UN Secretary General António Guterres appointed (https://apo-opa.co/3WNr7Cg) a panel dedicated to developing a framework that ensures equity, transparency, sustainability and human rights among critical mineral extraction activities, in April 2024. Uniting government and industry stakeholders, the panel aims to encourage developing countries, including those in Africa – which holds over half of the world’s cobalt and manganese reserves and over one-fifth of aluminum and copper reserves – to leverage its critical minerals for enhanced job creation, economic diversification and export revenues.

Reflecting similar priorities, the Critical Minerals Africa (CMA) summit — scheduled for November 6-7 in Cape Town — will host an Industry Leader Forum to explore strategies for ensuring sustainable mineral production and navigating external factors like geopolitical risk, digital transformation and the energy transition. It will also address recent high-level initiatives – from the African Green Minerals Strategy to the global Minerals Security Partnership – and their role in shaping best practices for building resilient mineral supply chains. 

Initiated in 2022 by the African Development Bank, the African Green Minerals Strategy (AGMS) (https://apo-opa.co/3y8dZy4) serves as a comprehensive framework for leveraging the continent’s mineral resources for industrialization and the development of green technologies. The AGMS aims to articulate Africa’s interests in a rapidly changing world, build and retain local value, create jobs, develop new industries, and foster greener economies, as global demand for transition minerals rises. 

Meanwhile, the US-led Minerals Security Partnership (MSP) (https://apo-opa.co/3YpZf87) represents a collaborative effort among 14 countries and the European Union to bolster investment in responsible critical minerals supply chains. Through partnerships with governments and industries, the MSP provides support for strategic projects, particularly focusing on lithium, cobalt, nickel, manganese, graphite, rare earth elements and copper. Given Africa’s abundant mineral reserves, collaboration with the MSP is particularly relevant for the continent, enabling responsible mineral extraction and supporting local communities and economies, while advancing global clean energy goals.

In February 2023, MSP partners gathered in South Africa to establish guiding principles for global project development, emphasizing local value addition and maintaining sustainability and ESG standards. Representatives from mineral-rich nations, including non-MSP countries like Angola, Botswana, the Democratic Republic of the Congo (DRC), Tanzania, Uganda and Zambia, joined the discussions. The meeting sought to ensure that the growth of critical minerals supply chains benefits all stakeholders equitably, underlining the MSP’s commitment to responsible mineral extraction and sustainable development.

Furthering efforts to ensure a steady and sustainable supply of CRMs, the EU launched its Critical Raw Materials (CRM) Act in March 2023, as European demand for rare earth metals is expected to increase six-fold by 2030. As part of this initiative, the EU has engaged with several African countries including the DRC, Zambia, Rwanda and Namibia through various MOUs. These agreements aim to foster collaboration within integrating sustainable raw materials value chains, mobilizing funds for infrastructure development, promoting sustainable and responsible production practices, encouraging research and innovation and enhancing capacity building efforts.

Within this context, the Industry Leaders Forum: Driving Innovative Minerals Production at CMA 2024 will explore key trends within the African and global critical minerals landscape. Leaders will discuss how initiatives like the AGMS, MSP and European CRM Act will shape the future of sustainable mineral production and global supply chains.

CMA is the largest gathering of critical mineral stakeholders in Africa. Taking place from November 6 – 7 in Cape Town, the event positions Africa as the primary investment destination for critical minerals. This year’s edition takes place under the theme Innovate, Enact, Invest in African Critical Minerals to Sustain Global Growth, connecting African mining projects and regulators with global investors and stakeholders to untap the full potential of the continent’s raw materials. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

Distributed by APO Group on behalf of Energy Capital&Power.

African Export-Import Bank (Afreximbank) (www.Afreximbank.com) and the Lesotho National Development Corporation (LNDC) co-hosted a Joint Project Preparation Facility (JPPF) workshop in Maseru, Lesotho, to help address investment gaps in project preparation and to highlight the critical role of project preparation.

Organised under the theme “Leveraging Project Preparation to Boost Trade and Investment in Lesotho,” the workshop that was held on 21 June 2024 attracted participation from Lesotho’s key government ministries, departments and agencies, captains of industry, policy makers, regulators and representatives of commercial banks.

The workshop is part of Afreximbank’s continued push for the development and implementation of high-quality projects across Africa. It highlighted some of the challenges faced by project developers and sponsors in preparing projects and how these can be addressed by accessing financing from project preparation facilities. Notably, the workshop examined the critical role project preparation facilities can play in unlocking investment inflows into Lesotho and closing out the prevalent infrastructure and investment gaps.

Mr. Zitto Alfayo, Head of Project Preparation at Afreximbank represented Mrs. Kanayo Awani, Executive Vice President Intra Africa Trade and Export Development (IATED), Afreximbank. He noted that such interventions will promote industrialization and export development activities in Lesotho thereby catalysing sustainable growth in the priority sectors as outlined in Lesotho’s National Strategic Development Plan II.

LNDC Interim CEO, Mr. Molise Ramaili emphasized that the JPPF collaboration was implemented at a time when his organisation is in the process of rolling out a strategy anchored on collaboration as a form of competitiveness, to leverage the strengths of like-minded players in economic development at local and regional levels. He challenged the Lesotho private sector to engage more with LNDC and Afreximbank to advance their projects to bankability and investment readiness.

The workshop followed the establishment of a Joint Project Preparation Facility (JPPF) partnership between Afreximbank and the LNDC in November 2022 with the overarching objective of increasing the number of investment-ready projects available for private sector investment in Lesotho. 

Distributed by APO Group on behalf of Afreximbank.

Media Contact:
Vincent Musumba
Manager, Communications and Events (Media Relations)
Email: press@afreximbank.com

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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

For more information, visit: www.Afreximbank.com

Exness (https://apo-opa.co/3LKDl87), one of the largest multi-asset retail brokers in the world, has announced that it has reached yet another significant regulatory milestone. The Financial Sector Conduct Authority (FSCA) has granted the company an ‘Over-the-Counter Derivative Provider’ (ODP) license in South Africa, broadening its license portfolio.

This achievement underscores Exness’ dedication to client security, high regulatory standards, and transparency within the South African market.

The ODP license mandates stringent risk management protocols, and reporting standards, providing clients with an extra layer of protection in the trading environment. This enhanced regulatory status further reinforces Exness’ position as a trusted broker for local traders.

Paul Margarites, Exness Regional Commercial Director, said, “The ODP license acquisition signifies a significant stepping stone for Exness in South Africa. Our promise to provide a frictionless trading experience doesn’t stop at trading conditions and a seamless client journey but extends to robust safety and security measures that put our clients first. In today’s online trading landscape adherence to the FSCA’s stringent standards ensures that our South African clients have an extra layer of peace of mind when trading with Exness.”

Exness uses technology and ethics to raise the industry benchmark and create favourable conditions for traders. It offers clients a frictionless trading experience through its superior proprietary platform and unique market protections, allowing traders to experience how the markets should be.

Distributed by APO Group on behalf of Exness.

The March 2024 food and nutrition situation analysis indicates that almost 50 million people of the region including 31.7 million living in Nigeria, representing 16% of the whole population are food insecure and need assistance to cover their basic food needs in the current lean period. Considering this, the decision-making body of the ECOWAS Regional Food Security Reserve has stood up, though, availing 4,976,75 MT of cereals on technical rotation and 2000 MT under the regional solidarity modality, to support the efforts of Nigeria in handling this situation.

The Economic Community of West African States ECOWAS has donated over 2,000 Metric Tons of cereals comprising of millet, sorghum, and white maize from the Regional Food Security Reserve to the Government of Nigeria in Kano on Saturday 27th July.

ECOWAS also handed over 4976.75 tons of cereal to the Government of Nigeria as part of a technical rotation of the stocks of the Regional Food Security Reserve. Stock rotation is part of normal stock management procedures, allowing ECOWAS to regularly replace stocks that have over 2 years of storage with new ones to ensure that they are always in good quality and fit for consumption.

Handing about 7000 Metric Tons over to the Director of the Food and Strategic Reserve Department of Nigeria, Dr. S A Haruna, on behalf of the President of the ECOWAS Commission, the ECOWAS Commissioner for Human Development and Social Affairs, Prof Fatou Sow Sarr, congratulated the Federal Government of Nigeria for the efforts already undertaken towards curbing the current difficult food situation of the vulnerable populations. “This expression of regional solidarity stands as ECOWAS contribution in support of the various efforts of the Federal Government of Nigeria. This intervention contributes to strengthen the resilience of the populations affected by the difficult food and nutrition crisis”, she says.

While receiving the stocks meant for both technical rotation and voluntary donation from ECOWAS, Dr Haruna, appreciated ECOWAS for this kind gesture to the good people of Nigeria, especially the most recent donation of 2000 MT of cereals under the modality of regional solidarity. “In view of the importance and achievements of the Regional Food security Reserve, the Federal Government of Nigeria will continue to play an active role in the sustenance and growth of the Regional Reserve and is committed to the replenishment of the 4 976.75 Metric Tons mobilized stock grain-for-grain at the next harvest time”, he promises.

This intervention occurs at the right time, in response to the call from the April 2024 RPCA meeting for urgent action to support Member States to assist more than 50 million to meet their basic food needs in West Africa during this lean period with more than half leaving in Nigeria. The ECOWAS regional Food Security Reserve also plans to support five other countries (Burkina Faso, Ghana, Mali, Niger, and Sierra Leone) most affected by food and nutrition hardships during the same period.

To recall, so far, Nigeria has already benefited from the Regional Food Security Reserve about 10, 129 MT of food grains breaking down to 3,999 MT in 2020, 5,000MT in 2019 and 1,130 in 2017.

The Regional Reserve has intervened 19 times between 2017 and 2024 to support six countries in the region (Burkina Faso, Cabo Verde, Ghana, Mali, Niger, and Nigeria) for a total of more than 55,000 tons of cereals. The Regional Food Reserve also granted to Niger 205 tonnes of fortified flours in 2021 and is currently securing 230 tonnes for Nigeria to provide food supplement to pregnant and breastfeeding women and children under 59 months.

ECOWAS is grateful to the various technical and financial partners who have been supporting the operationalization of the Regional Food Security Reserve since 2016. Such partners are mostly the European Union, the French Development Agency (AFD), the Spanish Cooperation (AECID) and the World Bank.

Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).