Join us for an exclusive evening with senior leaders shaping the future of West Africa's critical minerals and precious metals sectors. The programme opens with a keynote conversation with Dr Julius Mattai, Minister of Minerals for Sierra Leone, on how critical minerals can drive national development, economic diversification, and international collaboration.

This is followed by a focused discussion with Dr Abdoul Karim Kabèlè Camara, Vice-President, Government & External Affairs (West Africa) at Fortuna Mining, and Daniel Driscoll, Managing Director at Extractives Advisory Group, offering regional project updates and practical insights into opportunities, challenges, and growth strategies heading into 2026.

CMAG hosted Critical Minerals 101 – Understanding Risk in partnership with S-RM, with generous support from AXA XL as our event host. The session brought together senior experts for an honest, practical discussion on the risk landscape facing investors entering Sub-Saharan markets — from the realities of operating in volatile jurisdictions to the opportunities created by Africa's rapidly growing, youthful population and the urgent need for job creation. Demographic pressure can drive instability, but it also intensifies demand for investment, infrastructure, and employment pathways.

Critical minerals also face a distinct set of global challenges that compound on-the-ground risks. Markets remain highly volatile, supply chains are heavily monopolised, and specialised processing equipment and technical know-how are still largely concentrated in China. Unlike traditional commodities with deep, liquid markets, critical minerals are increasingly wielded as political and geopolitical leverage — intensifying competition, distorting pricing, and raising the stakes for investors seeking stable, long-term returns.

Moderator

• Olimpia Pilch, Chief Strategy Officer, CMAG

Panellists

• Henry Hall, Consulting Partner, ERM
• Dharshini Prasad, Partner, Willkie Farr & Gallagher LLP
• Diana Nyabongo, Director of Operations, S-RM
• Daniel Mobbs, Security Risks – Underwriter, Crisis Management, AXA XL

The discussion explored the complex risk environment surrounding critical minerals projects, including instability in the Sahel, preparing for volatility, and the limits of foresight when confronted with genuinely unpredictable events — such as the recent black swan expropriation in Mali. A consistent message emerged: high-risk does not mean "no-go." Risk must be understood, mitigated, and managed. Investors with strong legal protections, clear crisis planning, and a deep understanding of local networks are far better positioned to protect assets and ensure project continuity. Ultimately, miners will take on higher-risk ventures when the reward justifies it, and Sub-Saharan Africa continues to draw increasing interest — particularly from junior explorers.

A few clear takeaways emerged:

• Critical minerals projects carry inherent geopolitical exposure — not just in Africa but worldwide.
• A strong grasp of technical, legal, jurisdictional and political risk is essential to protect capital and ensure projects remain viable.
• Some shocks simply cannot be predicted — such as the recent black swan event in Mali involving expropriation and arrests.
• While the sector's potential rewards are high, Western investors continue to show greater caution than their Chinese counterparts.
• Encouragingly, interest from junior explorers in Sub-Saharan Africa is rising, signalling new momentum in the region.

Key perspectives from the panel

"It is paramount that both experienced stakeholders and new entrants to the critical minerals industry are aware of the evolving security and continuity challenges that will likely present themselves. By undertaking meaningful risk transfer and robust risk analysis at local and international level, along with crisis management planning, the industry should be confident to navigate these challenges and thrive in the growing opportunities in Africa and further afield."
— Daniel Mobbs, Security Risks – Underwriter, Crisis Management, AXA XL

"The mining of critical minerals in Africa continues to present the continent with the opportunity to transform our economies, particularly in relation to mining value chains, infrastructure, energy and how mining revenues are apportioned. This opportunity is not without risk; however, well-informed investors are uniquely positioned to manage and navigate these risks. At S-RM we are excited to continue supporting the African mining industry."
— Diana Nyabongo, Director of Operations, S-RM

Thank you once again to S-RM for partnering with us, to AXA XL for hosting, and to our speakers and guests for contributing to a sharp and forward-looking discussion.

CMAG, in partnership with Watson Farley & Williams, was pleased to host an insightful discussion on The Lobito Corridor: A Strategic Nexus in Geopolitics, Finance and Infrastructure. The event brought together leading experts from geopolitics, finance, infrastructure, and critical minerals to explore the corridor's transformative potential for Angola and the wider region.

We extend our sincere thanks to Watson Farley & Williams for hosting the event.

Speakers included:

• Abiola Osho, Vice President, Transport and Logistics, Africa Finance Corporation
• Helaina Matza, Chief Strategic Development Officer, TechMet
• Lorenzo Ortona, Counsellor, Deputy National Co-ordinator, Mattei Plan Task Force, Government of Italy
• Natznet Tesfay, Vice President, Head of Analysis Global Insight, S&P Global Market Intelligence; Board Adviser, CMAG
• Sarah Ellington, Partner, Watson Farley & Williams

"The Lobito Corridor is far more than a railway—it's a strategic platform for regional integration, investment and global partnerships. Its complexity is a challenge managed through shared political leadership, robust multilateral architecture and a long-term vision. Italy, through the Mattei Plan for Africa, plays a key role in mobilizing resources and fostering cooperation alongside DFIs and partner governments, turning risks into opportunities for innovation and private capital. Lobito proves that international collaboration and good governance can deliver shared value and lasting stability for the entire region." – Lorenzo Ortona, Counsellor, Deputy National Co-ordinator, Mattei Plan Task Force, Government of Italy

"Lobito is a significant flagship project for Angola, Zambia, DRC and the continent at large as it goes beyond the rail line itself but represents a backbone to industrialise the region by building the ecosystem around the ancillary value chains such as agriculture and critical mineral beneficiation." – Abiola Osho, Vice President, Transport and Logistics, Africa Finance Corporation

"The Lobito corridor is a strategic gambit to reshape critical mineral supply chains and unlock beneficiation and economic transformation prospects in Africa. The panel and discussion underscored the opportunities for creative public-private partnership to realize such a monumental cross-border project – a precedent for integrated resource development elsewhere on the continent leaning into wider strategic competition and renewed focus on energy security." – Natznet Tesfay, Vice President, Head of Analysis Global Insight, S&P Global Market Intelligence; Board Adviser, CMAG

"The Lobito Corridor embodies the priorities and values that the G7's Partnership for Global Infrastructure and Investment was created to deliver. Through investments in the copper-cobalt belt in central Africa, alongside investments across digital access, energy, infrastructure, and agriculture, the Corridor became a proof of concept for connecting countries to one another and to Western markets, creating economic opportunity, increasing connectivity with G7-aligned partners, and catalyzing private capital." – Helaina Matza, Chief Strategic Development Officer, TechMet

Key takeaways from the discussion included:

• Significant progress on the Lobito Corridorhas been achieved despite its complexity, scale, and the involvement of multiple stakeholders. The project's advancement reflects careful coordination and strategic vision.
• The success of public-private partnershipsand a "coalition of the willing" demonstrates the strong collective commitment to ensuring the corridor's success.
• International support remains strong: despite administration changes, the United States remains committed to upgrading the corridor, and all parties — including the Italian government — are working closely with the Africa Finance Corporation on investment.
• The corridor is emerging asmore than just a transport route for minerals: it is enabling further exploration, supporting ancillary businesses, and creating opportunities for energy generation and improved connectivity.
• The corridor facilitatesinland imports of essential goods, including food products, enhancing supply chains and regional resilience.
• Much more is neededto overcome bottlenecks and ensure the corridor fully enables industrialisation, including investment in reliable and affordable energy sources such as gas.
• Overall, the corridor represents abroader opportunity for economic growth and social development, with the potential to improve quality of life for communities across the region.

The event underscored the strategic significance of the Lobito Corridor as a catalyst for economic, industrial, and infrastructural development, reinforcing its role as a critical nexus in regional and global supply chains.

Two days of high-level discussions on investment opportunities, infrastructure, and strategic partnerships across Africa.

Speakers

• Dr Theo Acheampong – Moderator, Head of Markets & Research, Critical Minerals Africa Group
• Matthew Venturas – Head of Sub-Saharan Africa, S-RM
• Ifigenia Gioka – Head of Corporate Development & M&A, BHP
• Katie Lennon – Head of Energy Transition Strategy, AXA

Session Overview

The discussion focused on how African governments and investors can balance mineral extraction, domestic value creation, and international trade, while embedding principles of transparency, sustainability, and risk management.

Participants examined how digital policy innovation, insurance integration, and evolving financing models are reshaping the continent's investment landscape. The session also highlighted the growing importance of aligning mineral strategies with Africa's industrialisation goals and energy transition commitments.

Key Themes and Insights

1. Policy Evolution and Digital Governance
   Africa's mining landscape is entering a phase of regulatory reform and digital transformation. Governments are modernising licensing systems, improving data transparency, and using technology to monitor resource flows — measures that reduce corruption risk and enhance investor confidence.

Such reforms are not only improving fiscal outcomes but also broadening participation across the value chain, creating a more inclusive and investable sector.

2. Insurance as a Catalyst for Financing
   Insurance is emerging as a strategic enabler of capital mobilisation across Africa's mineral economy. By transferring operational and credit risk away from lenders and sovereigns, insurance mechanisms can unlock new pools of institutional and private capital.
   Incorporating insurance into early project structuring is becoming essential for attracting transition finance, particularly as investors demand stronger ESG assurance and risk governance.
3. Financing Junior and Mid-Tier Miners
   Access to finance remains a defining challenge for Africa's smaller mining companies. Traditional banks often view the sector as high-risk, creating a gap between exploration and production.

Boutique capital structures and insurance-backed credit instruments are increasingly seen as viable solutions — tools that can empower local operators to develop critical resources such as lithium, rare earths, and gold while maintaining responsible environmental standards.

4. Value Addition and Economic Sovereignty
   A recurring theme was the need for Africa to capture greater value within its borders. This requires a shift from exporting raw minerals to developing refining, processing, and component manufacturing capacity on the continent.

Establishing energy-efficient beneficiation hubs and embedding traceability will be essential for accessing global supply chains and ensuring Africa's role in the green industrial transition.

Summary Reflection

Africa's next mineral revolution will not be defined solely by what lies underground, but by the systems built above it — the governance, financing, and infrastructure that enable sustainable extraction and equitable growth.

If risk is effectively managed and value strategically retained, Africa's critical minerals can underpin not just global supply chains, but a more autonomous and resilient continental economy.

A leading platform to connect with mining companies, investors, and policymakers driving Africa's mining future.

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