Canada’S $37B Mining Investment In Africa Boosted By New Africa Strategy

Canada’s mining assets in Africa have reached over $37 billion, making it the second-largest investment destination for Canadian firms. This figure is expected to grow even further following the launch of Canada’s first-ever Africa Strategy earlier this month. The new strategy aims to enhance trade, investment and economic cooperation with African nations, providing Canadian mining companies with opportunities to expand and strengthen their presence on the continent. A key part of the strategy includes the establishment of a high commission in Zambia, Africa’s second-largest copper producer, which will support the country’s target of producing three million tons of copper annually by 2031.

As Africa intensifies exploration and production of minerals to fuel and diversify its economic growth, Canadian companies are set to play a vital role in providing capital, expertise and technology. The upcoming African Mining Week in Cape Town will highlight current investment opportunities for both Canadian and global firms, fostering greater collaboration and partnership in the sector.

Canadian Mining Firms Drive Expansion

As the Africa Strategy takes shape, Canadian companies are deepening their investments in Africa’s mining sector. Ivanhoe Mines has allocated a substantial portion of its 2025 exploration budget to expanding copper reserves in the Democratic Republic of the Congo (DRC). Out of the company’s $75 million exploration budget, $50 million will be dedicated to drilling in the Western Forelands region of the DRC. Additionally, the company is undertaking a $1.67 billion investment strategy to expand the country’s Kipushi Mine, while also developing the Makoko discovery and implementing exploration projects in Angola, South Africa and Zambia.

Fortuna Mining, following a record production of 369,637 ounces of gold and 3.7 million ounces of silver in 2024, has increased its exploration expenditure across its African assets. Fortuna has earmarked $13.5 million for the Seguela Mine in Ivory Coast, $8.3 million for the Diamba Sud Open Pit Project in Senegal and $200,000 for the Yaramoko Mine in Burkina Faso, alongside $19.3 million for greenfield exploration in Ivory Coast, Senegal and Mexico.

Additional Canadian mining companies are launching new projects or expanding existing operations across the continent. B2Gold is investing $9 million in exploration projects in Mali, with the goal of boosting production at the Fekola Mine. Pioneer Lithium has allocated A$1.68 million for exploration at its Warmbad Uranium Project in Namibia, aiming to identify new resources and accelerate the mine’s development. In Botswana, Giyani Metals is advancing the country’s first manganese mining project, positioning Botswana as a critical player in the global battery metals market. Trigon Metals has increased investments in its Namibian and Moroccan mining projects, raising $2.4 million via a private placement in March 2025 and securing €5 million in funding from the European Union for its Kalahari Copper Project in Namibia.

With Canadian companies continuing to strengthen their presence across Africa, African Mining Week serves as a key platform for forging new partnerships and showcasing investment opportunities. Held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1–3 in Cape Town, African Mining Week will provide a space for high-level discussions and networking sessions aimed at driving strategic collaborations and accelerating the growth of Africa’s mining sector.

African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.