Africa’s rare earths to boost global supply, adding 9% to market, by 2029 — report

Currently a minor player in the rare earth market, African mines have the potential to supply almost 10% of the world’s rare earth elements by 2029, thereby introducing alternative suppliers into a market currently dominated by China, according to a latest forecast by Benchmark Mineral Intelligence.
China’s current domination of the global market for rare earth, supplying over 70% of the world’s rare earths, has raised concerns among Western nations, prompting a search for alternative suppliers. But the good news is that Africa could provide an alternative in the coming years, says the new forecasts by the London-based industry consultant, as the supply coming from the continent could be boosted to at least 9% by eight new mines in Tanzania, Angola, Malawi, and South Africa. This new supply will likely be secured predominantly by Western and non-Chinese processing firms, the analysis by Benchmark Mineral Intelligence says.
Despite being incredibly rich in resources, including oil, gold, and rare earth minerals, Africa has not yet reached its full economic potential, according to the International Monetary Fund (IMF). While Burundi’s Gakara mine, launched in 2017 and operated by Rainbow Rare Earths, is Africa’s only active rare earth mine, new projects are being developed across the continent. China wields significant influence by controlling both production and exports of the world’s rare earth elements, the United States, European countries and their allies are striving to establish supply chains independent of China. Although 37% of the future African supply is earmarked for Chinese buyers, most of the production is “potentially available for ex-China and Western rare earth companies,” according to the London-based industry consultant.