providers will be authorised to purchase or export ASM gold.

To ease the transition, GoldBod has granted a grace period until April 30 for currently licensed buyers to fulfil existing contractual obligations.

“All foreigners are hereby notified to exit the local gold trading market not later than April 30, 2025,” the official statement reads. “A foreigner may, however, apply to the GoldBod to buy or off-take gold directly from the GoldBod,” it added.

After this deadline, foreign nationals will be barred from participating in local gold trading activities, although they may still apply to become authorised off-takers of GoldBod through a formal licensing process beginning April 22, 2025.

The move comes amid Ghana’s efforts to curb rampant gold smuggling, which has cost the country hundreds of millions in lost revenue, and to gain greater control over one of its most lucrative industries. Ghana is Africa’s top gold producer and recently became the sixth-largest gold producer in the world , following a 53% surge in gold exports last year.

With gold prices up over 23% in 2025 amid global economic uncertainty and trade tensions, the government sees an opportunity to maximise earnings by consolidating and regulating ASM gold flows through a centralised system.

The Ministry of Agriculture and Environment said 17 of the deposits are large, 43 are medium, and 50 are small.

The findings came from a government project that began in 2017 to study the region’s mineral resources and create a detailed geological map.

Deputy Minister of Agriculture and Environment Tran Quy Kien said the northwest region is important for Vietnam’s economy , environment, and security.

He urged local authorities to use the geological data to plan for economic growth and attract investment.

"This is a great opportunity for the region, but we need to ensure that mining is sustainable," he was quoted by Tuoitre News .

The survey also identified seven areas with deep mineral potential and predicted 15 zones with valuable rocks. It included detailed studies on geothermal energy in Dien Bien, Lai Chau, and Son La provinces.

Despite the discoveries, Vietnam faces challenges in using its mineral resources effectively. Authorities want to make sure mining benefits the region without harming the environment.

Local media Desk Eco reports that the bulk of the DRC’s tin exports came from industrial operations, which accounted for 63% of the total export volume. Industrial producers shipped 27,100 tons of cassiterite (tin ore), valued at approximately $350 million.

The artisanal or small-scale mining sector contributed 15,852 tons worth $162.8 million.

Market dominance remains firmly with Alphamin Bisie, a major mining firm responsible for 99% of all industrial tin exports from the DRC in 2024. The company alone exported 26,932 tons, generating $348.6 million.

Tin, which is primarily used for soldering in electronics and as a corrosion-resistant coating in food packaging (tinplate), has seen a sharp increase in global market prices. Disruptions in supply, including temporary export halts, helped drive the metal’s price from $25,175 per ton at the end of 2023 to $32,640 per ton by December 2024. As of now, tin is trading at approximately $35,000 per ton.

In 2023, DRC was rated as one of the top five biggest suppliers of tin on international markets, along with Australia, Nigeria, and Rwanda. 

Mozambique, which discovered vast gas reserves in the deepwater Rovuma Basin in 2010, began exporting LNG last year. The country has attracted significant foreign investment in its energy sector, despite disruptions caused by militant attacks.

Another stalled LNG project in the country is expected to resume soon, following the Trump administration’s approval of a $4.7 billion loan from the US Export-Import Bank.

Khaled Salmeen, XRG’s Chief Operating Officer, highlighted the strategic importance of the deal. “We are proud and excited to be part of the responsible development of Mozambique’s world-class Rovuma Basin. Together with the Government of Mozambique and our partners, we look forward to sharing our expertise, adding value, and accelerating these developments towards their full potential LNG capacity,” he said.

XRG’s acquisition in Mozambique marks its first investment in the country, reinforcing its strategy of building a world-scale, integrated gas portfolio to meet growing global energy demand. The company already has LNG assets in Azerbaijan, Egypt, and the United States.

These resources not only underpin key sectors of Ukraine’s economy but also represent critical components for global industries, including energy, metallurgy, defence, and green technologies.

Ukraine’s subsoil is home to over 20,000 mineral deposits and occurrences, with around 8,000 deposits officially registered. These include:

1. Metallic Minerals

Iron Ore: Ukraine ranks among the world’s top producers of iron ore, particularly from the Kryvyi Rih Basin, which contains some of the largest reserves (6500 metric tonnes) in Europe.

Titanium: The country holds Europe's largest titanium ore deposits, vital for aerospace, defence, and medical technologies.

Manganese: The Nikopol Manganese Basin is one of the richest (140 metric tonnes) in the world, critical for steel production.

Uranium: Ukraine has significant uranium ore reserves, a key component for nuclear energy.

Lithium: Ukraine is now focusing on strategic minerals essential for batteries, electronics, and renewable energy systems.

2. Non-Metallic Minerals

Kaolin and Graphite: Ukraine is a leading global supplier of high-grade graphite and kaolin, used in ceramics, paints, and electronics.

Rock Salt: Major deposits in Artemivsk and Soledar contribute significantly to domestic and regional supply.

Construction Materials: Rich deposits of granite, limestone, gypsum, and clay support Ukraine’s construction and infrastructure sectors.

3. Energy Resources

Coal : Ukraine has substantial coal reserves, particularly in the Donbas Basin.

Natural Gas and Oil: Though underutilised, Ukraine has significant hydrocarbon potential, especially in the Dnieper-Donets Basin and Black Sea shelf.

Shale Gas: Exploratory studies indicate the presence of shale gas reserves, which could bolster energy independence.

Ukraine’s mineral resources have gained increased attention in recent years due to their strategic relevance—especially in the context of the global energy transition and the growing demand for critical raw materials. The European Union has identified Ukraine as a key partner for securing the supply of critical raw materials (CRMs) necessary for battery production, electric vehicles, and renewable energy technologies.

Moreover, amid ongoing geopolitical tensions and war, control over Ukraine’s mineral wealth has become a point of strategic significance. Russia’s aggression has disrupted access to several key mining regions, further underscoring the importance of resource security and sustainable exploitation.

The relative calm follows intense clashes between Congolese soldiers and the Rwanda-backed M23 armed group, which seized control of much of Goma on Sunday. Fighting has largely subsided, but uncertainty looms as M23 fighters gain ground in the mineral-rich region.

On Thursday, January 30, M23 vowed to push further west toward Kinshasa, the DR Congo capital, signalling potential escalation. The group's capture of Goma, the capital of North Kivu province, marks a significant development in a region plagued by decades of violence involving multiple armed groups.

Rwanda, which denies backing M23, claims its primary objective is to eliminate fighters linked to the 1994 genocide. However, critics argue the neighbouring country is motivated by a desire to exploit DR Congo's vast mineral reserves, crucial for the global electronics industry.

Human Rights Watch (HRW) has reported that the Rwandan army and the M23 rebel group have been launching attacks on camps close to Goma in eastern DRC throughout 2024. The Congolese armed forces (FARDC) and allied militias have heightened the risk for displaced people in camps by stationing artillery nearby, according to the organisation, both factions have been involved in killing and raping camp residents, disrupting aid delivery, and committing various abuses.

“There are around 7 million internally displaced persons who lack access to water, electricity, and shelter. This is deplorable,” Mwavita stated, emphasising the scale of the crisis.

She also stressed the need for international support to ensure peace and punish companies involved in the illegal trade of “blood minerals.” She questioned why economic considerations often take precedence over human rights, asking, “Why is human consideration put aside in favour of economic consideration?”  

In April, the DRC  accused tech giant Apple of using unethically sourced minerals from the country in the manufacturing of the company's products. They expressed concerns that Apple's supply chain may be tainted by "blood minerals" obtained through unethical mining practices in the DRC.

President Felix Tshisekedi, appointed London-based law firm Amsterdam & Partners LLP to represent the DRC in litigation concerning individuals and companies involved in the extraction, supply, and commercialisation of natural resources and minerals pillaged from the country.

The DRC possesses abundant reserves of tantalum, tin, tungsten, and gold, commonly known as 3T or 3TG, all of which are essential for manufacturing smartphones and various electronic devices. The legal team representing the DRC submitted an official notice to Apple, which included inquiries regarding the "3T minerals utilised in Apple products."

Children are among the most affected by the DRC conflict, with many recruited into armed groups and then reportedly forced into child labour in the artisanal mining sector. To combat this, the Minister noted that the government has implemented a policy of free education, aimed at providing vulnerable children with opportunities and reducing their risk of exploitation. “Child soldiers are often street children who cannot afford to go to school,” Mwavita explained.  

In June, the testimony of a former child soldier revealed that as a result of the conflict, children in the DRC are sometimes abducted and forced to join armed groups. In the case of this 16-year-old whose identity was kept hidden, he was forced into an armed group while on his way to school.

Efforts to improve basic infrastructure and human rights were also highlighted. While the nation holds 13% of the world's potential in hydropower, mostly from the Congo River. About 80% of DRC’s population lacks access to electricity.

According to the Human Rights Minister, the government is constructing roads and hydroelectric dams to address this problem. “The right to electricity is also a fundamental right,” Mwavita stated, linking infrastructure development to human rights and national progress.  

Amidst the ongoing conflict and humanitarian crisis, the DRC has made strides in female representation in government. Following the resignation of Sama Lukonde as Prime Minister earlier this year, President Félix Tshisekedi appointed Judith Suminwa as his successor—the first female to occupy the position.

Mwavita pointed out that women now hold 31% of positions in the government, praising the leadership of President Tshisekedi, who has been recognised as a “champion of positive masculinity.” 

The Minister also called for transitional justice to address the violence suffered by Congolese communities and compensate victims of war. She advocated for the establishment of a criminal court for the DRC to combat impunity and deliver justice. “The promotion of human rights is one of the foundations of peace and humanity,” Mwavita said, affirming the DRC government’s commitment to these principles.  

Mwavita concluded with a plea to the international community, urging countries and organisations to take more than symbolic actions. “We are asking the international community to do even more, not to limit itself to denunciation but to sanction and take a stand,” she stated. For the Congolese people, she emphasised, the priority remains clear: “Peace in Congo is all we can ask for.”

Watch the full interview here:

The diamond was found by Lucara Diamond Corp., and it is the sixth stone weighing over 1,000 carats recovered from the mine.

The newly found diamond shares similarities with a 692-carat diamond discovered earlier in 2023. Both are expected to yield high-value polished stones through an ongoing partnership with HB Antwerp, a leading diamond company.

The previous 692-carat diamond was polished and sold for over $13 million.

Other large stones including the 1,758-carat Sewelo and the 1,109 Lesedi la Rona have also been recovered from the Karowe mine with the latest being a 2,492-carat diamond found by the company.

The diamond is considered the second largest gem-quality example ranking behind the 3,106-carat Cullinan diamond mined from South Africa in 1905.

Botswana is renowned for its diamond resources, and Karowe has been at the centre of some of the world's most notable diamonds.

The country’s diamond discoveries play a crucial role in Botswana’s economy and Lucara hopes to improve the country’s fortunes on that front with an underground expansion at Karowe.

"We are ecstatic about the recovery of this extraordinary 2,492-carat diamond," said Lucara’s head, William Lamb. The discovery was made using Lucara's advanced Mega Diamond Recovery X-ray technology, which has been in use since 2017 to detect and preserve high-value diamonds during the ore-crushing process.

The newly discovered diamond is yet to be fully assessed, so its quality and potential yield remain unknown. However, its size is comparable to the 3,106-carat Cullinan Diamond, the largest ever found, which was discovered in South Africa nearly 120 years ago.

This find surpasses the previous record in Botswana, a 1,758-carat diamond also recovered from the Karowe mine in 2019. Botswana is one of the world’s leading diamond producers, contributing about 20% of global diamond production.

This article highlights the top seven African countries leading in diamond production value according to recent statistics from the Kimberley Process —a collaborative initiative involving governments, industry, and civil society to regulate diamond trade and production.

Below are the top 7 African countries with the highest diamond production values:

Botswana

Botswana leads the continent in diamond production, with its mines valued at $3.28 billion in 2023. The country's diamond industry is a major driver of its economy, providing substantial revenue and employment. The diamond industry accounted for approximately 20% of the country's gross domestic product (GDP) in 2022.

Angola

Angola's diamond reserves are vast, with production valued at over $1.53 billion in 2023. The country has seen significant growth in its diamond sector, thanks to improved extraction technologies and increasing global demand. In 2023, Angola produced approximately 9.8 million carats of diamonds. This marked a 24% increase from the previous year.

Namibia

Namibia employs innovative techniques, including marine diamond mining, contributing to a production value of $1.23 billion in 2023. This approach has positioned Namibia as a key player in the diamond industry. In 2022, Namibia's diamond production amounted to 2.1 million carats, marking a 16.67% increase from 2021.

South Africa

South Africa, with its rich history of diamond mining, remains a major contributor with a production value of approximately $794 million in 2023. South Africa covers 13% of the global diamond production as it produced approximately 5.9 million carats of diamonds in 2023. 5.

Zimbabwe

Zimbabwe's diamond fields, despite being contentious, produced diamonds worth more than $423 million in 2023. The country's diamond production is primarily centred in the Marange diamond fields, located in the Chiadzwa area of the Mutare District. These fields are known for their extensive small-scale diamond production and are considered one of the world's richest diamond deposits. In 2022, Zimbabwe produced approximately 4.5 million carats of diamonds.

Lesotho

Lesotho may produce fewer diamonds, but their exceptional quality adds significant market value, estimated at $138 million in 2023. The country's diamonds are highly sought after for their clarity and size. In 2022, Lesotho's diamond production amounted to approximately 700,000 carats, marking a significant increase from the previous year. The diamond mining industry is a vital part of Lesotho's economy, contributing significantly to local employment and government revenue.

Sierra Leone

Sierra Leone has transformed its diamond industry, moving away from its troubled past to sustainably produce diamonds valued at over $102 million in 2023. One of the most famous diamonds from Sierra Leone is the 709-carat " Peace Diamond ," discovered in 2017. This diamond brought significant attention to the country's diamond sector and highlighted the potential for ethical and transparent mining practices.

Selection Process

“The selection of Nigeria to host the AEB is a great milestone for the bank. This also challenges Nigeria to live up to its true potential in developing its home-based energy industry. The massive energy reserves in the country will support the bank and help drive its initiatives. There is also an incredible amount of talent in and outside the country, which will be instrumental in creating a world-class institution. We at the chamber welcome this milestone and hope that the robust initiatives taken to drive this bank will benefit the continent,” said NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC).

Nigeria's selection followed a meticulous review process during the 45th Extraordinary Session of the APPO Ministerial Council, held virtually on July 4, 2024. The session was chaired by the Minister of Hydrocarbons of the Republic of the Congo, Bruno Jean Richard Itoua. 

The AEB Headquarters Ministerial Selection Committee evaluated several criteria, including socio-economic factors, safety, security, and accessibility. This thorough process underscores the strategic importance and capability of Nigeria to host the AEB.

Objectives and Impact

The AEB aims to tackle the funding challenges faced by Africa’s oil and gas industry amid the global energy transition. As a supranational institution, it will provide financing for African energy projects, including emerging oil and gas ventures across the continent. 

This initiative is expected to strengthen Nigeria’s role in the African energy landscape and streamline funding for African projects, driving widespread industrialization and economic growth.

The establishment of the AEB in Nigeria is particularly significant given recent financial support from international institutions. 

Last month, the World Bank approved a $2.25 billion package to assist Nigeria in improving oil revenue management, ensuring fiscal sustainability, cultivating economic growth, and enhancing public services. 

The African Oil Industry

Africa boasts over 125 billion barrels of proven crude oil reserves and hundreds of trillions of cubic feet of proven gas reserves, with more discoveries being made across the continent. However, ongoing concerns about climate change and the impact of fossil fuels on global warming have led many international financial institutions to align investment portfolios with the objectives of the Paris Climate Agreement, significantly reducing oil and gas investment activity. 

African economies, heavily reliant on the oil and gas sector for fiscal revenues, foreign exchange, and economic growth, are increasingly concerned about the availability of sustainable capital for energy projects. 

With the largest oil-producing countries in Africa including Nigeria, Angola, and Algeria, the AEB is poised to play a critical role in ensuring that appropriate and sustainable sources of capital are available for Africa’s oil and gas projects in the short, medium, and long term.

This reduction in production marked the fourth consecutive year of dwindling annual output volumes since 2010. In specific figures, Ghana produced 48,247,036.61 barrels of oil in 2023, a notable decline from 51,756,481 barrels in 2022, the report indicated.

This downward trend commenced after the peak production year of 2019, which saw a total of 71,439,585 barrels. Subsequent years witnessed declines to 66,926,806 barrels in 2020, 55,050,391 barrels in 2021, and 51,756,481 barrels in 2022, local media Graphic Online reported.  

Ghana's crude oil is predominantly sourced from three main fields: Jubilee, TEN, and Sankofa Gye-Nyame (SGN). Jubilee Field, operational since December 2010, has historically been the largest contributor to production. 

However, according to the report, in 2023, it accounted for 63% of total crude oil production, yielding 30,444,217 barrels. SGN and TEN fields contributed 23% (11,086,541.61 barrels) and 14% (6,716,278 barrels) respectively.

In contrast, the report disclosed a slight increase in gas production. Reporting a total of 255,171.97 million standard cubic feet (MMSCF) of raw gas in 2023, comprising both Associated Gas (AG) and Non-Associated Gas (NAG) was produced, reflecting a modest increase of 0.64% from 253,555.05 MMSCF in 2022.

  What they said

In their statement on May 22, the firm expressed disappointment over Apple's silence, stating, "It is more urgent than ever that Apple provide real answers to the very serious questions we have raised." Apple has maintained in the past that it does not directly procure primary minerals and has been conducting audits of its suppliers for several years, disclosing its findings publicly. "We found no reasonable basis for concluding that any of the smelters or refiners of 3TG determined to be in our supply chain as of December 31, 2023, directly or indirectly financed or benefited armed groups in the DRC or an adjoining country," a statement from Apple's report noted.   

Speaking at an investment summit in Nasarawa, President Bola Tinubu encouraged lithium-rich states across the country to seize opportunities in the mining sector, highlighting lithium's crucial role in shaping the future, TVCNews reports

"The 4,000 tonnes per day processing plant is a testament to the state's commitment to investments. I urge other states to follow Nasarawa's example by intensifying efforts to attract investors. Initiatives like this investment summit are pivotal in showcasing the vast opportunities awaiting investors across all sectors of the Nigerian economy," President Tinubu stated.

Emphasising the importance of lithium, President Tinubu described it as "the future" and stressed the need for proactive measures to capitalise on the global demand for lithium by establishing additional processing plants in lithium-rich states throughout Nigeria.

"Lithium is the future," he said, adding, "Manufacturers have continued to produce cars powered by lithium batteries. Therefore, as a country, we must prepare for this by ensuring we take full advantage of the global demand for lithium by developing even more processing plants in Nasarawa and across other states rich in lithium in Nigeria as a whole," as quoted by local media Punch .

 What they said

Prime Minister Zeine, speaking from the capital Niamey rejected Benin's demand for the full reopening of the border. He cited security concerns as the primary deterrent, alleging that Benin's territory hosts bases where terrorists are trained to destabilise Niger. Despite lacking specific details on these claims, Zeine emphasised that the border would remain closed until Niger's security is assured. "In Benin's territory, there are bases where in some, terrorists are trained to come and destabilise our country. So, it is for simple security reasons that we decided to maintain the border closure," Zeine said , adding, "We'll reopen the border when we are certain that our territory is secured."

For developing nations most dependent on revenue from these raw materials, the report shows more complex economic issues.

According to UNCTAD, this reliance on commodities inhibits economic growth and perpetuates inequalities across regions like sub-Saharan Africa, South America, the Pacific, and the Middle East.

Currently, 95 developing countries, nearly half of the UN's membership, are affected by commodity dependence. Notably, 29 out of 32 nations classified as having low human development in 2021 were commodity-dependent.

“Commodities and commodity dependence are issues at the heart of the past and especially the future of trade and development,” said UN Trade and Development Secretary-General Rebeca Grynspan.

Africa, in particular, holds a significant stake in the mining of metals essential for renewable energy transition. UNCTAD highlights that over a fifth of such metals crucial for renewable energy are mined in Africa. For instance, the demand for cobalt, a vital mineral for EVs predominantly found in the Democratic Republic of Congo (DRC), could skyrocket by nearly 1,500% by 2050.

However, despite being primary producers and exporters of these minerals, many African countries have yet to capitalize fully on their resources . UNCTAD notes a shift in some nations towards value addition through local processing. In the DRC, for instance, significant progress has been made in cobalt refining and processing, resulting in a substantial increase in processed cobalt exports compared to raw cobalt.

The UN Trade and Development has identified 110 new mining projects worldwide, valued at $39 billion, with a substantial portion invested in developing countries. However, to achieve the ambitious 2030 net-zero emission targets, the industry may require substantial investment in new mining projects, according to the report. Estimates suggest a need for around 80 new copper mines, 70 new lithium and nickel mines each, and 30 new cobalt mines.

Addressing delegates at the summit, Adesina emphasized the detrimental effects of loans where countries pledge access to their natural resources, such as oil, in exchange for financial assistance. He argued that such agreements undermine the principles of transparency and equality within the global banking system.

“I think it's time for us to have debt transparency accountability and make sure that this whole thing of these opaque natural resource-backed loans actually ends because it complicates the debt issue and the debt resolution issue," Adesina said .

While resource-backed loans may seem like a lifeline for African nations with limited access to credit and capital, critics like Adesina caution against the potential pitfalls. Without stringent regulatory oversight, these loans could impose unfavourable terms, severely hampering a country's future revenues and access to credit.

"It may make sense if you actually use that money for the right things, but in most cases, there are no policy conditionalities," Adesina remarked, stressing the importance of responsible utilization of borrowed funds.

According to the Natural Resources Governance Institute, as of 2020, African countries had accrued up to $66 billion in resource-backed loans, primarily from Chinese and Russian state-owned institutions, as well as private entities like mining giant Glencore. Notably, the majority of these loans originated from the China Development Bank (CDB) and the China Exim Bank.

“The researchers identified 52 RBLs, 30 of which were taken by countries in sub-Saharan Africa and 22 in Latin America. They are distributed across 14 countries in the two regions. Thirty-eight were lent by Chinese policy banks; seven are from commodity traders; four are from other Chinese state-owned enterprises; one is from Korea Exim; one is from Nigeria; and one is from Russia's Rosneft. Forty-three of the loans are backed by oil, six by various minerals, two by cocoa, and one by tobacco. The total loan amount represented in the dataset is $164 billion, of which $66 billion went to Africa and $98 billion to Latin America,” the report read.

What they said

Dr Fatima Abubakar, an economist specialising in international finance, described the move as practical and apt towards safeguarding the country’s finances. "Nigeria's decision to repatriate its gold reserves from the United States is a strategic move in response to the uncertain economic outlook. With the US economy facing challenges such as high inflation and mounting debt, Nigeria is taking proactive measures to safeguard its wealth and strengthen its financial resilience," she said .

What they said

Mozambique’s finance ministry said in a statement “The regulation represents a significant advance in the search for transparency, accountability, and good governance in the natural resources sector. Mozambique is laying the foundations for management based on best international practices.” Finance Minister, Max Tonela is quoted by Reuters to have said "the importance of the Sovereign Wealth Fund lies in the need to ensure that these revenues are used in a sustainable way to drive long-term economic development."

“Saudi Arabia is being transformed. Through this transformation, we want to be an economic powerhouse. To be an industrial [power], we need minerals. To build projects, we need minerals. Therefore, mining of Saudi Arabia [is] the first step. Bringing minerals from outside is the second step. The third step is to build Saudi Arabia as a hub,” the Vice Minister for Mining, Khalid al-Mudaifer, told  Semafor .

Mudaifer promised that the kingdom would assist African countries in enhancing their local minerals refinery into higher-value products, enabling them to benefit more from their resources economically. However, he acknowledged that not all countries have a strong enough local supply chain to support such aspirations. Factors such as insufficient energy, infrastructure, skilled workers, and power grids can pose challenges.

“Saudi Arabia needs more minerals and different types of minerals. We developed our mining strategy to make mining an economic driver … And we developed our mining strategy to also provide for developments for remote areas,” said Mudaifer.

To set the pace for the rollout of their policies,  Saudi Arabia has signed  Memorandums of Understanding (MOUs) with Egypt's Ministry of Petroleum and Mineral Resources, Morocco's Ministry of Energy Transition and Sustainable Development, and the Congo's Ministry of Mines of the Democratic Republic. These MOUs entail cooperation in the area of mineral wealth. Additionally, a separate agreement with Russia focuses on geology. Discussions have also taken place with the U.S. regarding joint efforts to secure access to metals essential for both countries' transition to cleaner energy sources.

Mvurya added that the deposits have been identified in six counties across the country but the economic value of this newfound mineral is yet to be determined by the government.

Currently, The Democratic Republic of Congo holds more than 70% of the world's coltan reserves which have led to severe human rights violations and environmental degradation.

Though it is not clear how large these deposits are, the discovery raises Kenya’s position as a potential mineral exporter.

Mvurya said the discovery will generate more employment opportunities and contribute to the growth of Kenya's mining sector.

Coltan, short for columbite-tantalite, is an essential mineral used in producing most modern technological devices such as cellphones, laptop computers, cars and other electronic devices .

“It is now official. We have coltan deposits in the country and we want to see how we can inspire the investors," Mvurya was quoted by the East African . "We shall be setting up laboratory services in eight regions where we shall be testing samples and declaring the quality of minerals found in a particular region," he said.

According to Forbes , the average price of coltan mineral is $48 per kilogram.

In DR Congo, the world’s biggest coltan mineral producer, the increasing worldwide demand for the mineral has fuelled conflicts, where opposing militias struggle for supremacy in mines producing coltan and other valuable minerals.

The project expected to be launched on January 28, 2024, will produce tonnes of phosphate estimated at 166 million from the country’s first reserves.

The factory will be developed in stages with the first stone laid on Sunday with a one-year period for acquisition of equipment and construction infrastructure for the evaluation of the true capacities of the mine, according to the Sahara Media .

The move follows several unsuccessful attempts in the past to mine the element since the 1980s, with the latest attempt in 2017 after a Memorandum of Understanding (MoU) was signed between Chinese and Sudanese companies.

The MoU was undertaken with the consortium for the construction of a railway linking the mine to the port of Nouakchott at a construction cost of $620 million.

Before this, the phosphate company was created in 2002 to develop the mine and in 2003 a study was conducted to explore the construction of a rail for the transportation of raw phosphate to the port. After some misunderstanding, work was stalled.

Efforts from some Russian, German, and Indian investors to work on a mine for the exploration of the element also failed.

The latest move is the most effective since mid-2017 when an operating limit was granted to a Mauritania-Saudi company of which the Mauritanian state holds 20% and the Saudi company El Majed investment 80%.

The Bofal mine project is expected to begin later after the laying of the first stone according to the ministry responsible for mines, considering the mine can be exploited for 30 years.

The government is optimistic that the project will contribute significantly to boosting the Mauritanian economy through the creation of employment and the generation of income.

Phosphate is also used extensively in the agricultural sector to improve plant fertilisers for maximum output.

What they said

“The Government of Angola hereby communicates the decision to withdraw from the Organization of Petroleum Exporting Countries, with effect from January 1, 2024, in accordance with Presidential Decree No. 233/23 of December 21”, the Ministry of Mineral Resources and Petroleum said, quoted by local media Angop .

It was discovered in November 2013 during geological surveys by the Catoca Mining Company, according to the country’s Ministry of Mineral Resources, Oil and Gas, Mirempet .

The Luele Mine is expected to contribute to significant mining sector reforms and increase diamond production.

The Minister of Mineral Resources, Oil and Gas Dimantino Azevedo said that the move will “better insert the Angolan diamond industry in the international context of this product”.

Azevedo noted that De Beers, a world-leading diamond company was brought back to Angola after fierce negotiations, making the country a global mining giant for the first time.

To date, around US$59.3 million has been spent on geological research work, US$415 million for the implementation of the mine and US$161 million for the Treatment Center, making a total of US$635.3 million. 

Preliminary studies of the geological potential reveal that the Luele kimberlite is 600m deep in an area of ​​105 hectares, with an amount of ore of 647 million tonnes that will result in 628 million carats, in an estimated mine exploration of 60 years, from 2023 to 2083.

Sociedade Mineira de Catoca has a stake in the project with 50.5%; Endiama 25%; Falcon, 19.5%; Reform 4%; and the Geological Institute of Angola (IGEO), 1%.