Partnerships will shape Africa’s next phase of mineral development, says advisory company Deloitte South Africa economic advisory leader Hannah Marais, noting that while Africa holds major reserves, the continent attracts only a small share of global exploration spend.

Deloitte will participate in dialogue on mobilising capital to finance a new wave of mining projects in Africa during the 2026 Investing in African Mining Indaba.

According to S&P Global Market Intelligence, the continent received about 10% of global exploration budgets in 2024, with most capital flowing into brownfield exploration activities. This, Marais adds, represents a trend which requires regulatory reform to create the conditions for new discoveries and project development.

Several reforms remain central to unlocking exploration activity, including faster licensing, digital cadastral systems and clear compliance processes; these systems improve transparency and reduce discretionary decision-making, which, in turn, helps to strengthen investor confidence, she explains.

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Investor confidence depends on the ability to balance local benefit with regulatory predictability, with local-content rules, export policies and State equity stakes being carefully designed so as not to discourage long-term investment, says Deloitte Technical mining advisory senior manager Julia McFarlane.

“Reforms to energy markets, infrastructure and tax policy also remain urgent. High electricity prices have also undermined downstream processing in South Africa.”

Improved rail and port performance, supported through regional partnerships and public–private partnerships, will be vital to ensure and lift competitiveness. This need for predictability also extends into regional cooperation, she adds.

While both advisers agree that better policy alignment across borders will unlock new investment, Marais says harmonised rules, shared standards and stronger coordination between neighbouring countries will help improve financial confidence and reduce disputes. She elaborates that alignment of royalties, tax treaties and responsible mining standards are valuable considerations.

McFarlane notes that harmonisation must still respect national priorities, but it should reduce complexity for explorers and juniors.

Long lead times for projects, often reaching two decades, make regulatory certainty essential, with frameworks such as the African Mining Vision and global reporting codes offering a useful foundation, she adds.

Both agree that cross-border collaboration is equally important for infrastructure, with Marais highlighting coordinated rail and energy planning, shared transport corridors and binding intergovernmental agreements as practical mechanisms to support mineral development.

“These agreements must include clear cost-sharing rules, political-risk safeguards and governance structures,” she says, citing the Lobito Corridor and the Trans-Guinean Railway as cross-border reference models.

McFarlane says that aligning national strategies with the Africa Green Minerals Strategy can help countries attract finance for beneficiation and value addition. She stresses the need for regional mineral data systems, transparent cadastres and stronger environmental, social and governance compliance to support this shift.

“Institutions, such as the African Union, the African Continental Free Trade Area Secretariat and regional blocs must drive standards, skills development and regulatory clarity. Strengthened cooperation will create a more unified and investable African mining market,” she concludes.