CMAG × S-RM | LME Week 2026 | London, 19 October

Commodities Under Pressure in Partnership with S-RM

As competition for critical minerals intensifies, resource-producing countries are reconsidering how they participate in global mineral value chains. For mining companies and investors, changing government priorities, greater emphasis on domestic value addition and geopolitical uncertainty are raising important questions about investment protection, commercial relationships and dispute resolution.

During LME Week, the Critical Minerals Africa Group (CMAG), in partnership with global intelligence and risk consultancy S-RM, brought together senior representatives from mining, commodities, finance and law to examine how geopolitical developments and changing mineral policies are affecting investment risk and commercial disputes.

Resource sovereignty and the changing investment landscape

Competition for critical minerals is taking place against a backdrop of shifting geopolitical relationships and growing questions about the durability of international conventions and established commercial arrangements.

The concentration of mineral processing and refining capacity creates vulnerabilities within global supply chains, while resource-producing countries are increasingly considering how their mineral endowments can support broader economic and industrial development. For African governments, this raises questions about how mineral resources can be used to attract infrastructure investment, processing capacity and long-term industrial partnerships.

A central theme was the importance of aligning mineral policy with the practical requirements of industrial development. Resource leverage may strengthen a country's negotiating position, but converting that advantage into lasting economic value requires credible infrastructure and investment planning.

Industrial policy must account for the infrastructure, capital and implementation requirements needed to achieve its objectives. Working backwards from the intended outcome can help identify the conditions required to make domestic processing and other value-addition ambitions commercially viable.

Beneficiation: Who carries the cost?

Domestic beneficiation remains an important policy ambition for many mineral-producing countries. However, the discussion raised a fundamental commercial question: should mining companies be expected to bear the cost of developing domestic processing capacity?

Processing requirements can introduce additional capital demands, making the availability of infrastructure and long-term investment partners particularly important. Guinea's iron ore sector provided a reference point for discussing the potential advantages of more gradual development, particularly where industrial ambitions require substantial supporting investment.

The role of reliable, long-term investment partners was also considered, including the experience of Chinese investment in mineral and infrastructure development.

The wider issue is how governments and investors can align expectations around the pace, financing and practical delivery of domestic value addition. Beneficiation ambitions need to be considered alongside the investment and infrastructure conditions required to implement them.

Diversifying investment, not just supply chains

Much of the international critical minerals debate focuses on diversifying mineral supply and reducing dependence on concentrated processing markets. The discussion highlighted a related consideration for resource-producing countries: the importance of diversifying their investment partners. Reliance on external actors for processing, refining and investment can create vulnerabilities. Broadening the pool of financing and development partners may offer greater flexibility in pursuing national industrial priorities.

The potential contribution of the United States, development finance institutions and multilateral organisations was considered, including the role such institutions can play in supporting investor confidence.

Diversification of investment partnerships deserves greater attention alongside diversification of mineral supply chains. For resource-producing countries, the availability of credible financing and development partners is an important consideration in turning mineral potential into viable industrial projects.

Investment risk changes once capital is committed

Mining investments are particularly exposed to changes in operating conditions because of their substantial upfront expenditure and sunk costs. Before committing capital, investors can assess the political and regulatory environment, examine counterparties and negotiate contractual protections. Once an investment is underway, changes to taxation, royalties and other regulatory requirements can have significant commercial implications.

The discussion considered how investors depend on host-state institutional capacity while navigating differing degrees of sovereign assertiveness. External factors, including conflict, sanctions, supply-chain disruption and third-party actions, can further complicate the operating environment. Contractual protections therefore play an important role in managing investment risk. Stabilisation clauses, economic equilibrium provisions and adaptation clauses were among the mechanisms discussed, alongside protections available through investment treaties. Their effectiveness depends on how they are drafted and the circumstances they cover.

The existence of contractual protection is not necessarily sufficient. Its scope must reflect the risks to which the investment is exposed. A Peruvian mining example illustrated how changes to taxation and royalties can have consequences for investment in processing and refining.

For investors, understanding the interaction between contractual rights, regulatory change and the wider political environment remains an important part of managing long-term mining exposure.

Resolving disputes before commercial value is lost

Legal remedies are an important safeguard for investors, but formal dispute resolution can be lengthy. Where disagreements arise between mining companies and host governments, the time required to secure a judgment may itself result in substantial commercial losses. By the time a dispute reaches court, the relationship between the investor and the state may already have deteriorated considerably.

The discussion highlighted the importance of understanding the circumstances behind that deterioration, alongside establishing the legal rights of the parties involved. Maintaining a meaningful domestic presence and investing in relationships with relevant stakeholders may help companies navigate disagreements before they escalate.

A favourable legal outcome does not necessarily reverse the commercial damage caused by a prolonged dispute. This makes the management of government and counterparty relationships an important consideration throughout the life of a mining investment.

Intelligence, investigations and the value of local knowledge

Political and commercial relationships are rarely static. Changes in political connections, decision-makers and stakeholder interests can affect how risks develop and how disputes are managed. The discussion emphasised the importance of a coordinated approach to understanding these dynamics.

Pre-emptive risk assessment can help investors identify potential sources of conflict, while stakeholder mapping provides insight into the parties involved, their incentives and the relationships influencing decisions.

Once a dispute arises, evidence gathering becomes particularly important. Investigations may draw on documentation, public records, local knowledge and human sources to establish the relevant facts and wider context. This can be especially challenging where information is difficult to access or where political and commercial relationships are complex. Stakeholder mapping can also help identify opportunities to maintain relationships or support a resolution.

Effective dispute management depends on more than legal arguments. Understanding the people, relationships and interests surrounding a dispute can be equally important.

The discussion also considered the role of investigations undertaken on behalf of states, recognising that intelligence and evidence gathering are relevant to parties on both sides of a commercial disagreement.

Implications for mining investment

The discussion brought several interconnected considerations into focus.

• For resource-producing governments, domestic value addition ambitions must be considered alongside the infrastructure, investment and institutional requirements needed to support industrial development.
• For mining companies and investors, contractual protections and political-risk assessments are particularly important before substantial capital is committed. Continued attention to government relationships and changing stakeholder interests also matters once an investment is operational.
• For financiers and development partners, diversifying investment relationships and supporting credible project structures can contribute to investor confidence and broader industrial development.

Across these perspectives, one issue remains particularly relevant: the commercial consequences of allowing disagreements to escalate.

Mining investments involve long-term commitments, complex stakeholder relationships and substantial capital exposure. Understanding the political and commercial environment, maintaining relationships and gathering reliable evidence can all contribute to better risk management and dispute resolution.

As resource sovereignty and geopolitical competition continue to influence mineral investment, the ability to anticipate and manage changing commercial relationships will remain central to protecting investment value.

About the event

Commodities Under Pressure was hosted by the Critical Minerals Africa Group (CMAG) in partnership with S-RM, a global intelligence and risk consultancy, during LME Week 2026 in London.

Opening remarks:

• Olimpia Pilch, Chief Strategy Officer, Critical Minerals Africa Group
• Matthew Venturas, Director, S-RM

Panellists:

• Natznet Tesfay, Vice President, Economics & Country Risk, S&P Global Market Intelligence
• Michael Barton, Associate Director, Disputes & Investigations, S-RM
• Ramon Luque, Special Counsel, Covington & Burling LLP
• James Libson, Senior Partner, Mishcon de Reya LLP

Moderator: Henry Finnegan, Adviser, Critical Minerals Africa Group.

Join the Conversation

CMAG convenes senior decision-makers from across mining, finance, government and industry to examine the commercial and geopolitical developments shaping Africa's mineral markets.

Interested in partnering with CMAG on an event? We work with organisations to develop and host targeted discussions, private roundtables and investment forums, bringing together the people and perspectives that matter.

To explore a collaboration, Speak to CMAG.

For those looking to join future discussions, our upcoming events bring together industry leaders, investors and policymakers around the issues influencing mineral investment and market developments.

Post-Event Summary

On 23 June 2026, the Government of Uganda including the Uganda High Commission London, Ministry of Energy and Mineral Development,

Ministry of Foreign Affairs, and Uganda Chamber of

Energy and Minerals – in partnership with the

Critical Minerals Africa Group and the Eastern Africa Association, convened government leaders, investors, mining companies, development finance institutions and industry stakeholders in London to discuss Uganda's evolving investment landscape across mining, energy and infrastructure.

Across the discussions, one message emerged consistently: Uganda is seeking to move beyond promoting geological potential towards building an investment environment capable of delivering bankable projects.

Rather than focusing on a single policy intervention, the government's approach combines resource definition, infrastructure development, institutional reform, capital mobilisation and skills development to reduce investment risk and support long-term industrialisation.

From Endowment to Porduction

A recurring theme throughout the conference was the distinction between geological potential and investable opportunity.

While Uganda possesses significant mineral resources – including graphite, rare earth elements, phosphates, iron ore and gold – the priority is now to verify commercially viable resources, strengthen geological confidence and develop projects that can attract long-term investment.

To support this transition, the Government outlined plans to:

• Establish a National Mining Company with a statutory 15% participation in mining developments;
• Develop domestic laboratory and assay capability;
• Strengthen mineral marketing systems to formalise trade and reduce smuggling;
• Encourage greater downstream processing and mineral beneficiation; and
• Continue reviewing the regulatory framework to improve investor certainty.

The emphasis was clear: creating projects that are technically, commercially and institutionally bankable.

Government as a Risk-Sharing Partner

One of the strongest signals to investors was the government's intention to participate alongside, rather than simply regulate, private investment. This principle extends across both the mining and
energy sectors.

In mining, the National Mining Company is intended to participate directly in developments.

In energy, government continues to prioritise public investment in enabling infrastructure while relying on private capital to expand generation capacity. Alongside this, Uganda continues to work with international financial institutions, including the World Bank and IFC, to mobilise capital and de-risk strategic project.

Energy: The Foundation of Industrialisation

The conference reinforced that reliable and affordable electricity remains fundamental to Uganda's industrial ambitions.

The government's Energy Compact provides a framework centred on generation, transmission, regional integration, private capital mobilisation and utility sustainability.

Particular emphasis was placed on:

• Expanding transmission and distribution infrastructure;
• Improving regulatory efficiency;
• connecting larger industrial users to improve network economics; and
• Reducing project delays through more effective permitting and coordination.

Delegates also recognised that affordability remains a critical challenge. Questions from the audience highlighted that bringing electricity costs down sufficiently for energy-intensive industries such as mineral processing will remain essential if Uganda is to move further up the value chain.

Building an Investment Ecosystem

Beyond sector policy, considerable attention was given to improving the overall investment environment.

Uganda continues to position itself as a regional investment platform, offering:

• An open capital regime with unrestricted profit repatriation;
• A growing network of industrial parks supported by fiscal incentives;
• A One-Stop Investment Centre to streamline approvals;
• Digital systems to monitor investment progress and identify bottlenecks; and
• Stronger regional cooperation across East Africa, providing access to a market approaching 300 million people.

These initiatives reflect a broader effort to reduce transaction costs while improving investor confidence.

Delivery Will Determine Success

Perhaps the most encouraging discussion centred not on policy announcements, but on implementation.

The establishment of a dedicated Compact Delivery and Monitoring Unit, supported by digital performance monitoring and regular public reporting, reflects an acknowledgement that execution ultimately determines investment outcomes.

The same principle applies to workforce development.

Uganda has successfully developed technical capacity for its oil and gas sector and now intends to replicate that model for mining through international partnerships, specialist training and long-term institutional development.

Looking Ahead

Uganda's ambition extends beyond increasing mineral production. The broader objective is to build the institutions, infrastructure and investment environment required to support long-term industrialisation.

Significant challenges remain, particularly around power affordability, continued resource definition and implementation.

Nevertheless, the discussions demonstrated a coherent strategy focused on progressively reducing investment risk and creating the conditions for sustained private sector participation.

The conference highlighted that Uganda's opportunity lies not only in its mineral endowment, but increasingly in the policies, partnerships and institutional reforms being developed to unlock it.

Post-Event Summary

The Oxford Battery Metals Lectures 2026, held on 14 May 2026, brought together leading experts from across the global battery materials and critical minerals value chain for a day of insightful discussion and industry collaboration. Hosted at the prestigious University of Oxford, the event welcomed mining companies, refiners, manufacturers, investors, policymakers, and technology specialists to explore the evolving landscape of battery metals and the opportunities driving the global energy transition.

Centred around the theme "The New Battery Materials Cycle," the programme examined emerging market trends, supply chain resilience, technological innovation, and investment strategies shaping the future of critical minerals. Delegates gained valuable perspectives on lithium, nickel, cobalt, graphite, and other essential battery materials through presentations and panel discussions led by internationally recognised industry leaders.

Beyond the technical programme, the event provided an important platform for networking and knowledge exchange, fostering collaboration between stakeholders across the battery metals ecosystem. The discussions reinforced the importance of responsible resource development, innovation, and strategic partnerships as demand for battery materials continues to accelerate worldwide.

To learn more about the event, its speakers, and the programme, visit the official event page: Oxford Battery Metals Lectures 2026.

Moderator:
Theo Acheampong, Critical Minerals Africa Group

Speakers:

• Glen Nwaila, Associate Professor of Geometallurgy and Machine Learning, School of Geosciences, University of the Witwatersrand
• Mark Burnett, Principal Geologist, AMC Consultants
• David Rhodes, Managing Director, Endeavour Financial

The discussion centred on a fundamental tension shaping Africa's role in global mineral supply chains: despite vast endowments of critical minerals, the continent remains largely positioned at the extraction stage, capturing only a fraction of the potential value. Panellists approached this challenge from complementary angles—technical, financial, and policy—interrogating not just why value addition has proven elusive, but what it would realistically take to move beyond it.

A key theme throughout was the need to move past overly simplified narratives. Value addition is often framed as a singular leap—towards battery manufacturing or advanced industrialisation—but the discussion instead emphasised it as a multi-stage, interdependent system. This system spans mining, processing, refining, manufacturing, services, and knowledge development, each with its own requirements and constraints. The conversation therefore focused less on aspiration, and more on identifying the structural barriers that continue to anchor African economies at the lower end of the value chain.

Key Barriers to Moving Beyond Extraction

1. Infrastructure Deficits (Power, Transport, Water, Inputs)

• Processing and refining require continuous, reliable, and cheap power—often unavailable or unstable.
• Weak transport and logistics networks increase costs and reduce competitiveness.
• Limited access to water and chemical inputs, often requiring costly imports.
• Exporting raw materials remains simpler and more economical than local processing.

2. Scale and Feedstock Constraints

• Downstream facilities require large, consistent volumes from multiple mines.
• Deposits are often geologically complex and fragmented, complicating aggregation.
• Lack of coordination leads to uncertain long-term feedstock supply, deterring investment.

3. Capital Intensity and Investment Risk

• Processing plants require billions in capital with long payback periods (10–15+ years).
• High perceived risk due to policy uncertainty and infrastructure gaps.
• Many projects fail because critical components are missing (e.g. power, inputs, logistics).

4. Policy Instability and Short-Termism

• Inconsistent and unpredictable policies undermine investor confidence.
• Export bans are often implemented without supporting industrial capacity.
• Lack of long-term, coherent industrial strategies aligned across political cycles.

5. Fragmentation vs. Regional Coordination

• Countries pursue national beneficiation strategies in isolation.
• Weak intra-African trade integration (currencies, standards, logistics).
• Competition over hosting infrastructure limits collaborative value chains.

6. Skills Gap and Human Capital Constraints

• Shortage of technical and engineering expertise for downstream industries.
• Education systems lack industry-linked STEM training.
• Persistent brain drain reduces domestic capacity.

7. Low Investment in R&D and Innovation

• R&D spending remains below 1% of GDP, limiting innovation.
• Weak collaboration between universities, industry, and government.
• Limited capability to develop locally appropriate processing technologies.

8. Misalignment Between "Value" and "Returns"

• Governments focus on societal value (jobs, industrialisation).
• Investors prioritise financial returns and risk.
• Lack of alignment creates friction in project development and financing.

9. Trust Deficit Across Stakeholders

• Historical tensions create mutual distrust between governments, investors, and communities.
• Concerns over policy reversals, value capture, and local benefit sharing.
• Reduces willingness to commit long-term capital.

10. Limited Domestic Capital Mobilisation

• Heavy reliance on foreign direct investment.
• Domestic capital (e.g. pensions) is not structured for high-risk early-stage investment.
• Limited use of sovereign or strategic investment vehicles.

11. Global Competitive Pressure

• Established players dominate processing and refining capacity.
• Benefit from scale, long-term investment, and state support.
• New entrants face significant barriers to entry.

12. Lack of Integrated Industrial Planning

• Disconnect between resource endowment, policy, and industrial strategy.
• Overestimation or poor understanding of mineral potential.
• Absence of clear sequencing across the value chain.

13. Logistics and Market Access Challenges

• Poor intra-African connectivity increases reliance on external trade routes.
• Infrastructure designed for exports, not regional integration.
• High logistics costs reduce competitiveness of processed goods.

14. Energy Reliability as a Binding Constraint

• Processing requires uninterrupted energy supply.
• Power instability has led to industrial decline in some regions.
• Limits feasibility of energy-intensive downstream industries.

15. Capability Gaps in Complex Processing

• Critical minerals often require technically complex and hazardous processing.
• Limited local experience in advanced refining and battery materials.
• Gap between theoretical knowledge and industrial execution.

Value addition is not a single intervention but a system-wide transformation requiring alignment across policy, infrastructure, finance, skills, and technology. It demands regional cooperation, long-term thinking, and credible execution. While the barriers are significant—ranging from capital intensity to geopolitical competition—the discussion also highlighted areas of agency, particularly in improving coordination, investing in human capital, and leveraging emerging technologies.

"Value addition in Africa should look like converting mineral wealth into industrial capability."

The challenge lies not in defining this ambition, but in building the complex, coordinated systems required to realise it.

Related content:

• Infographic | Africa's Refining & Smelting Landscape
• Opinion | Tanzania's Value Addition Roadmap: But Value For Whom?
• Insights | Who Creates And Gets The Value Minerals, Energy, And Agency In Sub-Saharan Africa Amidst New Great-Power Competition

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.