Africa has a “world raw material bank†and holds 10% of the world’s total crude oil reserves. The daily output of crude oil has reached about 10 million barrels, accounting for nearly 12% of the world’s total crude oil production. Experts predict that by 2010, the proportion of crude oil production in Africa in the world’s total crude oil production is expected to rise to 20%.
Other mineral resources in Africa are also abundant. The reserves of bauxite, ferrochrome, cobalt, diamond, gold, manganese, phosphate, platinum group metals, titanium, vanadium and other minerals rank among the top in the world. According to the US Geological Survey, Africa contains 91% of the world's chromite ore, 88% of the platinum group metals, 83% of the manganese ore, 60% of the diamond, 50% of the gold, 49% of the phosphate, and cobalt. 41% of the ore. In addition, the reserves of copper, iron, nickel, lead, zinc, and bismuth in Africa are also very impressive. Therefore, the vast and potential African continent in recent years has become the focus of competition among countries in the world.
Other mineral resources in Africa are also abundant. The reserves of bauxite, ferrochrome, cobalt, diamond, gold, manganese, phosphate, platinum group metals, titanium, vanadium and other minerals rank among the top in the world. According to the US Geological Survey, Africa contains 91% of the world's chromite ore, 88% of the platinum group metals, 83% of the manganese ore, 60% of the diamond, 50% of the gold, 49% of the phosphate, and cobalt. 41% of the ore. In addition, the reserves of copper, iron, nickel, lead, zinc, and bismuth in Africa are also very impressive. Therefore, the vast and potential African continent in recent years has become the focus of competition among countries in the world.
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