The rapidly accelerating global demand for critical minerals — essential for clean energy technology and defence — has put the development sector at a crucial inflection point. While the race to secure these resources brings enormous economic potential, it also carries significant risks, sparking debate over how to turn this moment into a true development opportunity rather than another chapter of extractivism.
During a Devex Impact House event on the sidelines of the World Bank and International Monetary Fund annual meetings this week, experts said this will be a balancing act. “There are a lot of interests we need to balance as we look at this expanding space,” said Aubrey Hruby, co-founder of Tofino Capital and transaction adviser at Palladium. “How can we balance the need to add value and create robust industries with the fact that countries are competing globally for this type of investment.”
Africa is of particular concern when it comes to critical minerals mining, she added, as it holds significant, but largely underexplored, mineral reserves. According to a recent Brookings report, Africa is expected to hold about 30% of the world’s proven critical mineral reserves.
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About the author
Jesse Chase-Lubitz
Jesse Chase-Lubitz covers climate change and multilateral development banks for Devex. She previously worked at Nature Magazine, where she received a Pulitzer grant for an investigation into land reclamation. She has written for outlets such as Al Jazeera, Bloomberg, the Organized Crime and Corruption Reporting Project, and The Japan Times, among others. Jesse holds a master’s degree in Environmental Policy and Regulation from the London School of Economics.
