With global demand for rare earth elements projected to quadruple by 2030, Africa is rapidly emerging as a key frontier in the global supply chain.
Driven by the twin forces of the global energy transition and a renewed push for industrialisation, African nations are intensifying exploration and production efforts to harness the economic potential of their critical mineral wealth. By 2029, up to eight rare earth projects are expected to be commissioned across the continent, positioning Africa to supply as much as 10% of the world’s rare earth demand.
At the forefront of this momentum is African Mining Week 2025, a timely platform set to spotlight investment opportunities across the rare earth value chain. Historically underexplored, Africa’s rare earth sector is now drawing the attention of global developers and institutional investors. In February 2025, South African asset manager Novare entered into a R1.8 billion agreement with US-based ReElement Technologies to establish a rare earth refining and battery manufacturing facility, combining funding from Novare and ReElement’s proprietary refining technology. Construction is expected to begin in the latter half of the year.
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Elsewhere, countries are progressing major projects with strategic international backing. In Namibia, the Lofdal Project, one of only two xenotime-type heavy rare earth deposits under development globally, reached a pilot production milestone through a partnership between Namibia Critical Metals and the Japan Organization for Metals and Energy Security. In Angola, Pensana secured an $80 million loan from Absa Bank Limited to accelerate the Longonjo Project, expected to supply 5% of global magnet metal demand — vital for wind turbine and electric vehicle manufacturing.
Also read: Pensana Secures $268 Million Financing for Angola’s Longonjo Rare Earth Project
High-profile investors are also entering the sector. Billionaires Jeff Bezos and Bill Gates invested $537 million through KoBold Metals, aimed at advancing rare earth mining across Africa. In parallel, the African Development Bank has proposed the African Units of Account (AUA) — a pan-African currency backed by critical minerals, including rare earths — as a means of stabilising currency markets and attracting long-term investment in green energy supply chains.
Projects such as Phalaborwa and Steenkampskraal in South Africa, Makuutu in Angola, Ngualla in Tanzania, and Songwe in Malawi continue to hit development milestones, reinforcing Africa’s position as a central player in the global critical minerals ecosystem. As African Mining Week brings together regulators, investors, and industry leaders, the continent is poised not only to meet rising global demand but to define the future of the rare earths economy.
