The Africa Finance Corporation (AFC) is looking for investments in iron-ore and uranium as it seeks to expand its reach in critical minerals projects on the continent, according to Franklin Edochie, the institution's deputy director and head of mining.

Critical minerals have become a focal point of global competition, with the US and other major economies seeking to secure supply chains for electric vehicles and renewable energy while reducing dependence on China.

Edochie said the Lagos-based continental financial institution's interest in Africa's mining sector is broad, spanning precious and base metals as well as critical minerals. AFC already has interests in gold, bauxite, copper and manganese across Africa, and now wants to add iron-ore and uranium.

Speaking on the sidelines of a mining conference in Cape Town, Edochie said combined output from Guinea, Liberia, Mauritania and Sierra Leone could over the next 10 years "easily" equate to a top three iron-ore producer in volume terms.

"We are working towards financing those projects," he said. "Hopefully, within the next 6 to 12 months, we should be able to announce something on uranium and iron-ore investments".

AFC is also the lead developer of the US-backed Lobito minerals transport corridor linking African copper and cobalt mines to the Atlantic coast. The corridor will combine new and existing railway lines linking mines in Zambia and the Democratic Republic of Congo to Angola's Atlantic port of Lobito.

The AFC's push into iron-ore and uranium reflects a broader strategy by African financial institutions to capture more value from the continent's mineral resources by financing projects that support local processing, infrastructure and export logistics. The announcement of specific investments is expected within the next six to 12 months.