Kenya has launched a fresh push to attract investors to develop a $62 billion rare earth minerals project, positioning the country at the center of intensifying global competition for critical resources, according to Business Insider Africa.
The site, widely identified as the Mrima Hill deposit is believed to hold significant rare earth reserves, making it one of the most valuable untapped mineral assets in Africa and a strategic prize for both the United States and China.
Kenya’s government is seeking international partners to develop and finance the project, as part of broader reforms aimed at boosting the mining sector’s contribution to the economy and increasing transparency in licensing and investment processes.
The move comes amid rising global demand for rare earth elements, critical for electric vehicles, renewable energy systems, and advanced electronics with Western nations actively looking to reduce dependence on China’s dominance in processing and supply chains.
Analysts say Kenya’s bid underscores Africa’s growing role in the geopolitics of critical minerals, as countries leverage their resource wealth to attract investment while balancing competing interests from global powers.
