Africa Finance Corporation seeks iron ore and uranium investments

The Africa Finance Corporation (AFC) is seeking new investments in iron ore and uranium to expand its footprint in Africa's critical minerals sector. Franklin Edochei, the AFC's Deputy Managing Director and Head of Mining and Metals, stated that the institution aims to diversify its existing interests in gold, bauxite, copper, and manganese by adding these new resources.

Speaking at a mining conference in Cape Town, Edochei noted that the combined production from Guinea, Liberia, Mauritania, and Sierra Leone could potentially rank among the world's top three iron ore producers within the next decade. The AFC expects to announce specific investment developments regarding uranium and iron ore within the next six to twelve months.

The move comes amid global competition to secure supply chains for electric vehicles and renewable energy while reducing reliance on China. The AFC is also a primary developer of the U.S.-supported Lobito Corridor, a transport route connecting copper and cobalt mines in Zambia and the Democratic Republic of the Congo to the Atlantic coast in Angola.