Africa's precious mineral production to reach $2 trillion by 2050

According to the International Monetary Fund (IMF), by 2050, sub-Saharan Africa will produce $2 trillion worth of minerals needed for the energy transition.

According to the estimates of the International Energy Agency, the sales revenue of important minerals such as copper, cobalt, lithium and nickel in the world is expected to reach 16 trillion US dollars by 2050. Sub-Saharan mining revenue accounts for about 12 percent of the world's total revenue.

Demand for metals used in electric vehicles and renewable energy equipment is expected to grow. The Democratic Republic of Congo produces more than 75% of the world's cobalt and is the second largest producer of copper. Zimbabwe, Ghana and Mali are slated to become major lithium producers.

"Growing demand is good for sub-Saharan Africa," the IMF said, adding that the region would benefit more from African countries investing in domestic production. But technology is advancing so rapidly that "some metals may become obsolete, including electric batteries," the IMF warned.

Sub-Saharan Africa could earn $625 billion from fossil fuel sales over the same period, according to the IMF.

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