The United Kingdom has pledged to allocate a £20 million round fund to support African countries, including Morocco, in attracting investment in the processing of critical minerals, Mining Weekly magazine recently reported.
British High Commissioner to South Africa Antony Phillipson announced the financing during the Critical Minerals Africa conference that took place in Cape Town.
A study will be conducted by Boston Consulting Group to identify the most viable investment opportunities and is expected to be completed by the end of this year.
Phillipson emphasized the importance of cooperation on critical minerals for the economic partnership between South Africa and the UK. During President Cyril Ramaphosa’s State Visit to the UK in 2022, the two countries agreed to promote responsible exploration, development, production, and processing of minerals in South Africa.
“We are committed to increasing our investment in the continent and strengthening the transparency and resilience of the supply chain for critical minerals – creating green jobs in Africa, while taking action on climate change,” Phillipson said.
The study is scheduled to start this week, and a decision on how to communicate the results and potentially advance the prospects further will be made early next year.
The financing announcement precedes the second UK-hosted African Investment Summit, scheduled for April 2024, which is expected to attract new investments similar to the first summit in 2020, where R150 billion worth of investments were announced.