Mining investment across Africa and the Middle East is increasingly moving beyond exploration toward processing, mine-site power, refining and downstream manufacturing. Project activity in July 2026 included new financing for rare earths, copper, gold, phosphate, mineral sands and battery manufacturing.
Critical Minerals and Copper Projects
In Namibia, Namibia Critical Metals, JOGMEC and Toyota Tsusho established TJ Namibia Rare Earths Corporation around the Lofdal heavy rare-earth project. Japan completed a C$23 million earn-in for a 50% participating interest, while JOGMEC committed up to C$47.7 million for feasibility and pre-development work. Funding before a construction decision will be non-dilutive and non-interest-bearing.
Lofdal contains dysprosium, terbium and yttrium, with current work covering metallurgy, mineral separation, engineering, permitting and potential downstream processing in Namibia. African Pioneer has also agreed a development and financing partnership with China’s Xinhai for the Ongombo and Ongeama copper projects. The programme is estimated at US$60 million, including a 10% secured loan convertible into equity. Xinhai will participate in exploration, engineering, construction and commissioning. Ongombo, about 25 kilometres from Windhoek, is reported to contain approximately 300,000 tonnes of copper, with gold by-product potential.
At Kamoa-Kakula in the Democratic Republic of Congo, Ivanhoe Mines‘ on-site smelter operated at about 60% capacity in the second quarter and produced 112,307 tonnes of high-strength sulphuric acid. The company is also commissioning 433 MWp of solar generation and 1,107 MWh of battery storage, designed to provide approximately 60 MW of continuous baseload power.
Gold Development and Processing
In Guinea, Predictive Discovery has completed front-end engineering for the Bankan Gold Project and started detailed design. Contracts cover a 40 MW power station, grinding mills and a tailings facility. Development capital remains estimated at US$463 million, while the company ended June with approximately US$364.3 million in cash and bullion. A Guinea decree introduced on 8 July 2026 requires domestically refined gold to reach 95.5% purity before export, with the transition period ending 6 October 2026. Predictive Discovery is examining on-site refining capability.
In Côte d’Ivoire, Endeavour Mining‘s Assafou project is designed around a 5 million-tonne-a-year gravity and carbon-in-leach plant, requiring US$1.061 billion in upfront capital. Planned production is approximately 320,000 ounces of gold annually during the first eight years, with estimated AISC of US$1,026 per ounce and a mine life of around 16 years. Endeavour expects to spend US$50 million to US$100 million in 2026 ahead of a final investment decision expected by year-end. Procurement has started for crushers, high-pressure grinding rolls, mills and apron feeders.
Strategic Financing and Industrial Processing
China’s Zijin Gold terminated its proposed C$5.5 billion acquisition of Allied Gold after outstanding conditions were not completed. Instead, Zijin will acquire a 9.2% stake for approximately US$295 million, with funds supporting the Kurmuk project in Ethiopia, Sadiola in Mali, production growth in Côte d’Ivoire and exploration.
In Madagascar, the US International Development Finance Corporation committed up to US$4.84 million for pilot-plant operations, metallurgical testing and environmental work at Harena Rare Earths’ Ampasindava project. The wider development is expected to require about US$150 million, with targeted production from mid-2028 of approximately 4,000 tonnes of rare-earth oxides annually, including 1,700 tonnes of magnet-related material. In Senegal, Eramet has restarted mineral-separation operations at Grande Côte following a February fire. Interim measures restored about 30% of nameplate production. The rebuilt wet concentration plant is expected to restart near the end of 2026, with full capacity targeted for the first quarter of 2027.
Phosphate, Fertilizer and Battery Investments
Egypt’s Mineral Resources and Mining Industries Authority signed a memorandum with Genesis Mining for a phosphate development in New Valley Governorate, with preliminary investment of US$930 million. Plans include mining up to 20 million tonnes of phosphate ore annually, producing 4 million tonnes of beneficiated concentrate, and potentially 500,000 tonnes of phosphoric acid and a similar volume of fertilizer products. In Jordan, Arab Potash Company and Jordan Phosphate Mines Company agreed to establish an integrated industrial complex in Aqaba and Shidiya. A separate review is assessing approximately US$1 billion of investment in expanding JIFCO, potentially consuming more than 2 million additional tonnes of Jordanian phosphate annually.
Morocco’s battery industry is also attracting development finance. The African Development Bank approved a US$110 million loan for Gotion Power Morocco’s lithium iron phosphate battery plant, with up to US$162.6 million potentially mobilised from development partners. The first phase is planned at 10 GWh of annual battery production, with a longer-term target of 100 GWh, approximately 70% local industrial integration and more than 600 direct jobs.
Exploration and Mining Technology
In Oman, Solidcore Resources and Minerals Development Oman formed a joint venture around the Khabiyat copper-gold project near Sohar. Solidcore can earn up to 60%, with an initial US$8 million contribution and a second-stage commitment of US$20 million for exploration and resource definition. Historical work identified mineralisation extending more than 800 metres, with zones up to 70 metres thick.
In the UAE, Orbitworks and IRH Technology agreed to combine satellite Earth observation and artificial intelligence for mineral exploration. Orbitworks’ Altair constellation is planned as 10 satellites, while IRH’s platform has reportedly been applied to more than 2,200 projects and processed over 5.5 million square kilometres of data. Saudi Arabia’s Ma’aden, meanwhile, has outlined approximately US$110 billion of investment over ten years across phosphate, aluminium, gold and other strategic minerals.
