2025 to 2035 decisive for Africa’s new mineral wealth opportunity, say Boston execs
Africa’s mineral wealth has become a focal point for the clean energy transition and advanced manufacturing and coordinated action by Africa can convert the continent’s mineral wealth into GDP growth, job creation, infrastructure development and greater global influence – all the things that Africa needs. But to maximise this potential, relationships with traditional and emerging trading partners must be enhanced.
“Those that achieve this balance will reap the rewards,” Boston Consulting Group MD and partner Tycho Möncks and Boston Consulting Group partner and associate director Mikhail Nikomarov promise in an editorial to Mining Weekly that outlines practical steps for governments to build regional value chains and global alliances to enable ongoing wealth creation.
Marking an important moment for global critical mineral governance was, Möncks and Nikomarov point out, the 2025 South African presidency of the G20, when the Johannesburg Leaders’ Declaration introduced the voluntary G20 Critical Minerals Framework, which encourages mineral-rich nations to move beyond raw exports to local value-addition and inclusive local industrialisation.
To release maximum value at source, the framework emphasises the need for transparency, resilient supply chains, sustainable mining practices and technology partnerships.
Importantly, the framework also recognises Africa’s strategic role in the clean energy transition and the Fourth Industrial Revolution, and commits to aligning mineral development with just energy transitions and climate resilience.
“South Africa positioned itself as a bridge-builder, advocating for concessional finance, skills transfer, and regional value chains under the African Continental Free Trade Area, while cautioning against repeating extractive models that leave producer nations trapped in “pit-to-port” dynamics that sidestep local beneficiation opportunities.
“Africa Unleashed: Harnessing Africa’s Critical Mineral Opportunity”, the Boston Consulting Group’s recently released research report, calls on Africa to streamline regulations, accelerate permitting, standardise incentive, build regional value chains, and catalyse crucial ecosystem development.
Möncks and Nikomarov emphasise that forming strategic alliances with offtaker countries can secure long-term demand and gain access to concessional financing, technology and expertise.
“As the world sees a seismic shift in energy and technology solutions, there is a race to secure critical minerals which form a vital backbone for economies. This has brought Africa, with its vast natural resources, squarely into focus.
“Our first recommendation is not to adopt an 'either/or' approach when it comes to engagement with the major trading partners. It is easy to get drawn into a perception of a bi-polar world, but rather we need to view trade through a multipolar lens with specific strategies embracing traditional developed market participants as well as the emerging market heavyweights.
“Secondly, believe that African governments need to recognise that they are in a position to shape mutually beneficial long-term relationships, balancing short-term interests with long-term sustainable transformation. Two particular areas where they can focus attention are infrastructure and skills transfer.
“These are legacy issues, as in the past we have seen countries invest in infrastructure and then leave without any formal handover, limiting true transformative impact and skills upliftment.
“The goal should be a long-term, sustainable partnership which catalyses a positive lasting economic and social impact on the country and its infrastructure,” say the pair while drawing attention to a shift from extractive mining to beneficiation being key when negotiating with trading partners who have historically sought to add value closer to home.
