Development finance institution Africa Finance Corporation (AFC) is partnering with airborne geophysics expert Xcalibur Multiphysics to map, develop and co-finance natural resource projects that will spur minerals beneficiation in Africa.

The partners hope to support the development of the natural resource value chain on the continent and contribute to the energy transition by reducing dependency on fossil fuels.

Additionally, they aim to back projects that build a path to more diversified and sustainable economies.

“Responsible mapping of natural resources is a critical component of sustainable investing, supporting the transition to clean energy, tackling climate change, protecting biodiversity, and building more inclusive and circular economies,” AFC says, adding that Xcalibur’s technology allows for efficient targeted exploration through non-invasive data acquisition and analysis.

AFC and Xcalibur will prioritise projects in the precious, base and critical raw materials categories, including gold, diamonds, bauxite, manganese, copper, cobalt, graphite, lithium and rare earth elements. 

The partners are confident that their work will afford African countries with access to improved geological data, which will de-risk investments in the sector, create local jobs, unlock mineral resource wealth and ultimately support a more just energy transition on the continent.

Xcalibur will provide the technical and mapping expertise, while AFC will identify and implement investment and financing solutions for approved projects. 

Project development in seven priority countries is well advanced, extending soon to other African countries.

AFC is one of the largest investors in Africa’s natural resources sector and it has led various transformational projects such as Nigeria’s Segilola gold mine and  a Nationwide Airborne Geophysical Survey (NAGS) in Sierra Leone, which was aimed at establishing the full extent of the country’s wealth below ground and promote investment in its mining sector. 

“Africa has the largest reserves of the minerals and metals required for the global energy transition; the challenge is a lack of investment in mining, transportation, clean energy and processing,” says AFC chief investment officer and executive director Sameh Shenouda. 

“This is exactly what this partnership aims to address, and we look forward to working with Xcalibur to develop and finance critical projects that transform Africa’s resource wealth into economic fortune and spur economic diversification.”

Xcalibur has a strong record in executing large-scale, countrywide and regional mapping programmes, as well as high-resolution mapping programmes, with an inventory of more than 50-million line kilometres of data acquired in Africa and worldwide.

These programmes have demonstrably increased exploration activities in the host countries, leading to job creation and increased investment.

“Africa is exposed to climate change effects, and we believe that this alliance contributes to the green transition of the continent, combatting climate change, ensuring access to sustainable energy and protecting biodiversity and natural resources in Africa,” Xcalibur CEO Andrés Blanco notes, adding that Africa can become a relevant player in the energy transition globally, with the right support.