You can read the full transcript or listen to this special episode recorded from Andrea’s trip to Angola and the US-Africa Business Summit below.

Full episode transcript

Hi everyone, this is Andrea Hotter and I’m bringing the Fast Forward podcast by Fastmarkets to you live from Atlanta Airport in the US.  And honestly, I’m pretty excited right now. I’m just about to board a flight to Angola, an African country that’s been making big waves on the global stage. Why Angola? Well, it’s at the heart of a rapidly evolving story from its booming mining sector and the ambitious Lobito Corridor project to its strategic role in securing critical minerals essential for the world’s future. 

I’m going to visit the port and rail at the heart of the project, and I’m also going to be heading to the US Africa Business Summit, organized by the Corporate Council on Africa and attended by heads of state from across the African continent. It feels like the perfect moment to dive deep, talk to the movers and shakers, and bring you firsthand stories from the ground. So, buckle up because this journey promises insights, new perspectives and a real front row seat to the future of African development and global partnerships. 

Alright, time to board. Let’s get this adventure started. 

I’ve just landed in Luanda on the Atlantic coast of Angola and the country’s main port and economic center. Now I’ve landed at the old airport in Angola. They’ve built a new one since I was last here in 2008, but I’m in the old airport which has a rich history, but let’s just say it looks a little bit dated. I’m sure the new one’s a lot more modern. Luanda is Angola’s largest city with an estimated population of over 10 million people, making it one of the most popular cities in Africa. 

I’m just getting a few stares, so I think I’d better move on through customs and stop talking. 

It’s a beautiful sunny Sunday afternoon and the US-Africa Business Summit is kicking off soon with a big reception in downtown Luanda, Angola’s capital. When you think of Angola, you often think of oil, but I’m not here for the oil, although that’s still very important to the country’s economy. I’m here to learn more about the Lobito Corridor, America’s big bet in Africa.  The United States is calling the Lobito Corridor a game changer, a sign of partnership, a sustainable alternative to China’s Belt and Road Initiative.  But behind the photo ops and investment announcements, a more complicated story is emerging.  One about minerals, influence and the quiet reshaping of Africa’s global relationships. Geographically, the Lobito Corridor runs roughly east-west, starting at Lobito on Angola’s Atlantic Ocean coastline, moves eastward through Angola’s interior, crosses into the southeastern Democratic Republic of Congo through one of the most mineral-rich mining regions in the wild, and is planned to continue into the southern part of Zambia.  

Some say it could connect into other corridors, eventually allowing for further connectivity across the continent. At its core, it’s a strategic economic corridor, meant to boost trade and drive deeper regional integration. But many of its projects are located close to the Lobito to Colwaysey railway line, something we’ll hear lot more about in the next episode.  But for now,  I’m heading to meet some of the delegates at the reception. 

Well, the reception’s in full swing and I’ve met some really interesting people from the different delegations. It’s very clear that the Lobito corridor is the centrepiece of the US push to reframe its engagement with Africa.  But it’s also clear that the US has got a little bit of competition. 

China has spent the last two decades embedding itself in Africa quite literally. Roads, railways, ports, 5G networks, billions of dollars in loans, often tied to Chinese contractors and strategic interests. China has built schools, airports, stadiums and community centres across the continent. 

You can see the results all around you.  It also controls a vast amount of the critical minerals across Africa, including the copper and cobalt in the DRC and Zambia.  So Washington is now on what many call a charm offensive to win hearts, minds and markets across Africa.  In fact, Africa is fast becoming the main stage for a global power contest, a tug of war between the United States and China.  Both powers see the continent is key to the future, especially when it comes to critical minerals, infrastructure, and economic partnerships.  Momentum began under the Biden administration with the former president making several trips to Africa, culminating in a trip to Angola in December.  I’ve had a lot of people tell me tonight that when President Trump returned to office, they wondered what would happen to US involvement in Africa, especially major infrastructure projects  like the Lobito Corridor. 

Would the US pull back, cut funding, walk away from what the Biden administration framed as a flagship initiative?  The answer is  no.  Despite its America First posture,  the Trump administration has kept the Lobito Corridor alive,  and in many ways it fits squarely within the US government’s priorities.  Trump’s Africa policy, both now and in his first term, has been about commercial deals over development aid.  A refrain I keep hearing is trade, not aid. 

Indeed, the Lobito Corridor survives because it fits that mould.  Private investment, resource extraction and geo-strategic gain.  The US loan through the Development Finance Corporation  remains untouched.  In other words, the Trump administration sees the Lobito Corridor as a way to bring sharper focus on securing access to critical minerals, balancing China’s influence  and ensuring US companies and allies have a stake in Africa’s infrastructure future. 

But now, I’m going back to the party. 

So now I’m just arriving at the US Africa Business Summit.  You can hear the singing as you arrive. There is a ceremony going on at the moment.  Lots of security, lots of heads of state. So it’s been quite a difficult thing to get in.  But here I am. There’s a traditional Angolan dance going on in the background with the music. Ladies in their bright yellow, men in red. Fantastic. 

I’m now inside a huge, tented area where we’re about to have our opening ceremony.  There are over 2,700 people participating, including 12 heads of state and government, three independent African agencies, the African Union commissioner, and 31 official delegations.  That includes a sizable delegation from the United States. And if you listen, you can hear them going through the list of dignitaries. 

And now we’re to hear the national anthems of Angola, the United States and the African Union. 

The first US government delegate to speak is Troy Fittrell, who is the senior bureau official leading the Department of State’s Bureau of African Affairs. He’s a career member of the senior foreign service and a key representative for the US at the summit. His message to the summit has been that over the past couple of decades, the world has changed, the markets have changed, and the US has changed. And so, US government activities have adapted too. He says there’s a new emphasis on commercial diplomacy to bring opportunities, on market reform to create partnerships, and on infrastructure and digital development. He’s also talking about trade missions and says that there are 300,000 business-ready American businesses who aren’t doing business in Africa that should be. And now he’s giving a high-level view of what the US government approach  might look like.   

Troy Fittrell: It’s awfully easy. I spend a lot of time talking to my host government counterparts about the things they ought to do. And I talked to all of you business people about all the things that you ought to do. But you know, we have some work to do as well. And we have got some homework to do. And that is we need to make the U.S. government institutions faster and renewable, more aggressive. And that’s why we have with us, we have the Development Finance Corporation, we have the Exim Bank, we have the Trade and Development Agency, we have the Department of Commerce. 

All of these entities  work together. And when I have it, and many of you don’t, when you have delegations coming to Washington, when you come to my office,  I have a DFC, Exim, Commerce, they’re with me.  Because you should hear us all with one voice. We should all hear you with one set of ears.  We do this.  We have to work together on this.   

Andrea Hotter: All of those agencies he mentioned are here at the summit. So I was keen to hear what the view was from those with a US government mandate in Africa. I got to speak with Conor Coleman,  who is head of investments at the US International Development Finance Corporation,  as well as its chief of staff. So let’s hear from him.  

Conor Coleman: Andrea, thank you very much for having me here today. I’m Conor Coleman. head of investments and chief of staff at the US Development Finance Corporation. The DFC  is the investment arm of the U.S. government that focuses on promoting U.S. foreign policy  and economic growth in our partner countries through a dual mandated investment strategy, a strategic investment and economic development investment, all with the lens of  how do we promote private capital involvement into these emerging markets and be just flexible capital providers and invest across the capital structure from debt to equity to political risk insurance and loan guarantees.  

Andrea Hotter: So when it comes to  critical minerals. How does all of that play into the critical mineral space in terms of the GFC?  

Conor Coleman: Obviously, as you know with our administration, critical minerals is extremely important to us right now.  And it really takes a mineral-by-mineral investment approach to how you solve this and effectuate vertical integration across the supply chain from extraction to midstream and processing to downstream manufacturing.  We have to connect the puzzle pieces overall.  And two things we are really focused on within the US government is one is  collaboration amongst the other US economic players like Exim, like OSCE, like LPO  to really figure out we all have different investment authorities. So how can we piece the puzzle together to really promote private capital investment into this sector, both domestically and internationally?  Because the second measure is we’re not solving this issue just with the US domestic alone. We need to work with our international partners overall and our allies to effectuate kind of this investment thesis for each of the minerals.  

Andrea Hotter: So talk to me about, you talked about the different parts of the supply chain there. Where do you see the biggest financing gaps? We heard the pit to pit to pour on that one. We say mine to market, you know.  

Conor Coleman: I love that one too. you go. That’s a new one.  

Andrea Hotter: But could it be, it exploration? Right. At that end of the chain, is it the logistics that’s connecting it all? Is it the processing? Where do you see the gaps? And then how are you stepping in to change that?  

Conor Coleman: Look, I think there’s investment opportunity across the supply chain for all of these different sectors.  I think obviously the one that’s garnering the most attention right now is processing,  given kind of our adversaries and the dominance they have akin to what Rockefeller used to have back in the day from oil, having the processing in a conglomerate form.  That is definitely a vertical us at the US government are the most focused on in solving. How do we bring processing domestically to help effectuate that vertical integration of the supply chain?  I also think another really interesting investment topic that isn’t as prominent as processing,  is price support overall. And how can  we partner with allied countries to have a floor? Because at the end of the day, if you really want private capital to mobilize into the critical mineral sector, you need to give the private sector a price to underwrite. They’re not gonna be able to deploy capital for their LPs if at the end of the day, the adversary can effectively just flood the market and tank pricing at every start of the value chain. So for a period of time, how can we form private partnerships and provide price support to incentivize private capital mobilization in the sector?  

Andrea Hotter: That’s really interesting. Have you heard other countries say that they’re interested in the same kind of thing so far?  

Conor Coleman: I think so. think there is a global, there is definitely an initiative overall for trying to solve these issues when it comes to critical minerals investing.  

Andrea Hotter: Okay, these are complex projects as you know. So when you are sitting there, you and the investment committee are making a decision on which project to go in.  What are the key criteria you’re looking for? What is the difference between that red flag and the green light? Which way do you go and why?   

Conor Coleman: Talking as a true investment professional, I think it’s a case by case basis and you really have to understand  the complexities with the project.  Look, there’s obviously some major red flags that us as the DFC  per the Build Act have to highlight like environmental concerns, labor concerns, those are obviously big red flags overall. But what we’re really looking for with our investment thesis and what the administration has proposed overall is how do you bring these critical minerals from the extraction phase back to U.S. soil and connect them to every step of the way of the processing? Again, it’s connecting the puzzle pieces along the way and not just doing these random spot investments because then you’re going to either lose your economic value if you don’t connect it every way through the supply chain.   

Andrea Hotter: So give me an example of one of those projects, whether it’s you’ve just done it or whether it’s in the works and it’s coming soon that you think is that green light project. Give me one that highlights all of these criteria and is a good one to use as an example.  

Conor Coleman: Look, we need to come back and give me six months so we can have  this conversation because like I can’t comment on active negotiations. But there’s really interesting,  I think, projects in our pipeline right now, especially from the extraction stair point where we  as  predominantly the largest capital provider overall are looking to  secure US offtake for either the US government or our trusted partners over there. And that’s going to be a mandatory requirement for investing capital overall.  So certain  investment theses like that when you think across the supply chain that promotes kind of this America first agenda is how we’re viewing the world.   

Andrea Hotter: And what about the Lobito Corridor? Because obviously you’re involved there. We’ve heard an awful lot about it today. We’re obviously in Angola. What’s the DFC’s involvement there?  

Conor Coleman: So as you know, the Lobito Corridor, we are making a very large investment into refurbishing and upgrading 1,300 kilometers of rail that will help reduce shipping costs and kind of expedite the process overall.  I think this really highlights overall two areas in particular that people sometimes forget when they think about critical minerals investing is energy. Obviously you need sufficient energy supply to actually power the supply chain every step away and infrastructure because at the end of the day, if you can’t get the minerals to the places they’re supposed to go, then the investment is not going to be economically viable.  

Andrea Hotter: All right. We’ve been talking there a little bit about the way that you look at these projects. Talk me through the financing structures. What are the kinds that you’re using to attract  this kind of private capital  into these projects? So debt, insurance.  Talk me through all  of that.  

Conor Coleman: So, what makes the DFC so awesome is we can be such flexible capital providers from tenure to investment type to kind of the stage we come in we can really  listen to what the company and the project needs and then provide a slew of different options. So we’re able to provide technical assistance to get the project to the extraction phase or the bankability phase. We can provide both debt and equity investments overall.  For those projects I really think that the ability to play in the subordinate parts of the capital structure whether that be the Mez, whether that be the preferred equity or the common equity  will really help utilize our dollars as a multiplier effect for private sector dollars because at the end of the day, especially in some of these emerging markets, private capital wants to be the senior secured lender.  

And so us as the bridge between private capital and the local government should allow them to take this place and really at the end of the day,  utilize our every dollar we invest for  three, four, five X of private sector dollars coming in the senior secured position overall. And then we also have some interesting structures like political risk insurance and loan guarantees  that really help incentivize private capital come into these countries without us necessarily deploying dollars day one.   

Andrea Hotter: OK, all right.  We talked earlier about allies and how they all fit into this. How do they fit into this in terms of cooperation and particularly on critical minerals and with the DFC? How does all of that piece together? And I’m talking about whether it’s the EU, whether it’s Japan, Australia.   

Conor Coleman: Obviously, with G7 coming up this year, those  critical minerals and investing across the supply chain is one of the focal points there and we’ve been actively collaborating with our partners of how to invest along the supply chain. Additionally, with the president’s recent trip to the Middle East, I think that’s another really interesting partner for the sector, whether it be Saudi, the Qataris, and the Emiratis. Ben Black, who is the nominee to be the CEO, and I’ve worked with for the past five years in the private sector, has a great relationship overall with the UAE, and the Saudis, and the Qataris, and I think they could be a really interesting partner to tackle this solution. Particularly when you think about investing in Africa as well. 

The ability to have potentially processing within those Middle Eastern countries just helps lower the all-in sustaining costs of the projects from the extraction standpoint and just makes projects more economically viable.  

Andrea Hotter: Yeah, for sure. All right. What is your long-term vision? You know, you’re relatively new to the DFC now. If you look at their long-term role  in reshaping  critical minerals and global development finance basically  everywhere, especially in light of competition from China, Belt and Road and so on. What do you see that role as? 

Conor Coleman: Our role is to help  be the link between the local government and the private sector  and actually have a mineral by mineral value chain across each state between the upstream, the midstream, and the downstream  to be able to confidently go into these negotiations and not be worrying about supply being cut off, have actually stable footing for the United States and our allied partners overall  to have access to these critical components that  we use in the commercial sector and in the defense sector  every single day.  

Andrea Hotter: Yeah.  And so just on that basis, if we’re looking just that little bit further forward, are we talking dozens of projects? Are we talking new supply chains?  What does it look like to you?  What does that success look like? New alliances, I don’t know, all of the above maybe?  

Conor Coleman: I think the answer is all of the above. It’s going to be dozens of projects. It’s going to be partnerships with allied countries overall.  It’s going to take a little bit of everything to solve this complex issue.   

Andrea Hotter: Conor, thank you so much for talking to me today.  

Conor Coleman: Thank you for having me here today. 

Andrea Hotter: There’s a lot of talk about building refineries, expanding supply chains and de-risking projects.  So I was really interested to hear Conor talk about a major but under-discussed issue in critical minerals, which is price support.  Because here’s the reality. If we want private capital to seriously mobilize into the critical mineral sector, investors need something fundamental, a price they can underwrite.  Without it, investors can’t confidently underwrite projects. Especially at times when geopolitical rivals can flood supply and tank prices.  Right now, that is a big problem.  One idea?  Temporary private-public price flaws.  This wouldn’t be about permanent subsidies. It would be about incentivizing early capital formation  in strategic sectors where volatility has been weaponized. Think about lithium or cobalt, for instance.  The DFC can’t set prices. 

But it can do something just as powerful,  de-risk investment through price stability mechanisms.  Not everyone agrees. Critics argue that price flaws create distortions. They risk overproduction, reduced efficiency, and dependence on government support, the very opposite of a competitive, resilient system. So where does that leave us?  Some experts are calling for market-based price insurance or off-take agreements with price flaws built in. 

Mechanisms that reduce volatility risk without full-on government guarantees. Others suggest a strategic reserve model where governments act as buyers of last resort and agencies like the DFC finance the storage and logistics when prices fall below a certain level. It could also work with partners like the EU, Japan and African banks to create a multilateral guarantee fund. Whatever the answer, one thing is clear. Without price confidence, the private sector won’t lead. And without the private sector, supply chain security stalls. 

Okay, here we are for day two,  as you can hear.  Another  beautiful morning greeting. Different group of performers this time. 

Someone who spent a lot of time working on the Lobito Corridor is Helaina Matza.  She was, until recently, the Special Coordinator for the Partnership for Global Infrastructure and Investment at the US Department of State  and led missions to the Lobito Corridor to promote investments and regional connectivity.  You might remember her from the very first podcast we did. And she’s at the summit, so I’m just about to catch up with her. 

So Helaina, it’s great to see you again, actually in Africa, instead of talking about it this time.  

Helaina Matza: I know it’s so great and we have a beautiful view sitting by the port in Luanda. 

Andrea Hotter: I know, exactly, exactly. Well, here we are at the summit. We’ve been hearing there’s a lot going on and I’m just curious, you’re back here, you’re no longer with the State Department, you’re at TechMet now, different role, but obviously this is never going to leave you as a personality and it’s in your heart. So I’m just curious, you’ve been involved for over a decade. 

What do you think has changed the most in the US approach over that time?  

Helaina Matza, Sure. Delighted to be chatting with you today. I think that the conversation in the foreign policy community about the role that economic security plays has always been an evolving story. First, a recognition, right, that economic relationships create the foundation for better political stability. And we were  working on this 10, 15 years ago in a completely different way on energy security in the Eastern Med and reverse gas flows that were connecting  Israel and Egypt to other markets.  

And so, the concept was there. And then I think what I saw evolve over my time was a few things. One, a deepening understanding of supply chains and the importance to participate at all levels, including more upstream and what that meant, both from a U.S. policy perspective and a U.S. industry perspective. And it’s something that we’re still really figuring out to do. I’m delighted to be on the other side, to be part of that journey from an investment perspective now. 

But I think that was an evolving understanding of the economic policy story.  And I think the second piece was how do we evolve economic policy to meet our partners where they are? And that’s what you’re seeing playing out on the continent here in Africa, right?  Years of strong U.S.-African partnership in the health space and in the education space and  less visibility for the U.S. and our partnership here on the things that  many Africans say they need, jobs, infrastructure development.  

And so I think as we were evolving over the last several years, the role that investment in infrastructure play in that bilateral and broader foreign policy approach has really started to take form and feels like it’s being carried over with the new administration as we’re listening here today.  

Andrea Hotter: Yeah, and you obviously had a front-row seat to a lot of this development, which is incredible. I’d love to talk to you about the Lobito Corridor, because I know that is a passion project for you. Just talk me through where things stand now and what you feel about it. Are we there yet? And how much more work is there to do? It’s a great beginning, but what comes next?  

Helaina Matza: Yeah. I mean, look, I think you’re asking all of the right questions. The Lobito Corridor has become such a symbolic project, not just for the US investment thesis, but what partnership between the US-West can look like moving forward on the continent. 

And so over the last two and a half years, a lot’s happened, right? We saw U.S. investment coming in through various capabilities, whether that’s DFC or Exim on railroad refurbishment projects, on a new greenfield rail where AFC and African led finance is a big part of the journey and story.  But there’s lots of other ancillary projects that are really  instrumental to  its success. Things that we announced over the course of the last year and a half on  the largest  US investment in clean energy.   

Now we’ll see a broadening energy view here on the continent. Tons of work in the agricultural space. The idea that a lot of this work is happening around the copper-cobalt belt has a massive national security imperative, but it’s the ecosystem of investment that makes it real economic development opportunity. And so that’s really where we carried over. And I think you know, I stayed for a bit into this administration working with the new Trump administration on thinking through what about the work that’s been done in the Lobito Corridor, how it can be replicated, right? To be able to serve not only the US priorities, which we know and see right now to be very focused on strong economic relationships, but continue that ethos maybe to other places on the continent as well.  

Andrea Hotter: Yeah, I was about to say I’ve been hearing a lot about everybody now says they have a corridor, many corridors I’ve heard about in the last couple of days. So this could be the model for future development, do you think?  

Helaina Matza: I hope so. I mean, these are really important conversations to have with some of the new Trump administration officials. But you’re hearing them on the record here at this conference talk about the investment thesis of how not only to leverage Lobito to make it better and stronger, and I’m sure they have a lot of good ideas of what that can look like moving forward, but also how that may pertain to other thinking on the continent and other places in the world. It’s a very heartening thing to hear.  

Andrea Hotter: Yeah, for sure. You know, many Africans I’ve spoken with this week say that the West is, and this is playing devil’s advocate here, their words, not mine.  One senior government official said to me that the West is overestimating  the level of desperation in Africa and that it’s not necessarily money they need. They want proper, true partnerships and for communities  to benefit. Do you agree? What is the West maybe getting wrong about Africa?  

Helaina Matza: Look, I think it’s a great question. And in the very early days of what became Lobito, but we didn’t know what it was going to be at first.  One of the things I said, both on the record and privately and really in earnest, was we came back to the continent with a little bit of humility. And that was very real. We wanted to really understand where we were missing the mark and how we can start a little more closer to where our partners were, but also making sure that that served U.S. interests, because ultimately that’s what creates an enduring policy that can live and extend beyond administrations.  

And so I think it’s the right question to ask. Maybe I have little bit more of an inside beat because I was just part of the US administration. I think we were eyes pretty wide open that if we didn’t come with real dollars, a real plan, a real partnership model, they don’t need us. And I think that that’s quite fair.  

But look, almost everybody we’ve spoken to on the continent, leader or otherwise, has said they understand diversified investment in their country and more partnerships creates a resiliency that’s good for their economic growth. And so I think there’s a desire to have America there, but really want America to show up, not just in rhetoric, but with dollars. And that was part of what we’re starting  with Lobito. But it’s gonna be a long journey and some of these projects have like a 10 year plus lead time. And so that endurance and those private partners that are gonna ultimately be implementing through that whole journey is gonna be quite important to success.  

Andrea Hotter: I’m glad you use those two words, success and private. And we’ve been talking a lot about the public side. What do you successful public and private partnerships actually look like to you? Is it this Lobito model or is it something different?   

Helaina Matza: Yeah, so what’s really interesting about the Lobito model is that it’s not one model, it’s not one thing. A handful of projects that we’ve helped support in the region, and of course the Italians and the Europeans are involved in multiple ways as well, and I’m sure many others will come in over time, has multiple pieces. So you see us use some of our tools,  for lack of a better term, in a very traditional sense. We have Exim doing work here, we have our Development Finance Corporation doing work here, but then we also have tested different types of structures.  And ultimately, the element of the Lobito Rail piece, because remember, there’s energy at tons of other projects and digital projects I should add. But I think one of the innovative pieces of this  is the special purpose vehicle that was developed with the African Finance Corporation, supported by AFDB as well to build the new greenfield rail in Zambia. And that model is really interesting because DFC has its own relationship with AFC. The Italians are putting both equity investment and a debt facility for that project.  

But the partner is the African Finance Corporation. At the end of the day, we are doing what we can to bring the concessional capital to allow them to be successful because of course there’s a bit of a viability gap. It’s a very expensive project that we know will pay dividends as more projects are able to utilize the rail over time but it needed a push on the front end.  And so that structure only works because we have the private, well, I don’t want to speak on behalf of AFC, of course, they have MDB  element to their work as well, but we have that partner who’s going to stay on the ground and ultimately do the work to  move from feasibility where we are now to getting a project developer to work  on the stages of actually building this rail but it is the way that we interacted with concessional capital on the front end and what we hope will be a virtuous loop of, of course, more public dollars coming in, but more private dollars behind.  

Andrea Hotter: Yeah, lots of ingredients going to this recipe, I can tell.  One of the things, taking it back a little bit to just the critical minerals side is the refrain I obviously keep hearing, and you’ve heard it many times, I’m sure, is that Africa needs to stop exporting  all of its critical raw materials and start adding value in country. How does it get to do that? Because we’re hearing a lot about exporting through these corridors, obviously importing and moving goods around. How does it add that value? Is this going to be part of the conversation with things like the Lobito Corridor or is it something different?   

Helaina Matza: Yeah, so I think there’s kind of two pieces of this.  One  is you have to just think about the reality of what commercializes big infrastructure investments and commodities really help with the foundation of that. And so the idea that many of these rail networks and a lot of these port expansions couldn’t be financed if we didn’t have high value commodities moving on them is a reality. And so when we think of them moving out to the West, yes, that’s a great story for the U.S. and Western partners,  but it’s a good story for our African partners as well because it creates now essential infrastructure that allows more products to move within the region. And we’re already seeing that with some of the test shipments coming from Angolan food producers like Cariño, who are moving products into Kowazi, grown here, right on the continent to serve this market.  

We’re seeing subsistence farmers taking advantage of new digital projects and programs to be able to do mobile banking and work along the corridor. We’re seeing logistics firms on the continent working in a completely different way and new siling facilities and energy projects taking off. And so I think that it’s a catalyst for a lot of work to move in the other direction. 

The other piece, more on the critical mineral space, is  as our African partners become more confident that we can successfully work on these distraction projects, they are moving down the value chain. Where I work now, TechMet, we have two resources on the continent, one in South Africa, where we’re processing rare earths in a bit of a different way from waste. And then also Trinity in Rwanda, where we’re doing value added work as well. And so I think you’re gonna see this trend one is more economical, right? To do some processing co-located with your projects  and ultimately  as  more people are confident that this investment climate can work, you’ll see more investment come further down that value chain. And so I don’t think it’s a ‘all happen at once’, it’s like a iterative process that continues to grow upon itself. 

Andrea Hotter: Is there one area you think Africa can  leapfrog the West almost in terms of what it’s doing in critical minerals? And you were talking there about adding value through the supply chain. Maybe the best thing that it does in that space may stay and remain mining, but it could be processing. It could be something else further down. It could be building batteries. I mean, who knows? Is there an area where you think that it could leapfrog going forward?  

Helaina Matza: It’s a great question. And look, you know, I think that’s the question across almost all of these critical mineral supply chains, where we see such an over concentration of not only production capabilities, but processing capabilities in China where they’ve had the opportunity through a lot of strategy, but also good scalability over the years to really have some of the leading capabilities in rare earth separation and processing and magnet development, for example.  

And so the role that I see the continent playing  is creating a general resiliency in that market, not only on the extraction side, but like I just referenced one of our separation projects, which is quite unique and happening on the continent right now. And ultimately, that’s going to lead to a different partnership paradigm with the West as we continue to innovate all around the world. I don’t think there’s going to be one magical technology that jumps us over, but we’re seeing some amazing things. We’re seeing one step precursor cathode production. We’re seeing a whole new set of recycling projects.  

There’s no reason, as long as there’s enough space to allow for innovation in the market that African countries aren’t going to participate in that journey. But we need the space, right? And if that space isn’t there, things aren’t going to change.  

Andrea Hotter: And Helaina, before I let you go, last question for you. I wanted to know a little bit about what you’re doing now. Now you’re not at the State Department.  

Helaina Matza: Yeah. So I just recently joined TechMet, which is a critical mineral investment firm, as their new Chief Strategic Development Officer. Really excited to be there. I love their investment thesis, obviously, as part of why I joined the company. But look, we’re doing something really interesting.  

We are working with the US government, DFC is one of our biggest shareholders, as well as other sovereign lenders like QIA and hopefully more over time to develop this permanent capital vehicle that allows us to stay with projects in a different way than a traditional fund or critical mineral private equity firm. So we’re able to take different types of bets. We also are working on a pretty diversified portfolio. So while we have some really exciting extraction projects all around the world and a lot of the critical minerals, spent a lot of time talking about, you know, nickel cobalt, rare earths, we have vanadium projects, you name it. We’re also further down the supply chain as well, doing really interesting recycling projects and like I said, some of these really interesting pre-cathode material, electrode projects. And so I think it’s really exciting. I am personally really enthused not only to see how we continue to grow that portfolio, but what that may look like for some more work here on the continent. 

Andrea Hotter: I’m so pleased you’ve turned into a metals geek. I’ve found a fellow metals geek now.  

Helaina Matza: I am a fellow nerd with you.  

Andrea Hotter: Yes, hooray.  Brilliant. Helena, thank you so much. I really appreciate your time today.  

Helaina Matza: Thank you. It was a pleasure. 

Andrea Hotter: We’re used to hearing that Africa is the next frontier or rich in potential,  but as Helaina pointed out, African leaders today are clear-eyed. They want partners, not patrons. The new model, at least in theory, offers that. Listen first, co-invest, don’t dictate, show up with partners, not PowerPoints,  and build long-term, even if it takes a decade.  That’s what Lobito is trying to be.  Rail, roads, ports, logistics. Real infrastructure.   

And critically, African governments are in the driver’s seat. Let’s hear a flavor of what the government officials have to say.   

But before we do that, I wanted to sit down and catch up with my partner in critical minerals crime, William Adams, and debrief him, have a quick chat about everything I’ve learned so far and see what he thinks about the whole situation too.  

William Adams: So, Andrea, what were your key takeaways? 

Andrea Hotter: Yeah, and I think actually the takeaways were probably quite similar from the way that the heads of state speak and also the way that the US and their partners and allies and other stakeholders are speaking. I think Africa has often been framed as fast becoming the centre stage for a global power contest, a tug of war between the US and China. And I think both powers are seeing the continent as a bit of a key to the future, especially when it comes to critical minerals and economic partnerships and infrastructure partnerships.  

But  Africa isn’t a passive stage in this global rivalry. It’s actually a really active player. And I think there’s often a narrative of competition between the US and China and Africa. My takeaway was that the reality is a bit more nuanced, that African countries are asserting their agency more, that they’re choosing partners based on their own priorities. I recorded a few of them, Will, so let me play them for you. 

First up is Akinwumi Adesina, president of the African Development Bank.   

Akinwumi Adesina: As we build transport corridors, let us also build strategic partnership corridors. Strategic partnership corridors between the United States and Africa. Strategic partnerships that prioritize capital investments in infrastructure, agriculture, mineral industrialization, development of digital infrastructure, as well as capital markets. 

Andrea Hotter: Here is José de Lima Massano,  Angola’s Minister of State for Economic Coordination, talking about uplifting communities. 

And here’s Museba Tayali, Minister of Transport and Logistics in Zambia, discussing the need to mobilize private sector capital. 

Museba Tayali: And the implications of construction of this particular corridor are immense. So we envision that the Lobito Corridor will afford us an opportunity to be able to uplift the standard of living of our people. Therefore, along the corridor must be development of agriculture, agribusinesses, value addition to the critical raw materials that are predominantly in the DRC as well as Zambia, crucial in reversing the adverse climate  change effects.   

Andrea Hotter: And finally, here’s Hayim Taleb, the founder and president of the Menomardin Group as well as the Metrei Group.  He is a really interesting man. He was on a panel and he said that he’d been working in Angola since 1991.Living and breathing Africa every single day. And he’s done a lot all over the continent. 

Hayim Taleb: Africa need partners,  partners that will come and invest together with them.   

Andrea Hotter: So that’s what they had to say. Well, and I think the challenge for them is ensuring that those partnerships are actually transparent, equitable and beneficial for their populations. And I think for a really long time,  we look at it like this because China’s presence in Angola is very, very visible from  infrastructure projects to telecoms and agriculture, you know, I don’t need to tell you this, they filled a gap where Western investors, including the US have often hesitated. And sometimes it’s due to political risks, sometimes it’s regulatory hurdles, whatever it may be.  

But that investment from China isn’t always inclusive, and it isn’t always sustainable. And the US engagement has tended to focus more on governance, health, civil society, but it’s often lacked the scale or the visibility of China’s investment. So, the US could do more to show up economically, not just with aid or military cooperation. I guess the aid piece is a little bit more off the table now, but with real investment in African businesses and infrastructure.  

On the flip side, China could improve by making its engagements a bit more sustainable, less extractive, more respectful of labor and environmental standards. I think Africa was really giving this message of trade, not aid, which is what the US is saying as well. And I think they want collaborators, not customers.  

So I think there really is a bit of a step change where African nations are definitely saying, you want to be at the table with us, then you need to offer something in return.  

William Adam: Yeah, I mean, it’s a real shame because you have a situation in the DRC where I think it’s ranked as the hundred and eighty eighth poorest countries on a GDP per capita out of 196 countries. So really down there in the low end of it.  

But it’s also believed to be the richest country in terms of mineral wealth in the ground. So there’s a huge potential there and that’s what needs to come out, but it needs to come out in a much more equitable way.  

AndreaHotter: Yep. A hundred percent. I couldn’t agree more. And I think that’s definitely something that now you’re starting to see, not just governments, but also local communities and businesses start to push. I think there has been a bit of a pushback against governments saying we need to position ourselves as a gateway for African led development. This is how we need to grow.   

I think how these global powers, including the US and China, watch and invest in these types of regional projects like the Lobito Corridor is going to be really critical to that development to take countries like the DRC, as you said, that are so mineral rich  out of this poverty, this position where that wealth is not getting to everybody by any means.  

William Adams: One of the interesting things one of your guests said, think it was Hayim Taleb, what about the 40 million people living along the corridor? And that is, think, something which is really vital to focus on as well, because, you know, again, going back to what I said earlier, where you’ve got a lot of poverty in places like the DRC, so it’s obviously not lifting everybody up, it’s lifting those involved in parts of the mining and some of the infrastructure. 

It’s really important for stability and for safety and for sustainability that all this investment, a lot of that gets paid back into the countries and to lift the population along with it.  

Andrea: Will, it’s been really good to talk to you as always. Catch up soon. 

Now I’m about to go back into the summit and I’ve been tipped off that unbeknownst to the  general agenda the special advisor to the president of the United States is here, Boulos. So  I’m heading back in, literally legged it over from a lunch, on our way.   

We are just about to hear from Massad Boulos, President Trump’s senior advisor for Africa. 

Massad Boulos: The Trump administration views this moment  as an opportunity to deepen our engagement across  Africa’s economic landscape and foster trade, growth, and mutual prosperity.  As we’ve emphasized before, the United States is shifting its approach from traditional development assistance to an investment-led model focused on commercial engagement.   

We believe that business and trade not aid are the engines of long-term sustainable growth.  However, meaningful economic growth can only take root in an environment defined by peace and stability.  As President Trump  and Secretary Marco Rubio have made clear this administration is focused on advancing peace because we recognize the critical connection between peace,  stability  and economic growth.  And US investors  and companies  seek  environments  where peace and stability are not just promises but realities.   

Andrea Hotter: There are a lot of unknowns about the peace deal. But we do know it includes the launch of a regional economic integration framework involving the United States aiming to attract Western investment in mineral rich areas. We need to see how this plays out, of course, but this seems to be more than a ceasefire.   

Some are calling it a strategic geoeconomic deal designed to make the region safer for business, especially US investment in copper and cobalt. So will this fit in with Africa’s goals? 

Africa wants growth, it wants agency, and it wants to write the next chapter on its own terms,  with partners who are willing to build, share and stay. The question isn’t whether the US can outspend China. It’s whether it can build something more durable, more inclusive and more trusted.  The Lobito Corridor might just be the start. 

Now I’m going to head directly to Lobito and see what I can learn from the heart of the initiative we keep hearing so much about,  and in particular the Lobito-Atlantic Railway. 

You’ve been listening to the first part of our two-part special on Africa.  If you’d like to learn more about Fastmarkets, visit fastmarkets.com/podcast and keep an eye on your feeds next month for the second episode.