Canada Boosts $37B Mining Investment in Africa with New Strategy

Canadian companies have expanded their presence as major African mining stakeholders and invested more than $37 billion. Africa holds the title of becoming the second biggest destination for mining projects of Canadian companies. Under Canada’s Africa Strategy, new initiatives will improve business ties between the nation and African countries. 

Setting up a high commission in Zambia will help Canada support the nation’s goal to yield three million tons of copper annually by 2031. International mining companies will have chances to invest and network with each other at the African Mining Week while learning about business opportunities in Cape Town.

Canadian mining companies increase their investments under the Africa Strategy. In 2025, Ivanhoe Mines plans to spend sizeable funds on exploring copper resources within the Democratic Republic of the Congo (DRC). 

Using $50 million out of its available $75 million budget Fortuna Mining conducts exploration campaigns in the Western Forelands district. The company uses $1.67 billion to expand Kipushi Mine while moving top projects forward in Angola and South Africa plus Zambia.

Keep Reading

• Africa’s Rare Earth Sector Set to Transform Global Supply Chain by 2030
• South Africa Coalition Proposes Reduced VAT Increase to Break Budget Impasse
• Trump Administration Expels South African Ambassador Over Critical Comments

During 2024 Fortuna Mining increased its exploration spending because their operations produced 369,637 ounces of gold and 3.7 million ounces of silver for the best performance ever recorded. The funds go to $13.5 million Seguela Mine development in Ivory Coast and $8.3 million to Senegal’s Diamba Sud Open Pit Project, plus $19.3 million for African greenfield exploration across multiple countries.