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The World Bank has highlighted that the anticipated doubling of global copper demand by 2050 offers a significant opportunity for Africa, especially Zambia and the Democratic Republic of Congo (DRC), to expand their market share in copper production.
Speaking at the Critical Minerals Africa (CMA) 2024 Summit, which began on Thursday in Cape Town, World Bank Senior Mining Specialist, Martin Lokanc, emphasized the importance of increasing local beneficiation to ensure that mining profits contribute to African economies.
Lokanc noted that many mineral-rich regions coincided with some of the world’s poorest areas, and urged African nations to leverage their resources for broader economic growth.
Lokanc discussed the impacts of population growth and economic activity on Africa’s critical minerals sector, emphasizing that rapid urbanization—expected to see 60 percent of the global population living in cities by 2050—is a major driver of demand for critical minerals, particularly in Africa and India.
“Decarbonisation is a significant disruptor, prompting a reengineering of the global energy system and increasing the demand for minerals, especially from Africa,” Lokanc said.
He added that the forecasted surge in copper demand by 2050 presents a strategic opportunity for Zambia and the DRC to expand their global presence in the copper market.
Project Blue, a market research firm, echoed this sentiment.
Founder and Director Nils Backeberg presented an analysis on the African market, noting that geopolitical shifts and rising demand for minerals essential to energy transition technologies were reshaping Africa’s mineral landscape.
He highlighted that changes in government policies across nations, including Botswana, Mozambique, the United States, and regions in Europe, would influence Africa’s mineral trade and investment relations, underscoring how global power dynamics were impacting Africa’s critical mineral sector.
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