Africa’s vast mineral wealth and natural resources form the backbone of the global technology and energy sectors, yet this pivotal role in the world economy comes with profound contradictions. From the cobalt mines of the Democratic Republic of Congo to the oil fields of Nigeria and Angola, the continent supplies critical resources that power the operations of the world’s most profitable companies—including tech giants like Apple and Microsoft, and energy corporations such as Shell, BP, and TotalEnergies. These resources are essential for everything from smartphone batteries to electric vehicles, positioning Africa at the center of both traditional and emerging industries.
However, this resource abundance has become a double-edged sword. While multinational corporations generate substantial profits from African resources—with cobalt, tantalum, and rare earth minerals enabling the digital revolution, and oil reserves fueling global energy needs—local communities often bear the devastating costs. Across resource-rich regions, residents face a trinity of challenges: environmental degradation that damages traditional lands and livelihoods, labor exploitation in dangerous extraction operations, and displacement from ancestral territories to make way for new mining or drilling projects.
This stark disparity between corporate profit and community impact has sparked a global wave of protests targeting the military-industrial complex and the corporations that benefit from resource extraction. These demonstrations reflect a growing demand for corporate accountability and equitable practices in resource-rich African nations. As the world transitions toward renewable energy and advanced technologies, the ethical sourcing of African resources has become not just a moral imperative but a crucial factor in sustainable global development.
Below is a list of natural resources found in Africa that are used by some of the world’s most profitable companies, particularly those in the top 10 or top 20:
1. Apple
- Resources: Gold, tantalum, tin, tungsten, cobalt.
- Locations: Democratic Republic of Congo (DRC), South Africa, Zambia.
- Uses: Electronics manufacturing, batteries.
- Sources: Apple uses these minerals in the production of iPhones, iPads, and other electronic devices. Concerns have been raised about the sourcing of these minerals from conflict zones in the DRC.
- Total Estimated Annual Profit from African Resources: $3 billion annually
2. Microsoft
- Resources: Gold, tantalum, tin, tungsten, cobalt.
- Locations: Democratic Republic of Congo (DRC), South Africa, Zambia.
- Uses: Electronics manufacturing, batteries.
- Sources: Similar to Apple, Microsoft uses these minerals in the production of computers, gaming consoles, and other electronic devices.
- Total Estimated Annual Profit from African Resources: $2 billion annually
3. Shell
- Resources: Crude oil, natural gas.
- Locations: Nigeria, Angola, Gabon.
- Uses: Energy production, petrochemicals.
- Sources: Shell is heavily involved in oil extraction in Nigeria’s Niger Delta, one of the largest oil-producing regions in Africa.
- Total Estimated Annual Profit from African Resources: $2 billion annually
4. BP
- Resources: Crude oil, natural gas.
- Locations: Angola, Algeria, Egypt.
- Uses: Energy production, petrochemicals.
- Sources: BP has extensive operations in Angola and Algeria, focusing on oil and gas extraction.
- Total Estimated Annual Profit from African Resources: $2 billion annually
5. Chevron
- Resources: Crude oil, natural gas.
- Locations: Nigeria, Angola.
- Uses: Energy production, petrochemicals.
- Sources: Chevron is a major player in the Nigerian and Angolan oil industries.
- Total Estimated Annual Profit from African Resources: $3 billion annually
6. ExxonMobil
- Resources: Crude oil, natural gas.
- Locations: Nigeria, Equatorial Guinea, Angola.
- Uses: Energy production, petrochemicals.
- Sources: ExxonMobil operates significant oil extraction projects in these countries.
- Total Estimated Annual Profit from African Resources: $3.4 billion annually
7. TotalEnergies
- Resources: Crude oil, natural gas.
- Locations: Nigeria, Angola, South Africa.
- Uses: Energy production, petrochemicals.
- Sources: TotalEnergies has a strong presence in African oil and gas markets.
- Total Estimated Annual Profit from African Resources: $4.5 billion annually
8. Glencore
- Resources: Cobalt, copper, nickel, zinc.
- Locations: Democratic Republic of Congo (DRC), Zambia, South Africa.
- Uses: Batteries, electronics, industrial applications.
- Sources: Glencore is one of the largest producers of cobalt, a key component in electric vehicle batteries, sourced primarily from the DRC.
- Total Estimated Annual Profit from African Resources: $14 billion annually
9. Vale
- Resources: Nickel, copper, cobalt.
- Locations: Mozambique, South Africa.
- Uses: Batteries, industrial applications.
- Sources: Vale operates mines in Mozambique and South Africa, extracting nickel and copper used in various industries.
- Total Estimated Annual Profit from African Resources: $3 billion annually
10. Rio Tinto
- Resources: Aluminum, iron ore, diamonds.
- Locations: Guinea, South Africa, Namibia.
- Uses: Manufacturing, construction, jewelry.
- Sources: Rio Tinto has extensive operations in Guinea for bauxite (aluminum ore), iron ore mines in South Africa, and diamond mines in Namibia.
- Total Estimated Annual Profit from African Resources: African Operations Profit: $1.256 billion annually
11. BHP
- Resources: Iron ore, copper, nickel.
- Locations: South Africa, Zambia.
- Uses: Construction, electronics, batteries.
- Sources: BHP operates in South Africa and Zambia, focusing on copper and nickel extraction.
- Total Estimated Annual Profit from African Resources: $422.5 million
12. ArcelorMittal
- Resources: Iron ore, coal.
- Locations: Liberia, South Africa.
- Uses: Steel production.
- Sources: ArcelorMittal sources iron ore from Liberia and South Africa for its steel manufacturing operations.
- Total Estimated Annual Profit from African Resources: $721 million
13. Anglo American
- Resources: Platinum, diamonds, copper, iron ore.
- Locations: South Africa, Botswana, Namibia.
- Uses: Jewelry, industrial applications, construction.
- Sources: Anglo American is a major producer of platinum and diamonds, with significant operations in South Africa and Botswana.
- Total Estimated Annual Profit from African Resources:: $7.7 billion annually
In Conclusion
Africa’s role in powering the global economy comes into stark relief when examining the profits derived from its resources by the world’s largest corporations. Based on 2023 data, the continent’s mineral wealth and energy reserves generated the highest profits for Glencore ($13.96 billion), predominantly through copper and cobalt mining in the Democratic Republic of Congo, followed by Anglo American ($7.70 billion), largely from platinum and diamonds in South Africa and Botswana. TotalEnergies ranks third ($4.49 billion), capitalizing on both traditional energy assets across the continent and emerging renewable projects.
These figures underscore a critical imbalance: while these companies extract billions in profit from African resources—essential for everything from smartphones to electric vehicles—local communities often face environmental degradation, labor exploitation, and displacement. The contrast is particularly striking in the tech sector, where companies like Apple and Microsoft rely heavily on African minerals for their hardware manufacturing, yet their supply chain position allows them to maintain distance from direct resource extraction challenges.
As the global economy accelerates its transition toward renewable energy and digital technologies, Africa’s resource wealth becomes increasingly strategic. This reality presents both an opportunity and an imperative: to reshape resource extraction practices to ensure that African nations and communities receive their fair share of the wealth generated from their natural resources. The growing wave of protests and demands for corporate accountability suggests that the current model of resource extraction may be unsustainable without significant reform in corporate practices and profit-sharing arrangements.
Sources
This analysis draws from publicly available data including:
Corporate Documents
- Annual Reports and SEC Filings (Forms 10-K, 20-F) from Apple, Microsoft, Shell, BP, Chevron, ExxonMobil, TotalEnergies, Glencore, Vale, Rio Tinto, BHP, ArcelorMittal, and Anglo American (2023)
- Corporate Sustainability Reports and Environmental Impact Assessments
- Conflict Minerals Reports and Supply Chain Disclosures
Market Data
- London Metal Exchange (LME) Price Data 2023
- U.S. Geological Survey Mineral Commodity Summaries 2023
- World Bank Commodity Markets Outlook 2023
Industry Organizations
- International Energy Agency (IEA) Africa Energy Outlook
- African Development Bank Economic Reports
- Minerals Council South Africa Industry Reports
Government Sources
- National mining and energy ministry reports from DRC, Nigeria, South Africa, and Angola
- Central bank economic data from relevant African nations
Note: Specific profit calculations and estimates are derived using standard industry methodologies applied to publicly reported data. Actual figures may vary based on internal corporate accounting practices and confidential arrangements.
For detailed sources and methodologies, contact editor@noirpress.org