With one third of the world’s mineral reserves and two thirds of the world’s diamond production, Africa should have basked in the era of roaring commodity prices and booming optimism. Over the last decade, Africa’s average annual growth rate was more than 5% making it the world’s fastest growing continent. For years commodity prices have shaped Africa’s economic growth, but of all continents, Africa was seen as the new frontier of the super cycle.
While some nations rode the boom – attracting investment in new mining projects and mining-related infrastructure and investing the proceeds prudently – questions can be asked as to why Africa missed out on this golden opportunity to benefit to the same extent as others did from the super cycle.
Originally published in Mining Journal - January 25, 2016.
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