Africa Finance Corporation (AFC), a leading infrastructure solutions provider in Africa, and Xcalibur Multiphysics, the worldwide leader in airborne geophysics, have announced their intention to partner on mapping, developing and co-financing natural resource projects that will spur minerals and critical raw materials beneficiation in Africa. The primary goal of the alliance is to support the development of the natural resource value chain on the continent, contribute to the energy transition by reducing dependency on fossil fuels and support the path to more diversified and sustainable economies.
Responsible mapping of natural resources is a critical component of sustainable investing, supporting the transition to clean energy, tackling climate change, protecting biodiversity, and building more inclusive and circular economies. Xcalibur‘s innovative technology allows for efficient targeted exploration through non-invasive data acquisition and analysis.
AFC and Xcalibur, through their partnership, will prioritize projects to locate and identify AFC’s focus minerals, including precious, base and critical raw materials, comprising gold, diamonds, bauxite, manganese, copper, cobalt, graphite, lithium and rare earth elements. As a result, African countries will have access to improved geological data, which will de-risk investments in the sector, create local jobs, unlock mineral resource wealth and ultimately support a more just energy transition on the continent.
Xcalibur will lead in providing the technical and mapping expertise, while AFC will lead in identifying and implementing investment and financing solutions for approved projects. Project development in seven priority countries is well advanced, extending soon to other African countries.
“Africa is exposed to climate change effects, and we believe that this alliance contributes to the green transition of the continent, combatting climate change, ensuring access to sustainable energy and protecting biodiversity and natural resources while allowing African countries and African companies to become just and relevant players on the energy transition map,” said Andrés Blanco, Chief Executive Officer of Xcalibur Multiphysics. “We look forward to working with AFC to accelerate sustainable economic growth and build a more inclusive economy in Africa.”