Expansion in the global rare earth industry makes Africa stand out by predicting this region will reach 10% market supply by 2029. Companies in Africa are adding eight new rare earth separation units over five years to support global demand expansion by 2030.
Investment strategies help speed up this market expansion. Novare from South Africa signed an agreement worth 1.8 billion with ReElement Technologies to establish refining and battery manufacturing operations. As Namibia hosts the second most significant xenotime-type heavy rare earth deposit development worldwide, Japanese investors have finished testing their production system at Lofdal. Pensana from Angola received $80 million in funding from Absa Bank to progress its Longonjo Project as the venture aims to produce 5% of worldwide magnet metal rare earth use in wind turbines and electric vehicles.
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The tech industry and its billionaires are directing funds into the sector with KoBold Metals receiving $537 million to explore and develop new resources. The African Development Bank proposes the African Units of Account (AUA) based on rare earth and mineral reserves to develop stable market conditions and support green energy investment.
