Marikana, 14 March 2024 (TDI): The US is turning to Africa to diversify its supply of crucial minerals and to reduce dependency on China and Russia, US Deputy Treasury Secretary, Wally Adeyemo said on Thursday.
The remarks came out when the US Deputy Treasury Secretary was visiting Marikana, South Africa. Africa’s huge mineral resource was highlighted and the continent was acknowledged as a potential US partner.
China’s prevalent hold in Africa is undeniable. Chinese assets in Africa already include massive copper and cobalt projects in the Democratic Republic of Congo and Zambia as well as lithium in Zimbabwe, where companies are assisted by heavy Chinese state investment in accompanying infrastructure.
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Africa is home to a significant portion of the world’s reserves of critical minerals, including lithium, cobalt, graphite, and rare earth elements said the US deputy Treasury Secretary. These minerals are essential for a wide range of technologies, from electric vehicles and wind turbines to smartphones and fighter jets.
The US knows the potential of African nations and recognizes the importance of fostering strong relations with Africa said the Deputy Treasury. The collaboration of the two will ensure responsible mining practices that benefit both parties.
“We don’t want to be overly reliant on any one country or any one company for global supply chains for critical minerals,” Adeyemo (US Deputy Treasury) told Reuters during a visit to a platinum mine in Marikana, South Africa, owned by Sibanye-Stillwater
The US is seeking opportunity for private investments in the African continent. International Development Finance Corporation is, meanwhile, aiming to de-risk investments. The US Deputy Treasury said Washington was incentivizing U.S. manufacturing to boost demand for those minerals and create favorable market conditions for miners. But he added that the White House also stood ready to ensure a level playing field.
