Africa-Press – South-Africa. Mineral and Petroleum Resources Minister Gwede Mantashe has warned African countries of a “race to the bottom,” warning an increased demand for critical minerals could see the continent short-changed for its abundant resources.
Mantashe was addressing delegates at the Mining Indaba in Cape Town on Monday.
The annual gathering of miners, government, and financiers will run for four days, where the state of mining, challenges, and investment opportunities will take center stage.
According to the Africa Finance Corporation, Africa hosts close to $39 trillion in on-site mineral value—the equivalent of more than 20% of global mineral wealth.
But the continent captures only a fraction of the economic value.
To address the issue of Africa failing to capture the far larger value created when minerals are turned into steel, aluminum, and batteries across the globe, Mineral and Petroleum Resources Minister Gwede Mantashe says the continent’s leaders must “sing from the same hymnbook.”
“This continent owes it to itself to unite, work together, talk to the outside world as one. It’s a long way to go but let’s give it a try, let’s give it a go,” Mantashe said.
This year’s edition of the Mining Indaba comes at a time of heightened geopolitical tensions, driven largely by the competition of some developed economies seeking greater control over the natural resources of developing nations.
Mantashe says better collaboration between African countries can help avoid the destructive race to the bottom in the continent’s engagement with global powers and investors.
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