Scramble for Africa's minerals intensifies as energy transition hots up

African governments are coming together at this year's Future Minerals Forum in Riyadh, Saudi Arabia, with a focus on responsible mineral sourcing. CNBC Africa's Anastassia Arendse recently sat down with Moses Michael Engadu, Secretary-General of the Africa Minerals Strategy Group, to discuss the continent's efforts in maximizing the benefits from its mineral resources. Engadu highlighted the importance of responsible and sustainable practices in mineral extraction, exploitation, and commercialization. One key issue discussed was responsible sourcing and traceability, as Africa faces challenges in meeting international regulations due to mining practices and conflicts in certain areas. In response, the Africa Mineral Strategy Group launched the Africa Responsible Mineral Sourcing Initiative to unite countries, industry, and civil society in creating a framework for responsible mineral sourcing. The initiative includes the launch of Africa Responsible Sourcing Guidelines and the utilization of blockchain technology to enhance transparency in the supply chain. Engadu emphasized the significance of technology advancements in the mining sector, such as utilizing blockchain to improve mining practices and reduce health hazards like mercury exposure. The priorities identified at the forum include development, collaboration, performance, and sustainability, showcasing Africa's commitment to responsible and inclusive mineral sourcing practices. The Federal Republic of Nigeria was praised for leading the coordination group's efforts. Engadu acknowledged the progress made in amplifying Africa's voice in the global minerals conversation, citing the establishment of the Africa Minerals Strategy Group as a crucial step towards cooperation and collaboration within the continent. He noted that Africa is taking a more prominent role in shaping the agenda and influencing discussions at international forums, emphasizing the need to add value to mineral resources to benefit local economies and create job opportunities for young people. Engadu also addressed the issue of geopolitics and its impact on Africa's mineral sector, highlighting the importance of strategic alignment and policy coherence to safeguard the continent's interests. He stressed the importance of African countries working together to leverage their natural resources effectively and avoid external influences that may hinder their development prospects. Engadu concluded by expressing optimism about Africa's future in the mineral sector, urging countries to capitalize on the current scramble for African minerals driven by the global energy transition. He emphasized the need for African nations to set their own targets and priorities to ensure sustainable growth and prosperity in the sector.