Key points
- AFC wants to add iron ore and uranium to its gold, bauxite, copper and manganese interests.
- It hopes to announce investments within the next six to 12 months.
- AFC is lead developer of the US-backed Lobito corridor.
The Africa Finance Corporation is looking for investments in iron ore and uranium as it expands its reach in critical minerals projects across the continent, according to its head of mining and metals.
Franklin Edochie, deputy director and head of mining at the Lagos-based institution, spoke on the sidelines of a mining conference in Cape Town. He said AFC’s interest spans precious and base metals as well as critical minerals.
The corporation already holds interests in gold, bauxite, copper and manganese, and now wants to add iron ore and uranium.
A potential iron ore powerhouse
Edochie said combined output from Guinea, Liberia, Mauritania and Sierra Leone could over the next 10 years “easily” equate to a top-three iron ore producer by volume.
“We are working towards financing those projects,” he said. “Hopefully, within the next 6 to 12 months, we should be able to announce something.”
Global race for supply
Critical minerals have become a focus of global competition, with the United States and other major economies seeking to secure supply chains for electric vehicles and renewable energy while reducing dependence on China.
AFC is also lead developer of the US-backed Lobito minerals transport corridor. It will combine new and existing railway lines linking mines in Zambia and the Democratic Republic of Congo to Angola’s Atlantic port of Lobito. Meanwhile, AFC has not named specific iron ore or uranium projects.
