Africa’s 30% Mineral Reserves Remain Underexplored – Firm

The chairman of Critical Minerals Financing Corp (CMFC) Plc, Lamon Rutten, has said Africa holds more than 30 per cent of global mineral reserves, yet most remain underexplored and undercapitalised, limiting the continent’s economic growth.

The company which was known as Deap Capital Management & Trust Plc completed a significant transformation by officially changing its name to Critical Minerals Financing Corp (CMFC) Plc, after securing all regulatory approvals.

This transition reflects CMFC’s commitment to becoming a specialized finance group focused on mining, metals, and commodities, signaling a new chapter in its strategic journey.

Rutten mentioned that this name change marks the beginning of an exciting era for CMFC as it aims to enhance capital structuring, investment banking, transaction advisory, project development support, and financing solutions for stakeholders in the minerals and commodities sector.

He said the company is strategically positioned to offer world-class solutions for mining and metals companies involved in critical minerals such as gold, copper, cobalt, lithium, tungsten, tin, and tantalum.

President & co-CEO, Critical Minerals Financing Corp (CMFC), Dr Israel Ovirih said CMFC is currently strengthening its governance, operational, and financial frameworks in preparation for its next growth phase.

According to him, the company would leverage on strategic partnerships, regional expansion, and participation in large-scale mining and commodities transactions across Africa to unlock values for national economic growth and sustainable returns to stakeholders.

He said the company would work closely with mining companies, commodity traders, institutional investors, development finance institutions, governments, and international partners to build a dynamic ecosystem that supports industrial development, beneficiation, and export growth.

He pointed out CMFC believes Africa is uniquely positioned to become a leading supplier of strategic mineral resources to the world, citing rising global demand for critical minerals driven by energy transition technologies, battery manufacturing, advanced industrial applications, and renewable energy infrastructure.

Shareholders of DEAPCAP had, at their annual general meeting in March 2026 in Lagos, unanimously approved the holistic transformation of the company into Critical Minerals Financing Corporation (CMFC) Plc, Africa’s premier private-sector minerals finance group.

Banklink Africa Private Equities Limited, the new core investor in CMFC, has injected N6 billion into the company as part of a strategic recapitalisation aimed at repositioning CMFC for sustainable growth.

Speaking on the outlook for the company shortly after the approval at the AGM, Rutten had outlined that the new company would have remarkable multiplier effects on Africa’s global positioning by domesticating the value of the continent’s natural resources within countries through full optimisation of the minerals value chain.

He noted that the emergence of CMFC aligns with Nigeria’s economic diversification agenda, pointing out that by optimising the value chain of its critical minerals, Nigeria could deepen economic growth and spread prosperity across the country.

According to him, while Africa boasts of more than 30 per cent of global mineral reserves, these have remained largely underexplored and undercapitalised. But growing private-sector interest in exploration and beneficiation now presents a significant opportunity to bridge the critical financing gap that is undermining the continent’s growth.