AFC sets sights on Africa’s iron ore and uranium riches

Cape Town – The Africa Finance Corporation (AFC) is exploring investments in iron ore and uranium projects across Africa as it expands its presence in the continent’s critical minerals sector amid growing global competition for strategic resources.

According to Reuters, the Lagos-based development finance institution is already invested in minerals including gold, bauxite, copper and manganese, and is now looking to add iron ore and uranium to its portfolio.

Franklin Edochie, AFC’s deputy director and head of mining and metals, said the corporation was working towards financing projects in the two minerals, with investment announcements potentially coming within the next six to 12 months.

“Hopefully, within the next 6 to 12 months, we should be able to announce something (on uranium and iron ore investments),” Edochie told said on the sidelines of a mining conference in Cape Town.

He also highlighted the potential of West Africa’s iron ore industry, saying combined production from Guinea, Liberia, Mauritania and Sierra Leone could “easily” place the region among the world’s top three iron ore producers by volume over the next decade.

Global competition for critical minerals

The investment plans come as the United States and other major economies seek to secure supplies of minerals needed for electric vehicles and renewable energy technologies while reducing dependence on China.

Uranium is used to generate nuclear power, while iron ore is a key raw material in steel production, which supports infrastructure development and industrial manufacturing.

AFC is also leading the development of the US-backed Lobito minerals transport corridor, which aims to connect copper and cobalt mines in Zambia and the Democratic Republic of Congo to Angola’s Atlantic port of Lobito through new and existing railway infrastructure.

The corporation’s broader investment strategy includes financing infrastructure and natural resources projects to support industrialisation and economic growth across Africa.

In its 2025 results announcement, AFC reported total assets of US$19.23 billion and investments spanning infrastructure, mining, transport and heavy industry.

The proposed iron ore and uranium investments could further expand the corporation’s role in developing Africa’s mineral resources, although specific projects and funding commitments have yet to be announced.