2026 Africa’s Top 250 Companies: Mining Firms Lead a Robust Recovery

Mining companies benefiting from the commodities boom also include Anglo American Platinum, which was spun off from its parent company, Anglo American, in May 2025 and rebranded as Valterra Platinum. As the world’s largest primary platinum producer, Valterra Platinum is listed on the Johannesburg Stock Exchange and has a secondary listing in London. Its market capitalization surged from $10.6 billion to $21.7 billion. Anglo American has since refocused on copper and iron ore production, divesting some non-core assets while retaining a 19% stake in Valterra Platinum. Impala Platinum climbed eight places to rank 12th, with its market capitalization doubling to $12.6 billion. South Africa accounts for at least 70% of global platinum supply; tightening supply has driven platinum prices to double since early 2025, reaching $2,700 per ounce by early 2026. Impala Platinum reported core profits of 9.3 billion rand (approximately $554 million) for the second half of 2025—far exceeding the 1.9 billion rand recorded in the same period of 2024. The company prioritizes extending the operational life of existing mines over launching new projects. CEO Nico Muller noted that the rise of electric vehicles poses a significant threat to platinum demand. Overall, the mining sector strengthened significantly: the combined market capitalization of precious- and base-metal mining firms rose from 14.36% to 17.79% of the Top 250’s total. Banking accounted for 26.42%, telecommunications for 11.17%, internet software and services for 5.19%, and building materials for 3.67%. Agricultural products and grain-processing firms represented only 2.34%, while oil-sector companies were scarce on the list—highlighting the dominance of foreign and state-owned African oil enterprises in this sector. 03 Nigeria’s Recovery The most notable market-cap growth came from Nigerian telecom operator MTN Nigeria, whose market capitalization jumped from $3.4 billion to $11.5 billion, propelling it 30 places up to 14th overall. Higher tariffs, a 74.5% surge in data traffic, and 53 million active data users drove the company to profitability, recording revenues of 1.1 trillion naira (approximately $799 million). Following its acquisition of IHS Towers’ tower infrastructure business, MTN Nigeria became Nigeria’s largest listed company. Airtel Africa, dual-listed in the UK and Nigeria, …

The Ambition of Africa’s Richest Man

02 Accelerated Chinese Investment in Africa’s Steel Industry Africa’s steel industry stands at a turning point. According to the World Steel Association, Africa’s crude steel output reached 20 million tonnes in January 2026—a 5.8% year-on-year increase—and is among the few regions globally still expanding. Yet per capita steel consumption in Africa remains only about one-eighth of the global average. The mismatch between resources and industrial capacity is stark. Guinea’s Simandou iron ore project is designed to produce 120 million tonnes annually of high-grade iron ore containing 65% iron. By the early 2030s, Africa’s annual iron ore output is projected to exceed 200 million tonnes. Yet continental steel production has grown slowly—from roughly 15 million tonnes in 2014 to just 26 million tonnes in 2024—with most output derived from scrap recycling rather than integrated smelting using domestic iron ore. The World Economic Forum notes that scrap supply sources are tightening; without establishing an ore-based steel industry, Africa will remain dependent on imported steel—effectively “importing processed versions of its own iron ore.” Africa possesses abundant high-grade iron ore, natural gas, and renewable energy potential—providing solid foundational conditions for steel development. China’s engagement across Africa’s steel value chain is now comprehensive, featuring a multi-tiered strategy encompassing resource access, production capacity, and infrastructure. Resource front: In January 2026, China Baowu Group announced receipt of the first shipment of iron ore from Guinea’s Simandou project, arriving at a Chinese port after a 46-day voyage. Jointly invested in by Baowu, Rio Tinto, and Chinalco, Simandou marks a critical step in China’s strategy to diversify iron ore supply. Tsingshan Holding Group also signed a memorandum of understanding with Madagascar in early 2026 to develop a large-scale industrial park integrating mineral extraction and downstream processing. Production capacity front: Nigeria is advancing a $2-billion Sino-Nigerian cooperation initiative to revive the long-idle Ajaokuta Steel Plant—shut down for 42 years. Built in 1984 with a designed capacity of 1.3 million tonnes per year, the plant has never operated at full capacity. Under the new plan, Chinese investors will fund rehabilitation and expansion, targeting an eventual capacity of 10 million tonnes per year. Infrastructure front: The Ajaokuta project includes complementary upgrades to railways and port dredging, aiming to build a fully integrated steel logistics ecosystem. Nigeria’s goal is clear: “We must stop exporting raw materials—adding value is essential to achieving industrialization.” 03 A Transformation Reshaping China-Africa Relations Dangote’s entry into the steel industry—viewed against the backdrop of Africa’s industrialization drive and deepening Chinese involvement—carries multiple layers of significance…

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