The 2026 Mining Indaba Summit in Cape Town drew an unprecedented gathering of over 10,000 delegates, including representatives from 1,450 mining companies spanning the African continent and beyond. This year’s summit, now in its 32nd edition, recorded the largest attendance in its history, reflecting a growing consensus among stakeholders: African ownership and sovereignty over the mining sector have become central aspirations.
Africa a key supplier of resources.
The conference theme, “Stronger Together: Progress through Partnerships,” underscored these ambitions, shaping discussions around the continent’s right to determine the future of its mineral wealth. With global demand for critical minerals rising amid the ongoing energy transition, Africa’s significance as a key supplier of resources vital to industry, energy security, and sustainable development has never been more tangible.
The Surge in gold prices.
Indaba 2026 showcased Africa as an innovative and competitive mining destination, equipped to meet international standards and expectations. A focal point of the summit was the dramatic surge in gold prices, which, despite a slight dip at the start of February, remained approximately 75% higher than the previous year. In February 2026, gold reached a record high, surpassing $5,500 per ounce, marking the most significant annual increase since 1979.
Reasons explaining the surge.
Analysts attribute gold’s rally to its enduring reputation as a “safe haven” asset, especially in times of uncertainty. The nomination of Kevin Warsh as the new head of the US Federal Reserve by President Donald Trump, heightened geopolitical tensions, and the US seizure of Venezuelan President Nicolás Maduro in early January have all contributed to gold’s rising appeal. According to Emma Wall, Chief Investment Strategist at Hargreaves Lansdown, “Gold is doing what it does best when the world feels messy, jumping amid rising trade tensions, geopolitical flare-ups, and political uncertainty in the US.”
Central banks, too, have played a role, accelerating bullion purchases in the wake of the freezing of Russian reserves following the Ukraine invasion. The gold price peaked in January, following threats of new US tariffs on several European nations. Such geopolitical anxieties continue to reinforce gold’s global desirability.
The mining sector reforms in Africa
This climate of heightened uncertainty and opportunity contributed to the record participation at Indaba 2026. Delegates, mining firms, and investors convened in Cape Town against a backdrop of sweeping reforms across Africa. Beyond the Sahel, many nations are reasserting control over their mining industries, determined to reverse the legacy of colonial exploitation and boost revenues from critical minerals.
Recent policy shifts include revising mining codes, encouraging local investment, restricting raw mineral exports, and fostering domestic industrialisation. Indaba 2026 served as a platform not only to showcase Africa’s mineral reserves but also to highlight these transformative decisions.
With Africa holding over 70% of the world’s cobalt and 60% of its manganese—both essential for the global energy transition—the drive for sovereignty is gaining momentum. In Mali, legislation since 2023 grants the state a 10% free stake in mining projects, with the option to purchase an additional 20%. Burkina Faso has increased the state’s free-carried interest to 15% and is promoting local investment in both the mining and processing sectors. Rwanda’s new regulations allow the government to acquire shares and obtain free-carry interests in strategic minerals.
Meanwhile, Namibia and Zimbabwe have banned the export of unprocessed lithium and other crucial minerals to promote value addition at home. Gabon announced in 2025 that it would cease exporting unprocessed manganese ore. Guinea Conakry’s new government revoked 129 mining permits last year to reclaim underutilised land. Ghana has enacted laws barring foreign entities from the domestic gold market, designating the state-run Ghana Gold Board as the sole authorised buyer and exporter.
These developments signal a continent-wide shift. At the summit’s conclusion, delegates threw their support behind these policies, recognising their potential to generate vital revenues for addressing Africa’s development challenges.
Sources: BBC, Forbes