(3 Minutes Read)
Despite holding 30 percent of the world’s mineral reserves, the continent received less than 10 percent of the global average spent on mining exploration in 2022
This year’s Mining Indaba sounded a call to local banks to increase their role in mining by stepping in to support projects deemed risky by international lenders. This initiative is to encourage local people to get involved in the mining activities. Most of the mining interests in Africa are with foreign miners who have better access to international banks to finance their mining activities.
Despite holding 30 percent of the world’s mineral reserves, the continent received less than 10 percent of the global average spent on mining exploration in 2022.
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This is often because investors struggle to convince international lenders to commit money to African projects. But with vast reserves of strategic minerals, interest in African mining has ticked up in recent years and local financial institutions are being challenged to pick up more of the slack.
