The first scramble for Africa's resources, played out in the late 19th century, enriched European colonial powers while leaving African economies structured around raw material extraction. A third scramble is now underway, for the battery minerals that will power the electric vehicles and renewable energy storage systems of the 21st century. Lithium, cobalt, nickel, manganese, and graphite are all present in significant concentrations in African geology. And African governments, this time, are attempting to capture more value before it leaves the continent.
Africa's battery mineral endowment is extraordinary. The DRC holds an estimated 70% of the world's cobalt reserves, a critical input for lithium-ion battery cathodes. Zimbabwe and the DRC both have major lithium deposits, attracting billions in investment from Chinese battery companies. South Africa holds 70-80% of the world's manganese reserves, essential for certain battery chemistries. Zambia, alongside the DRC's Copperbelt, is the world's second-largest copper producer, and copper is essential for EV wiring and charging infrastructure.
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Chinese Dominance and Western Response
Chinese companies have been the most aggressive investors in African battery mineral assets. CATL, the world's largest battery manufacturer, has investments in DRC cobalt, Zimbabwe lithium, and Zambia copper projects. Zijin Mining, China Molybdenum, and Ganfeng Lithium are all significant players. Western companies, including Glencore (DRC and Zambia copper and cobalt), are also major investors but have been slower to move.
The US Inflation Reduction Act and the EU Critical Raw Materials Act have both triggered accelerated Western engagement with African mineral producers, seeking to diversify supply chains away from Chinese-controlled sources. Bilateral mineral agreements between the US and DRC, and between the EU and Zambia, have been signed since 2022, with investment commitments attached.
Processing: The New Battleground
African governments have learned from the hydrocarbon experience: exporting raw minerals locks in perpetual commodity status. Zimbabwe has banned the export of unprocessed lithium ore. The DRC has imposed export taxes on unprocessed cobalt and copper. Zambia is developing a battery precursor materials industry to move from copper cathode to battery-grade copper products.
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