The energy shift and rising industrialization investments are expected to create a fourfold rise in the demand for rare earth elements worldwide by 2030.

To take advantage of this expansion, rare earth mineral-rich African countries are speeding up their exploration and production activities. The next African Mining Week will highlight prospects throughout the rare earth value chain, as up to eight rare earth projects are scheduled to be put into service around the continent by 2029, increasing Africa's share of the global supply chain to 10%.

Due to the fact that the rare earth sector in Africa is still largely unexplored, international project developers are interested in seeing its full potential realized. For instance, in February 2025, American company ReElement Technologies and South African asset management Novare inked an R1.8 billion deal to build a plant for the production of batteries and the refining of rare earth elements. Construction is anticipated to start in the second half of 2025, with ReElement providing its refining technology and Novare funding the value addition project.

Namibia Critical Metals and the Japan Organization for Metals and Energy Security have finished a production trial for the Lofdal Project in Namibia, one of just two xenotime-type heavy rare earth resources being developed globally.

In January 2025, Pensana obtained an $80 million loan from Absa Bank Limited in Angola to accelerate the Longonjo Project's implementation. This project is anticipated to meet 5% of the global demand for magnet metal rare earths, which are necessary for the creation of wind turbines and electric cars.