African Iron Ore Sector Poised for Expansion and Economic Growth. Cape Town, South Africa — The African iron ore sector is witnessing a surge in interest and investment, as the continent positions itself as a key player in the global supply chain.
The upcoming African Mining Week 2026 will highlight the lucrative prospects within Africa’s iron ore and steel manufacturing value chain.
Africa, home to 30% of the world’s critical mineral reserves, is capitalizing on its vast resources to drive sustainable economic growth.
The global iron ore market is projected to grow from $313 billion in 2026 to $425 billion by 2034, fueled by infrastructure expansion, industrialization, and the increasing demand for steel in sectors such as automotive and construction.
The Africa Finance Corporation (AFC) has designated iron ore as a strategic resource, crucial for advancing Africa’s mineral production, manufacturing capabilities, and industrialization agenda.
According to the AFC’s Compendium of Africa’s Strategic Minerals study released in mid-February, iron ore presents a unique opportunity to drive domestic steel and construction sectors while insulating Africa from global demand volatility. South Africa, the continent’s largest producer of iron ore, has made it a pillar of its critical minerals expansion strategy, targeting R2 trillion in investment over the next five years. President Cyril Ramaphosa emphasized the country’s commitment to geological mapping and exploration to harness its critical mineral reserves during his State of the Nation Address in February.
The Democratic Republic of Congo (DRC) is also prioritizing iron ore exploitation as part of its strategy to unlock its $24 trillion in untapped mineral wealth. Minister of Mines Louis Watum Kabamba highlighted the country’s $28 billion special economic zone program aimed at mining and processing iron ore into steel during a speech in Cape Town in mid-February. Guinea is leveraging its $20 billion Simandou iron ore project, the world’s largest untapped iron ore deposit, as the cornerstone of its Simandou 2040 strategy, a mining-sector-led economic diversification plan.
Liberia is expected to triple its iron ore output this year, driven by ongoing projects and capacity expansions from ArcelorMittal Liberia, Cavalla Resources, Westcrest, Zodiac, and Bao Chico.
The upcoming African Mining Week 2026, scheduled for October 14–16 in Cape Town, will provide a platform to showcase these opportunities, facilitate partnerships, and unite governments, investors, and private sector stakeholders to accelerate production, industrial growth, and economic transformation across Africa. Further details are expected as the event approaches, offering a glimpse into the continent’s potential to become a major player in the global iron ore market.
