2026年非洲矿业国别投资指南

Dear Readers, In the 12 years that GBR has published its annualMining in Africa Country Investment Guide(MACIG), some Africancountries have emerged as leading mineral producers, while others have slipped into the twilight as they traversedthe various commodity and political cycles. This year we have included 25 countries, some for the first time, asmore parts of Africa have become relevant, if not indispensable, in the supply of almost every commodity. Today, African mining opportunities attract a much broader universe of interest, with a growing and diversecapital pool closing in on the financing puzzle, as discussed in Part 1 of this report, which also examines howthe systematic undervaluation of assets on the continent, known as the ‘African discount,’ influences projectdevelopment and whether the boom in commodity prices helps reduce valuation gaps. The value of assetsmay be marked down in capital terms, but their impact on the ground is outsized on a continent where miningserves as a main development tool, a topic we cover in the ‘Multiplier Effect’ article. In the Commodities section, record gold prices see juniors rushing toward the milestones that drive the biggestvaluation jumps, while producers employ anti-cyclical strategies. In the Critical Minerals chapter, we discusshow interventionist tactics give rise to new fundamentals that overlay traditional supply and demand. TheIron Ore and Bauxite article unpacks the implications of Africa’s biggest-ever mining project, Simandou, onopening new logistical corridors for bulk commodity development. Coal mining is caught between contradict-ing pressures and indecisive policies, while uranium developers wait for a more incentivizing price to unlockinvestment. The value of natural diamonds, meanwhile, is being artificially pumped up through marketing, atactic that may still not be enough in the competition with lab-grown stones. In Part 3, we provide the political and economic context of 15 mining jurisdictions, divided by region. In WestAfrica, increased cross-regional transactions lead to the emergence of new hubs, such as Côte d’Ivoire, where-as neighboring countries have been wrapped in a wave of recent coups d’état. The coup belt coincides withthe most prolific gold belt on the continent, but there are new contenders, such as Liberia and Sierra Leone.Moving south, the continent’s once-leading jurisdiction, South Africa, has tough choices to make to arrest thedownward trend in its smelting sector. Namibia, seen as a premier African jurisdiction, risks being read as over-ly premium as new fiscal rules are drafted, while Zambia has done everything right by international investors’standards, to the extent that some locals see the current leader as “a president for foreigners, not Zambians.”In East Africa, Tanzania’s post-election unrest and the ensuing violent crackdown have stained the country’sreputation, while Malawi has the chance to expand from an agro-economy into a mining jurisdiction. In the Supply Chain section, we look to the EPCs to better understand the transition to more complex mining- deeper, lower-grade, polymetallic, refractory deposits, as well as secondary mining from tailings. For drillingand blasting contractors, it is all about location arbitrage to make the most of the current exploration andmining fever. Competition in the equipment space has moved well beyond products, to include local training,partnerships, financing and digital tools. The deregulation of energy markets and the growing uptake of PVshave given rise to new actors, freeing mines from dependence on a single utility. We hope the following pages provide an insightful, accurate and useful guide to Mining in Africa today, and wethank over 170 interviewees that shared their time and knowledge with us. It has been a fascinating privilegeto have access to these evolving stories, year after year. Alfonso TejerinaDirector and General ManagerGLOBAL BUSINESS REPORTS Use QR codes in this book toaccess extended content online. CONTENTS 76Uranium78Interview with Paladin Energy79Interviews with Lotus Resources, Deep Yellow and withBannerman Energy81Coal83Interview with Maatla Resources84Diamonds and Gemstones87Interviews with Lipari Mining and with Gemfields Investment 8‘This is Africa’10Business Insights: Approaching Africa – Business strategyadvice12Undervaluation – The African discount16Interview with Australia-Africa Minerals and Energy Group17The Multiplier Effect20Expert Opinion Article: Building Trust in Mining by SRKConsulting21Financing23Interviews with the US International Development FinanceCorporation (DFC) and with World Bank Group24Interviews with Wheaton Precious Metals and with AppianCapital Advisory25Interviews with La Mancha Resource Capital, LoinetteCapital and with MX Mining Capital Partners28Interview with Toronto Stock Exchange and TSX VentureExchange29Interviews with the Johannesburg Stock Exchange and withLondon Stock Exchange31Interview with Afri