Global demand for critical minerals, particularly lithium, is growing rapidly to meet clean energy and de-carbonisation objectives.
Africa hosts substantial resources of critical minerals. As a result, foreign mining companies are rushing to invest in exploration and acquire mining licences.
According to the 2023 Critical Minerals Market Review by the International Energy Agency, demand for lithium, for example, tripled from 2017 to 2022. Similarly, the critical minerals market doubled in five years, reaching US$320 billion in 2022. The demand for these metals is projected to increase sharply, more than doubling by 2030 and quadrupling by 2050. Annual revenues are projected to reach US$400 billion.
