Iron Ore Emerges as Strategic Priority

The global iron ore market is expected to grow from $313 billion in 2026 to $425 billion by 2034, driven by infrastructure expansion, industrialization and the continued need for steel in automotive and construction applications. In response, African countries and institutions are moving to position iron ore as a strategic priority. The Africa Finance Corporation (AFC) has designated iron ore as a strategic resource critical for advancing Africa’s mineral production, manufacturing capabilities and industrialization agenda. In its Compendium of Africa’s Strategic Minerals study released in mid-February, the AFC states that, of the continent’s estimated $8.6 trillion in untapped mineral wealth, iron ore presents a unique opportunity to drive domestic steel and construction sectors while insulating Africa from global demand volatility.

South Africa has also made iron ore a pillar of its critical minerals expansion strategy which targets R2 trillion in investment over the next five years. Speaking in his mid-February State of the Nation Address, President Cyril Ramaphosa said: "Our iron ore reserves are valued at more than R40 trillion, making mining a sunrise industry. After many years of declining investment in exploration, we are dedicating funds to geological mapping and exploration to harness our critical mineral reserves."

Similarly, the Democratic Republic of Congo (DRC) is prioritizing iron ore exploitation as part of its strategy to unlock its $24 trillion in untapped mineral wealth. Speaking in Cape Town in mid-February, Minister of Mines Louis Watum Kabamba highlighted the country’s $28 billion special economic zone program spanning the North East to South West, aimed at mining and processing iron ore into steel.

Earlier on, during African Mining Week (AMW) 2025, Kabamba highlighted the DRC’s iron ore potential in an exclusive interview with Energy Capital & Power. "We have 20 billion tons of iron ore - enough to supply steel for Africa. The continent must identify what is critical and prioritize it to drive regional growth," he said.

African Projects Eye Domestic Markets

As iron ore production rises in Africa, many countries are integrating mining with broader industrial agenda. Guinea, for example, 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. The country aims to attract global investment not only into mining but across strategic sectors, channeling capital into 122 priority projects spanning infrastructure, health, education and agriculture.

Meanwhile, Liberia is on track to triple its iron ore output this year, fueling the expansion of its industrial sector. This growth is being driven by ongoing projects and capacity expansions from ArcelorMittal Liberia, Cavalla Resources, Westcrest, Zodiac, and Bao Chico. The country’s Minister of Mines Matenokay Tingban previously shared that the country expects to reach between 25 million and 30 million tons once all producers come online.

AMW 2026: Unlocking Investment and Industrial Potential

Ongoing developments highlight the strategic potential of Africa’s iron ore sector to drive mining growth, attract investment and fuel industrialization. With global demand for steel and iron rising, African nations are combining resource wealth with infrastructure development, local beneficiation and strategic financing to maximize value across the continent.

Stepping into this picture, the upcoming African Mining Week 2026 - scheduled for October 14–16 in Cape Town - will provide a premier platform to showcase these opportunities. The event will facilitate partnerships, deal signings and high-level discussions across the iron ore value chain, uniting governments, investors and private sector stakeholders to accelerate production, industrial growth and economic transformation across Africa.