Africa’s mining sector is experiencing a divergent reality: surging investment amidst soaring operational expenses. While global exploration budgets declined in 2025, Africa bucked the trend, hitting a decade-high spend concentrated in stable West African gold jurisdictions and the Copperbelt. Simultaneously, the industry faces a structural shift in production economics. Mining costs have surged 40% since 2020 due to deeper deposits, declining ore grades, and persistent inflation. This session will explore how operators are navigating this margin squeeze by optimizing run rates, renegotiating fiscal terms, and deploying capital strategically to unlock the continent’s mineral wealth in a permanently higher-cost environment.