In 2024, mining companies invested $1.3 billion in exploration across Africa. While that figure increased last year, the gains were uneven across countries, according to a new report.

Africa attracted 10% of global mining exploration investment last year, unchanged from 2024. The total amount invested, however, rose 11% year-on-year to $1.44 billion, S&P Global Market Intelligence said in its World Exploration Trends 2026 report published in March. Not all countries benefited equally.

Côte d’Ivoire’s Stability vs. Mali’s Tensions

Côte d'Ivoire, ranked Africa’s second-largest destination for mining exploration investment in 2024 in a separate S&P report, moved to the top spot in 2025. With $186 million invested last year, it accounted for about 13% of total investment. The increase signals broader momentum in the sector.

The Fraser Institute, a Canadian think tank that assesses the attractiveness of mining jurisdictions based on surveys of industry executives, ranked Côte d'Ivoire first in West Africa in 2025. Political stability, modern infrastructure and transparent governance underpin that ranking, Seydou Coulibaly, director general of Mines and Geology, said at Mining Indaba 2026 in South Africa.

Mali, by contrast, recorded its third consecutive annual decline in exploration investment in 2025 and posted the sharpest drop on the continent. While the report does not detail the reasons, the decline reflects turbulence in the sector since the adoption of a new mining code in 2023.

The reforms, which increased the state’s stake in new projects and removed some tax exemptions, triggered a prolonged standoff between Bamako and Barrick Mining over the Loulo-Gounkoto gold complex. Although the dispute was resolved at the end of 2025, prolonged tensions with mining companies appear to have weighed on investor sentiment. A moratorium on new mining permits, in place since 2022, also remains in effect.

Madagascar and Namibia were also among the countries where exploration budgets declined in 2025. In Madagascar, the decline coincided with the country emerging from a moratorium on mining permits in place since November 2010. Authorities announced in January 2026 that the ban had been lifted, which could support higher investment.

Gold and Copper Dominate

The Democratic Republic of Congo saw exploration investment rise 10% in 2025. Although it lost the top spot it held in 2024 to Côte d’Ivoire, the country continues to benefit from strong copper demand, as the world’s second-largest producer. Global copper exploration budgets reached $3.27 billion in 2025, a 12-year high, driven by demand linked to decarbonisation and artificial intelligence, S&P said.

Gold, the world’s leading exploration target with $6.15 billion in 2025, is the other key driver of Africa’s momentum. Countries with significant reserves, such as Côte d’Ivoire, with an estimated potential of 600 tonnes, and Ghana, the continent’s fourth-largest destination in 2024, are well placed to benefit from rising prices. After climbing more than 60% in 2025, gold hit fresh record highs again in the first quarter of 2026.

The report does not provide a comprehensive ranking of African countries, limiting a full assessment of the continent’s overall performance.

Emiliano Tossou