Riyadh – Sharikat Mubasher: The Critical Minerals Africa Group (CMAG) is exploring deeper collaboration with Saudi Arabia in the critical minerals sector, a field gaining increasing attention from the Kingdom on the global stage.
In an interview with Asharq Al-Awsat, Veronica Bolton Smith, CEO of CMAG, highlighted Africa’s vast potential as a key player in driving the transition to a sustainable economy. She noted that an estimated 30 percent of the world's reserves of critical minerals are located in sub-Saharan Africa.
Smith emphasized that critical minerals such as nickel and cobalt are essential components of green technologies that underpin climate and sustainability goals. However, she stressed the urgent need to ensure that Africans benefit directly from these resources to improve living standards and achieve tangible economic transformation.
Smith explained that CMAG aims to collaborate with African governments and international organizations to establish regulatory frameworks that safeguard the rights of local communities. The group is focused on promoting local mineral processing and manufacturing instead of merely exporting raw materials. Initial stages of production, such as mineral refining, can create jobs and foster more sustainable economies.
Smith pointed out that Saudi and Gulf mining companies recognize the significant growth opportunities Africa offers but face hurdles such as regulatory and bureaucratic complexities. To address these challenges, the group is working to build bridges of cooperation by leveraging its networks and expertise to facilitate market entry for companies into Africa.
Smith noted that one of Africa’s greatest challenges is the lack of a unified voice in international forums, which limits its influence on global policies. The group is committed to aligning the interests of African governments and amplifying the continent’s voice in these discussions. Additionally, the group provides strategic advice to help governments reduce their reliance on resource extraction alone by developing resilient supply chains and increasing value-added production.
notably, CMAG is participating in the Future Minerals Forum, currently taking place in Riyadh, to strengthen ties with Saudi and global companies while sharing Africa's perspectives on current trends in the sector.
