Africa, with 30% of the world's critical mineral reserves, is a target for many, including Gulf states. Following moves by Saudi Arabia and the United Arab Emirates, Qatar is now making its own push into the sector.

In August 2025, Sheikh Al Mansour Bin Jabor Bin Jassim Al Thani, a cousin of Qatar's Emir, unveiled a $100 billion investment plan following a tour of ten African nations. Through his fund, Al Mansour Holding, he signed agreements spanning several strategic sectors, including mining. While specific projects remain to be defined, Doha is clearly targeting the continent's mineral wealth to diversify its economy and enhance its influence in the global race for critical resources.

The announcements rolled out from Lusaka to Kinshasa, with staggering sums: $19 billion promised in Zambia, $12 billion in Botswana, $20 billion in Mozambique, $21 billion in the Democratic Republic of Congo (DRC), and $19 billion in Zimbabwe. These massive figures lacked details on disbursement methods and timelines. The agreements cover agriculture, tourism, infrastructure, energy, and mining, with Qatar's interest in Africa's subsoil becoming increasingly apparent, a focus confirmed this week.

On September 17, the Qatar Investment Authority (QIA), the country's sovereign wealth fund, announced a $500 million investment in Ivanhoe Mines, which operates the DRC's largest copper mine. Besides the Kamoa-Kakula mine, the Vancouver-based company also controls the Kipushi zinc mine in the DRC and the Platreef platinum group metals project in South Africa. Once the transaction is complete, QIA will hold about 4% of Ivanhoe's capital and will explore other investment opportunities with the company.

Doha's interest extends beyond the DRC. Ivanhoe also has copper deposits in Angola and Zambia, Africa's second-largest copper producer. According to Mohammed Saif Al-Sowaidi, CEO of QIA, the goal is to support the company in sourcing and supplying essential minerals for the global energy transition. Following the lead of its Gulf neighbors, the United Arab Emirates and Saudi Arabia, Qatar aims to play a leading role in the acquisition of these resources, with Africa holding about one-third of the world's total.

Before Doha's entry into the Congolese mining sector, Abu Dhabi's International Resources Holding (IRH) signed an agreement in June 2025 to take control of the DRC's main tin mine. A year earlier, IRH made its first major move in the African mining sector, spending over $1 billion for a 51% stake in Zambia's Mopani copper assets.

A Stated Shift Away from Hydrocarbons

The map of countries visited by Sheikh Al Mansour partly overlaps with that of African nations rich in critical minerals. In addition to copper, Zambia and the DRC hold significant cobalt reserves. Botswana, the world's second-largest diamond producer, has seen its copper industry grow in recent years. Mozambique is Africa's top graphite producer, while Zimbabwe is the continental leader in lithium. All of these raw materials are crucial for producing batteries, electric vehicles, and for the solar and wind industries.

Mozambican President Daniel Chapo (left) with Sheikh Al Mansour Bin Jabor Bin Jassim Al Thani

Qatar's interest in these minerals is not new. In August 2024, QIA had already invested $180 million in TechMet, a U.S.-backed company that indirectly controls tin, tungsten, and tantalum assets in Rwanda. These investments come as the Qatari economy undergoes a strategic reorientation. Having become wealthy from oil and gas exports, the country is now seeking to diversify its revenue sources. Its National Development Strategy 2024-2030 sets a goal of achieving 4% annual non-hydrocarbon growth.

Making Good on the Promises

Africa's mineral wealth has long attracted players with agendas that don't always align with those of host countries. In recent years, however, African governments have increasingly insisted on local mineral processing and content as conditions for new operations. Initiatives such as lithium refining in Zimbabwe, copper foundries in Zambia and the DRC, and requirements for local companies to be involved in projects are now commonplace.

These are priorities that new investors, including Doha, cannot ignore, especially if they aim to position themselves as alternatives to China, the dominant player in critical minerals on both a continental and global scale. Sheikh Al Mansour's investment promises were presented as win-win partnerships. However, beyond the spectacular announcements, the success of Qatar's African offensive against Chinese competition and other established powers will depend on its ability to meet the demands for local value addition.

Emiliano Tossou