1、MACIG 2026MINING IN AFRICACOUNTRY INVESTMENT GUIDEIn the 12 years that GBR has published its annual Mining in Africa Country Investment Guide(MACIG),some African countries have emerged as leading mineral producers,while others have slipped into the twilight as they traversed the various commodity an

2、d political cycles.This year we have included 25 countries,some for the first time,as more parts of Africa have become relevant,if not indispensable,in the supply of almost every commodity.Today,African mining opportunities attract a much broader universe of interest,with a growing and diverse capit

3、al pool closing in on the financing puzzle,as discussed in Part 1 of this report,which also examines how the systematic undervaluation of assets on the continent,known as the African discount,influences project development and whether the boom in commodity prices helps reduce valuation gaps.The valu

4、e of assets may be marked down in capital terms,but their impact on the ground is outsized on a continent where mining serves as a main development tool,a topic we cover in the Multiplier Effect article.In the Commodities section,record gold prices see juniors rushing toward the milestones that driv

5、e the biggest valuation jumps,while producers employ anti-cyclical strategies.In the Critical Minerals chapter,we discuss how interventionist tactics give rise to new fundamentals that overlay traditional supply and demand.The Iron Ore and Bauxite article unpacks the implications of Africas biggest-

6、ever mining project,Simandou,on opening new logistical corridors for bulk commodity development.Coal mining is caught between contradict-ing pressures and indecisive policies,while uranium developers wait for a more incentivizing price to unlock investment.The value of natural diamonds,meanwhile,is