Gold prices reached an all-time high of over $4,380 per ounce in October 2025, driven by central banks increasing their reserves and investors seeking safe-haven assets. This rally has translated into substantial revenue growth for African producers. Ghana, the continent’s largest gold producer, earned $8 billion in gold sales between January and mid-October from its artisanal and small-scale mining (ASM) sector alone – tripling ASM revenues in just two years. Zimbabwe’s gold exports also rose sharply, climbing from $1.1 billion in the first nine months of 2024 to $1.93 billion during the same period in 2025.

The platinum group metals (PGMs) market has strengthened as well, with platinum prices rising from $900 per ounce in January to $1,100 in July, supporting growth across African producers. In South Africa – the world’s largest PGMs producer – mining output increased by 3.7%, while employment in the sector grew by 0.7%. With the World Platinum Investment Council projecting a continued global platinum deficit of 850 koz in 2025, following a 968 koz shortfall last year, prices are expected to remain elevated into 2026, further bolstering export revenue prospects for South Africa and other African producers.

Meanwhile, copper prices reached a 17-month high of $11,200 per metric ton in November 2025, creating new opportunities for the Democratic Republic of the Congo – which accounts for 10% of global copper output – and Zambia, where copper represents 70% of total export earnings. Rising demand linked to the global energy transition and a projected supply deficit are expected to drive prices higher, supporting Zambia’s ambition to triple production to 3 million tons annually by 2031.

As global markets seek secure access to critical commodities for national security, economic growth and the energy transition, demand and prices for these metals are poised to rise further — creating major opportunities for African nations to boost export revenues and attract new investment in mining and infrastructure development.