{"id":34685,"date":"2023-10-11T15:30:57","date_gmt":"2023-10-11T15:30:57","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/will-green-metals-become-africas-new-oil"},"modified":"2023-10-11T16:25:54","modified_gmt":"2023-10-11T16:25:54","slug":"will-green-metals-become-africas-new-oil","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/will-green-metals-become-africas-new-oil","title":{"rendered":"Will \u2018green metals\u2019 become Africa\u2019s new oil?"},"content":{"rendered":"

Conrad Onyango<\/b><\/p>\n

Africa-Press – Lesotho. <\/strong><\/span>As the world makes a historic pivot toward curbing carbon emissions, Africa\u2019s major industrial metals-producing countries will look to rake in billions on a projected price surge.<\/p>\n

Analysts now see the development of green electricity grids, electric vehicles and battery storage industries creating fresh demand for four industrial metals: copper, nickel, cobalt and lithium.<\/p>\n

\u201cA resulting surge in prices for materials such as cobalt and nickel would bring boom times to some economies that are the biggest exporters,\u201d said the IMF in its latest analysis.<\/p>\n

\u201cThe Democratic Republic of the Congo, for example, accounts for about 70% of global cobalt output and half of reserves.<\/p>\n

Other standouts include Australia, for its lithium, cobalt, and nickel; Chile, for copper and lithium; along with Peru, Russia, Indonesia and South Africa,\u201d the report, which highlighted the dangers that rising prices could bring to efforts to curb greenhouse gases, said.<\/p>\n

According to Statista, the DRC\u2019s cobalt production was estimated at 100,000 metric tonnes while copper production stood at 1.5 million metric tonnes in 2019.<\/p>\n

Nickel production in Madagascar is estimated to reach 9,900 metric tonnes in 2020 as lithium production in Zimbabwe soars to 65,000 metric tonnes in 2021. Botswana and Zimbabwe also have nickel resources. Many of Africa\u2019s resources remain untapped, even unexplored.<\/p>\n

<\/a>Under a net-zero emissions scenario, the IMF says the booming demand for the four energy transition metals alone would boost their production value six-fold to $12.9trn, over two decades.<\/p>\n

\u201cThis could rival the roughly estimated value of oil production in a net-zero scenario over that period.<\/p>\n

The four metals could affect the economy via inflation, trade and output, and provide significant windfalls to commodity producers,\u201d explained the IMF in the report.<\/p>\n

Prices of cobalt, lithium, and nickel are seen rising \u2018several hundred per cent\u2019 from 2020 levels and peak around 2030. A less steep rise is expected for copper.<\/p>\n

S&P Global Market Intelligence projects in a report, \u2018The Big Picture: 2022 Metals and Mining Industry Outlook\u2019, published in October, that energy transition and global economic growth will drive exploration budgets in 2022 to between five and fifteen per cent above 2021.<\/p>\n

\u201cHigh interest in energy transition metals should push copper and nickel up more than the average and maintain interest in lithium and cobalt exploration,\u201d said Kevin Murphy, principal analyst, S&P Global Market Intelligence.<\/p>\n

The International Energy Agency has also affirmed total mineral demand from clean energy technologies looks set to rise significantly by 2040. According to IEA, electric vehicles and battery storage will account for about half of the mineral demand growth from clean energy technologies over the next two decades \u2013 spurred by surging demand for battery materials.<\/p>\n

The surge in the price of metals like copper and nickel, above pre-pandemic levels, is helping many smaller countries rebound from the shackles of the pandemic faster than expected, global financial institutions like the World Bank and IMF have shown.<\/p>\n

In its metal price Index, IMF projects a persistent ten per cent rise in metal prices, which translates to an extra two-thirds of a percentage point to the pace of economic growth experienced by metals-exporting countries relative to importing ones.<\/p>\n

\u201cExporters also would see a similar magnitude of improvement for government fiscal balances from royalties or tax revenues,\u201d say IMF analysts.<\/p>\n

While that picture may be rosy for the producers, however, the IMF warns that the rising costs could derail or delay the energy transition. The IMF report can be found here.<\/p>\n

Source: Theafricareport<\/b><\/p>\n

For More News And Analysis About Lesotho<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Conrad Onyango Africa-Press – Lesotho. As the world makes a historic pivot toward curbing carbon emissions, Africa\u2019s major industrial metals-producing countries will look to rake in billions on a projected price surge. Analysts now see the development of green electricity grids, electric vehicles and battery storage industries creating fresh demand for four industrial metals: copper, […]<\/p>\n","protected":false},"author":84,"featured_media":34684,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[242,233,246,245],"class_list":["post-34685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa","tag-africa-press","tag-africa-press-lesotho","tag-lesotho"],"yoast_head":"\nWill \u2018green metals\u2019 become Africa\u2019s new oil? - Lesotho<\/title>\n<meta name=\"description\" content=\"As the world makes a historic pivot toward curbing carbon emissions, Africa\u2019s major industrial metals-producing countrie ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/will-green-metals-become-africas-new-oil\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Will \u2018green metals\u2019 become Africa\u2019s new oil?\" \/>\n<meta property=\"og:description\" content=\"As the world makes a historic pivot toward curbing carbon emissions, Africa\u2019s major industrial metals-producing countrie ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/will-green-metals-become-africas-new-oil\" \/>\n<meta property=\"og:site_name\" content=\"Lesotho\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-11T15:30:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-11T16:25:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2023\/10\/sm_1697028799.801828.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"732\" \/>\n\t<meta property=\"og:image:height\" content=\"419\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/will-green-metals-become-africas-new-oil#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/will-green-metals-become-africas-new-oil\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Will \u2018green metals\u2019 become Africa\u2019s new oil?\",\"datePublished\":\"2023-10-11T15:30:57+00:00\",\"dateModified\":\"2023-10-11T16:25:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/will-green-metals-become-africas-new-oil\"},\"wordCount\":588,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/will-green-metals-become-africas-new-oil#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2023\/10\/sm_1697028799.801828.jpg\",\"keywords\":[\"Africa\",\"Africa Press\",\"Africa Press-Lesotho\",\"Lesotho\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/lesotho\/all-news\/will-green-metals-become-africas-new-oil#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/will-green-metals-become-africas-new-oil\",\"url\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/will-green-metals-become-africas-new-oil\",\"name\":\"Will \u2018green metals\u2019 become Africa\u2019s new oil? 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