Japan's Minister of Economy, Trade and Industry (METI) Yasutoshi Nishimura is on a five-country tour of Africa aimed at promoting investment in key minerals in the continent.
Japan's Ministry of Economy, Trade and Industry said on August 1 that Nishimura will visit Namibia, Angola, Congo, Zambia and Madagascar from August 6 to 13.
Meti said the visit aims to lead Japanese companies in participating in mineral exploration and production in Africa by establishing long-term cooperation through the signing of a joint statement, the holding of a business forum and the signing of a memorandum of understanding by the Japan Metals and Energy Security Organization (JOGMEC).
In Congo, where cobalt mines dominate, Nishimura will propose that the Japan Metals and Energy Security Organization (JOGMEC) explore for minerals such as copper and lithium, and propose sending a delegation of Japanese companies to the country.
According to data from S&P Global Commodity Insights, Congo will account for 73.3% of global cobalt production and 10.1% of global copper production in 2022.
In Zambia, Nishimura plans to propose JOGMEC to explore for minerals such as copper and nickel. A delegation of Japanese companies will hold a Japan-Zambia roundtable to explore further business cooperation.
According to S&P Global, Zambia will produce 3.4% of the world's cobalt and 4.0% of the world's copper in 2022.
In Madagascar, Nishimura is expected to call for cooperation on the Ambatovy nickel mine project. Japan's Sumitomo Group holds a majority stake in the project. According to S&P Global, Ambatovy is the largest nickel mine in Africa with 40,800 tonnes of nickel production in 2022, ranking 10th in the world.
Alice Yu, senior analyst at S&P Global, said Zambia and Namibia have banned the export of unprocessed ore to ensure better value for their resources and avoid a repeat of the surge in direct lithium ore exports at the end of 2022.
Global demand for lithium, nickel, cobalt and other metals needed for batteries and electrification technology is expected to soar.
