Africa, home to a third of the world’s critical mineral reserves, is on track to secure $50 billion in production investments by 2040, according to a new report from the International Energy Agency (IEA).

The bulk of this funding is expected to flow into copper production, while cobalt is projected to receive a smaller share, around $4 billion.

In its “Global Critical Minerals Outlook 2025”, the IEA underscores Africa’s rising importance in the global shift toward clean energy, with copper, nickel, lithium, and cobalt playing crucial roles in electric vehicles, batteries, wind turbines, and solar panels.

Mining operations across the continent are projected to generate $50 billion in 2024 alone, compared to roughly $16 billion from mineral refining.

By 2040, the combined value of mining and refining in Africa could swell by nearly $83 billion.

The report presents two outlooks, the Stated Policies Scenario (STEPS), which assumes current climate policies remain in place, and the Announced Pledges Scenario (APS), which factors in future commitments not yet enacted.

Under both scenarios, Africa’s resource base positions it as a significant player in global supply chains.

Despite its mineral wealth, the continent is still expected to receive less investment than other regions.

Central and South America, North America, and Indonesia are each projected to attract about $100 billion in production investments by 2040, mostly for copper, nickel, and lithium.

IEA officials stress the urgency for African nations to move beyond interest and into action.

“African governments need to act quickly to turn interest into concrete projects,” the agency warns in the report.

To bridge the investment gap, several African countries are ramping up efforts to improve geological surveys, woo investors, and broaden international partnerships.

While China continues to dominate Africa’s critical minerals sector, nations like Japan, South Korea, the United States, and members of the European Union are deepening their engagement.

At the same time, many African governments are advocating for more local mineral processing to boost value addition.

But the IEA notes that such goals demand substantial follow-through and real project implementation.

With countries like the Democratic Republic of Congo and Zambia leading in copper and cobalt production, and new players emerging in lithium and graphite, Africa’s long-term role in the clean energy economy may well hinge on its ability to capitalize on this moment of global demand.