Africa’s $29.5T Mineral Wealth Drives Jobs, Industrial Push

Africa's mining sector is reinforcing its role as a major engine of employment growth, buoyed by surging global demand for critical minerals essential to the energy transition and advanced manufacturing.

According to the Compendium of Africa's Strategic Minerals 2026, released by the Africa Finance Corporation (AFC), the continent holds an estimated $29.5 trillion in mineral wealth, representing roughly 20% of global reserves, with approximately $8.6 trillion still untapped. The report underscores a clear pathway for African economies to accelerate industrialisation and job creation by deepening value addition across downstream industries such as aluminium, fertilizers, battery materials and specialty alloys.

Expanding Production, Expanding Jobs

As countries advance greenfield developments and restart or scale brownfield operations, mining's contribution to formal employment is projected to rise steadily.

In Namibia, renewed uranium production in 2025 and 2026 is driving sector momentum. Deputy Minister of Industries, Mines and Energy Gaudentia Krohne reported that Namibia's mining sector directly employed 20,843 people at the end of 2024.

With diversification underway into rare earths, copper, lithium and other critical minerals — supported by the finalisation of a new minerals bill — Namibia is positioning itself to attract fresh investment and expand workforce participation.

"Namibia is committed to supporting small-scale miners and improving livelihoods. We are focusing on finance support schemes and training support programs to equip our workforce with emerging skills," Krohne said.

In South Africa, the government plans to mobilise R2 trillion over five years to strengthen its critical minerals value chain, spanning exploration, project development, processing, manufacturing and skills training. Mining employment has remained stable in 2025, with approximately 468,000 formal workers recorded mid-year.

In Zambia, mining supports more than 73,000 jobs in 2025, with expansion in copper projects expected to boost employment further. Notable investments include:

• $300 million by U.S. startup KoBold Metals at the Mingomba Mine, projected to create 700+ jobs.

• $1.5 billion investment by Vedanta Resources at Konkola Copper Mines.

• $1.25 billion by First Quantum Minerals for the Kansanshi S3 Expansion.

These large-scale capital injections are set to translate directly into employment opportunities and broader supply chain growth.

Translating Capital into Employment

The Africa Finance Corporation has highlighted the direct correlation between capital deployment and job creation.

Speaking at African Mining Week (AMW) 2025, AFC Associate Vice President of Investment Molebogeng Mazibuko emphasised the need for stronger collaboration between African investors and global financiers to unlock funding for critical mineral projects.

To date, AFC's $700 million in mining investments has generated over 15,000 jobs, with up to 70% of funding directed toward critical minerals, reinforcing the sector's strategic importance.

Global Critical Minerals Race Opens Opportunities

The intensifying global competition among the United States, Europe and China to secure African critical minerals is opening new employment pathways across the continent.

In the Democratic Republic of Congo (DRC), a December 2025 agreement with the United States on mineral extraction, value addition and trade is expected to boost sectoral job growth. The DRC's mining industry already supports more than 100,000 jobs, according to Minister of Mines Louis Watum Kabamba.

With only 10% of the country's estimated $24 trillion mineral reserves currently exploited, expanded partnerships with global powers could significantly scale employment in extraction, processing and downstream industries.

Addressing Investment Gaps

Despite its employment potential, Africa's mining sector continues to face financing constraints — particularly among local operators and small-scale miners. Limited access to capital slows project development timelines and restricts job expansion.

Bridging this gap will be central to unlocking the continent's untapped $8.6 trillion in mineral wealth and ensuring that resource extraction translates into inclusive economic growth.

AMW 2026 to Catalyse Deal-Making

Against this backdrop, African Mining Week 2026, scheduled for October 14–16 in Cape Town, aims to connect global investors with bankable projects across the continent.

By facilitating partnerships, investment commitments and project financing, the event seeks to convert capital inflows into operational mines, expanded value chains and sustained employment growth.

As Africa positions itself at the heart of the global critical minerals supply chain, the challenge now lies not only in extraction but in capturing greater value through processing, manufacturing and skills development — turning geological wealth into long-term industrial and employment gains.