AFC Eyes Iron Ore, Uranium Investments in Africa

By Adedapo Adesanya

The Africa Finance Corporation (AFC) is seeking investment opportunities in iron ore and uranium projects across Africa as it expands its presence in the continent’s critical minerals sector.

Mr Franklin Edochie, deputy director and head of mining and metals at the Lagos-based financial institution, said AFC’s investment interests span precious metals, base metals and critical minerals.

The corporation already has interests in gold, bauxite, copper and manganese projects across Africa and is looking to add iron ore and uranium to its portfolio.

Critical minerals have become a focus of global competition, with the United States and other major economies seeking to secure supply chains for electric vehicles and renewable energy while reducing dependence on China.

Speaking on the sidelines of a mining conference in Cape Town, South Africa, Mr Edochie said combined iron ore production from Guinea, Liberia, Mauritania and Sierra Leone could, within the next 10 years, rival the world’s top three producers by volume.

“We are working towards financing those projects,” he said, adding that the corporation hoped to announce developments on its planned uranium and iron ore investments within the next six to 12 months.

AFC is also the lead developer of the US-backed Lobito minerals transport corridor, which is designed to connect copper and cobalt mines in Zambia and the Democratic Republic of Congo to Angola’s Atlantic port of Lobito.

The corridor will combine new and existing railway lines to facilitate the transportation of minerals to international markets.