The Race for Critical Minerals: G7 Action Plan Eyes African Resources
The ministers of the G7 advanced economies have put forward a five-point action plan aimed at strengthening energy security, and Africa’s critical minerals are set to play a significant role
JOHANNESBURG, South Africa, April 18, 2023/ — Ministers of the G7 group, with support from the International Energy Agency, have proposed a Five-Point Action Plan for Critical Minerals Security.
It 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 emphasizes the need for new mines and supply chains for critical minerals, presenting opportunities for African markets.
African Minerals Shine Bright Amid Supply Concerns
The G7 Action Plan presents a strategy for addressing supply chain challenges caused by the overreliance on a few producing countries. Currently, China and the Democratic Republic of the Congo (https://apo-opa.info/
“We reaffirm the growing importance of critical minerals for the clean energy transition and the need to prevent economic and security risks caused by vulnerable supply chains, monopolization and lack of diversification of existing suppliers of critical minerals,” the G7 Group said in a statement (https://apo-opa.info/3ooN6Rb)
In this scenario, Africa has garnered significant attention, as the continent represents one of the biggest critical minerals play worldwide. In addition to the DRC, major producing producers such as Zimbabwe (https://apo-opa.info/3ohgCIh)
African Critical Minerals Summit Connects Consumers with Producers
Hot on the heels of the G7 Action Plan, South Africa is set to host the first-ever African Critical Minerals Summit (https://apo-opa.info/
As global stakeholders look towards the continent’s resources, the summit will connect key producers and users of the very mineral resources that underpin modern technologies, supply chains and energy production.
While the G7 Action Plan lays the foundation for strengthened investment in Africa’s critical minerals markets, the African Critical Minerals Summit will be the place where deals can be signed that will help diversify global supply chains, thus preventing the very economic and security risks the G7 Group hopes to address.
The conference is organized by African investment promotion and events producer Energy Capital & Power.
Distributed by APO Group on behalf of Energy Capital & Power.