AFC eyes iron ore and uranium investments in Africa

Africa Finance Corporation is looking for investments in iron ore and uranium as it seeks to expand its reach in critical minerals projects ‌on the continent, the agency’s head of mining and metals said.

Critical minerals have become a focal point of global competition, with the US and other major economies seeking to secure supply chains for electric vehicles and renewable energy while reducing dependence on China.

Franklin Edochie, deputy director and head of mining at the Lagos-based continental financial institution, said the agency’s interest in Africa’s mining sector is broad, spanning precious and base metals as well as critical minerals.

AFC already has interests in minerals such as gold, bauxite, copper and manganese across Africa, and now wants to add iron ore and uranium.

Speaking on the sidelines of a mining ‌conference in Cape Town, 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 in volume terms.

“We are working towards financing those projects,” he added. “Hopefully, within the next 6 to 12 months, we should be able to announce something (on uranium and iron ore investments).”

AFC is also lead developer of the US-backed Lobito minerals transport corridor linking African copper and cobalt mines to the Atlantic coast.

The corridor will combine new and existing railway lines linking mines in Zambia and the Democratic Republic of Congo to Angola’s Atlantic port of Lobito.