Chairman of the Board of Directors of Sierra Leone’s National Minerals Agency (NMA) has highlighted Sub-Saharan Africa’s critical mineral wealth as an unparalleled opportunity for economic growth, driven by the rising global demand for minerals essential to clean energy technology.
Alhaji Mustapha Turay was speaking at the First Ministerial Conference of the Russia-Africa Partnership Forum in Sochi, where several mining ministers from across Africa and world-class mining companies gathered.
The NMA Chairman began by sharing the nation’s rich mining history, which stretches back to diamond mining in the 1930s, and its vast reserves of critical minerals. These resources include iron ore, gold, lithium, nickel, and rare earth elements, all of which are central to emerging technologies in electric vehicles, solar energy, and battery production.
“With Sub-Saharan Africa estimated to hold about 30% of global proven critical mineral reserves, the region is poised to become a key player in the energy transition,” he noted.
This shift to clean energy is projected to raise global demand for minerals like lithium tenfold and for nickel and cobalt by two- to threefold between now and 2050, according to the International Energy Agency. Alhaji Mustapha Turay emphasized that Sub-Saharan Africa could capture over 10% of the estimated $16 trillion in revenues from key minerals such as copper, nickel, cobalt, and lithium over the next 25 years. He added that this revenue could potentially boost the region’s GDP by 12% or more by 2050.
Highlighting Sierra Leone’s potential role in this landscape, Chairman Turay detailed the recent granting of exploration licenses to reputable companies for lithium and nickel, key components of electric batteries.
He stressed that the economic rewards could be even greater if Africa looks beyond exporting raw minerals, advocating for value-added processing within the region. For example, he pointed out that raw bauxite fetches just $65 per ton, whereas processed aluminum commands over $2,300 per ton, underscoring the importance of building local processing industries.
He urged a regional strategy to make Africa more attractive for investment in mineral processing, leveraging the diversity of critical minerals spread across the continent. With a growing population, urbanization, and increased demand for renewable energy, the Chairman believes that Sub-Saharan Africa is well-positioned to expand its mineral processing capacity, supported by initiatives like the African Continental Free Trade Area (AfCFTA).
“A regional approach to processing and infrastructure will reduce trade barriers, attract more investors, and create robust value chains,” he said. This vision includes regional infrastructure, such as a potential rail and port system jointly developed by Sierra Leone and Guinea, and a centralized aluminum smelter for bauxite.
However, Alhaji Mustapha Turay cautioned that the region must learn from past missteps, avoiding the “resource curse” that has historically plagued African countries. To maximize the benefits of critical minerals, he argued for reforms to promote transparency, efficient tax systems, and robust local financial markets. He also emphasized that Sierra Leone’s government is actively pursuing a comprehensive critical minerals strategy, supported by insights from countries like Russia, to ensure sustainable and responsible resource management.
The NMA Chairman concluded with an invitation to investors, particularly from Russia, to explore Sierra Leone’s mining sector.
“Sierra Leone is open for business, and we welcome partners to help develop the full potential of our mineral wealth for sustainable economic growth,” he stated.
In attendance were His Excellency Ambassador Mohamed Yongawo, Mr. Mohamed Conteh Esq., Director of Legal Affairs, and Ibrahim Saspo Sankoh.
Credit: Festus J. Lahai
Information Attache’
Moscow, Russian Federation
