The push comes as the global iron-ore market is projected to expand from about $313 billion in 2026 to $425 billion by 2034, driven largely by infrastructure development, urbanisation, and construction demand worldwide. Industry leaders say Africa could capture far more value from the sector by moving beyond exporting raw ore and investing in local processing and manufacturing.
According to organisers of African Mining Week 2026, the continent is entering a period of renewed investment and exploration that could reshape the role of African mineral resources in global supply chains.
In a statement ahead of the event, Energy Capital & Power said Africa’s iron-ore industry presents “substantial growth opportunities” as exploration campaigns expand and global demand strengthens.
“As capital expenditure across the sector increases, Africa has a unique opportunity to turn its iron ore resources into catalysts for sustainable economic growth – and countries are already responding to this call,” the organisation said.
The shift toward value addition has also been highlighted by the Africa Finance Corporation, which identifies iron ore as one of the continent’s strategic minerals that can support domestic manufacturing and regional industrialisation.
South Africa, DRC, and Guinea launch large-scale mining and steel initiatives
The development finance institution estimates Africa holds roughly $8.6 trillion in untapped mineral wealth. It argues that building local steel and manufacturing industries around iron ore could help insulate African economies from volatile commodity markets while strengthening industrial supply chains.
Across the continent, governments are beginning to align policy with that strategy.
In South Africa, iron ore has been placed at the centre of the country’s critical minerals expansion plan. President Cyril Ramaphosa told parliament earlier this year that the country aims to attract around R2 trillion, roughly $125 billion, in new mining investment over the next five years.
Ramaphosa also said South Africa’s iron-ore reserves are valued at more than R40 trillion, about $2.5 trillion, and pledged increased funding for geological mapping and exploration to attract further investors.
Elsewhere, the Democratic Republic of Congo is prioritising iron-ore development as part of a broader strategy to unlock its vast mineral wealth.
Mines Minister Louis Watum Kabamba has promoted plans for a $28 billion special economic zone dedicated to processing iron ore into steel. The minister says the country’s estimated 20 billion tonnes of iron ore could help supply steel across Africa’s growing infrastructure and manufacturing sectors.
Infrastructure, investment, and governance key to Africa’s iron-ore industrialisation drive
In Guinea, attention is centred on the massive Simandou project, widely regarded as the world’s largest untapped iron-ore deposit. The government has positioned the development as the cornerstone of its “Simandou 2040” strategy to diversify the economy through mining-led growth.
The initiative plans to channel mining revenues into more than 120 priority projects spanning infrastructure, health, education, and agriculture.
Smaller producers are also scaling up output. Liberia expects to triple iron-ore production this year as new and expanded projects come online, including operations by ArcelorMittal’s Liberian unit and other emerging producers. Government forecasts suggest national production could reach between 25 million and 30 million tonnes annually once all projects are operational.
Industry analysts say the current wave of investment reflects lessons learned from previous commodity booms, in which much of Africa’s mineral wealth was exported in raw form, yielding limited domestic economic benefit.
Increasingly, policymakers are emphasising infrastructure development, skills training, and downstream processing capacity, such as steel mills and manufacturing plants, to ensure greater value remains within African economies.
However, significant challenges remain. Large capital requirements, regulatory uncertainty, land and community concerns, and limited energy and transport infrastructure could slow some projects or increase costs.
Observers also stress the need for transparent contracts and strong local content policies to ensure communities benefit from new mining investments.
Many of these issues will feature prominently at African Mining Week 2026, scheduled to take place in Cape Town from 14 to 16 October, where governments, investors, and mining companies are expected to negotiate partnerships to expand Africa’s iron-ore value chain.
Organisers say the gathering will focus on connecting global investors with projects designed not only to boost production, but also to turn Africa’s iron-ore reserves into a foundation for industrial transformation.
