Navigating Africa’s critical minerals landscape: Opportunities for strategic, equitable Investment

During a recent Milken Institute discussion, “Navigating Africa’s Evolving Critical Minerals Landscape,” CrossBoundary’s Nneka Chime and Jake Cusack joined fellow members of the Africa Leaders Business Council to explore what’s next for Africa’s minerals sector. Moderated by Frontier Markets News founder Dan Keeler, speakers included Ademola Adesina, Co-Founder, Sabi; Aubrey Hruby, Co-Founder, Tofino Capital, with contributions from Paul Hinks, Chairman and CEO, Symbion Power, and Serge Nawej, Managing Partner, Proxima Legal.

The conversation brought together leaders from the U.S. and Africa to discuss the opportunities and responsibilities facing governments, investors, and project developers alike.

The real offtake problem: no one wants to be first

Even investors willing to fund mining or processing are waiting for clarity on offtake. As Jake put it, “Offtake is what unlocks capital.” Strategic reserves, insurance products, and long-term contracts can serve as bridge mechanisms.

U.S. investors must look beyond the mine

Some of the most investable opportunities are not inside the mine fence but around it — in infrastructure such as power, logistics, digital systems, and water. These enablers are essential for making upstream investments viable and for unlocking long-term returns.

Africa must retain more than ore

Nneka Chime emphasized the strategic value of beneficiation, even partial processing, for capturing IP and enabling informed negotiations.

“Data on ore recovery, impurity behavior, and economics — that’s leverage,” she said. “That knowledge is leaving the continent too early in the value chain.”

Durable partnerships start with African agency

The panel agreed: Africa must not be a passive participant in the race for minerals. In response to the question if renewed U.S. interest will be good or bad for Africa, Nneka pointed out:

There is momentum — but execution matters

The U.S. government has signaled intent: through DFC and EXIM Bank, through the Lobito Corridor, and in evolving legislation. But intent must translate into coordinated action and bankable projects.

Furthermore, there’s a major gap between rhetoric and financial readiness. Investment tools like contracts for difference, flexible investment instruments such as royalty or streaming agreements, and provision of acquisition financing (including by development finance institutions) are needed to address pricing volatility, early-stage risk, and the current concentrated ownership of the value chain. These instruments can make projects attractive to commercial capital.

The private sector will drive innovation – not governments

The speakers emphasized that lasting solutions will come from private sector dealmakers and fund managers who “bring the deal to the table.” U.S. government tools should support, not substitute, that innovation.

At CrossBoundary, we believe smart capital and local knowledge can build the systems around Africa’s critical minerals that deliver enduring value — for investors, for governments, and for communities. Our teams combine local market insight with deal structuring expertise to help bridge global capital and local opportunity.

Learn more about our capabilities and work shaping deals in Africa