We Visited 7 Mines in Africa. Here's What We Found
Mining

Money of Mine

We Visited 7 Mines in Africa. Here's What We Found

Money of Mine•Apr 17, 2026

Why It Matters

Understanding Africa’s mining landscape is crucial as investors seek lower‑cost, high‑growth sources of critical metals amid tightening global supply chains. The episode shows that despite governance and logistics hurdles, the continent offers compelling cost advantages and massive scale, making it a timely focus for anyone tracking the future of commodities and sustainable resource investment.

Key Takeaways

  • •Africa offers undervalued mining opportunities despite high discount rates
  • •Zambia’s copper output targets triple by 2031, boosting investment appeal
  • •Zambian workers achieve five times higher productivity than Australian peers
  • •Renewables cut power costs in Zambia, South Africa versus Australia
  • •Tailings reprocessing offers low‑cost gold extraction in South Africa

Pulse Analysis

The hosts return from a whirlwind tour of seven African mines, concluding that the continent remains dramatically undervalued by global investors. South Africa’s long‑standing mining code, with its 26% black‑empowerment equity rule, provides a predictable regulatory backdrop that many jurisdictions lack. Coupled with a persistent discount applied by capital markets, the region—especially South Africa and Zambia—offers a compelling risk‑adjusted entry point for miners and financiers alike.

Operational economics further tilt the balance in Africa’s favor. Zambia’s power grid now draws heavily from hydro‑renewables, slashing electricity costs to roughly half of Australian rates. South Africa, despite Eskom’s challenges, sees households and mines adding solar capacity, driving down net energy spend. Labor productivity is striking: a Zambian miner can install a ton of steel in five man‑hours, versus 25 in Australia, delivering dramatically lower unit costs even before wage differentials are considered. These efficiencies make bulk‑scale projects financially viable where they would be marginal elsewhere.

Beyond macro advantages, the trip uncovered niche opportunities that could unlock outsized returns. New shafts at Ivanplats signal a resurgence in platinum‑group metals, while First Quantum’s copper belt in Zambia aims to triple output to three million tonnes by 2031. In South Africa, legacy tailings—visible from satellite imagery—still contain gold at grades competitive with fresh ore, prompting companies like DRD Gold to pursue low‑cost reprocessing. Likewise, ZCCM’s royalty‑based stakes across Zambian copper mines give investors exposure to a diversified, state‑backed portfolio. Together, these factors paint a picture of Africa as a high‑growth, cost‑efficient mining frontier ready for the next wave of capital.

Episode Description

After visiting 7 mines across South Africa and Zambia in 10 days, we unpack the biggest takeaways while waiting to board our flight home.

From massive copper and operations to PGM shafts, gold tailings plays, enormous coal mines, the trip challenged some of our long-held assumptions.

We discuss why Africa may be mispriced as a mining jurisdiction, the reality of costs, productivity and logistics, and where some investment opportunities sit.

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TIMESTAMPS  

(0:00) Airport Trip Recap

(2:30) Bullish Africa and PGMs

(7:20) Costs, Power, Productivity, Logistics

(12:30) Zambia Copper

(17:50) DRD Gold

(18:40) ZCCM

(22:50) Scaling Mines and Electrification

(30:00) Trip Highlights

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