This is in addition to various countries enacting policies and strategies to regulate the extraction, processing and exporting of minerals.
These countries include the Democratic Republic of Congo, Namibia, Zimbabwe, Ghana, Tanzania, Nigeria, Mali, Zambia and South Africa.
In addition Namibia, South Africa, Cote d’Ivoire, Ghana, Kenya and Nigeria have also applied to be part of the Exclusive Economic Zone (EEZ) that covers about 13 million km², rich with untapped potential as a result of the vast critical minerals found in the continent’s seabed.
The waters within the EEZ could be holding valuable seabed minerals essential for clean energy, digital technologies and defence industries.
Exploring and developing these marine resources can play a key role in driving Africa’s blue economy, creating new industries, jobs and opportunities to move up the global value chain.
The loss of territorial rights to exploit marine resources in these areas can mean missed opportunities in sectors such as oil and gas, and mineral extraction, which could delay the economic growth of these countries.
Due to financial and technical challenges, many African countries have not been able to begin geological sea mapping and are therefore unaware of other critical minerals that may exist within their EEZ, including areas in international seas that are nearer to Africa.
African states are responsible for the regulation of the operational environment and for creating an enabling environment for equitable and inclusive governance of critical minerals, as well as for shaping and creating markets for critical mineral-based innovations.
Their ability to negotiate better deals, seek collaborative partnerships and spend revenues strategically is important in harnessing the development impact of critical minerals on the continent.
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