Africa holds some of the world's most strategically important deposits of copper, cobalt, lithium, manganese, platinum-group metals and gold, yet it wields little influence over the international markets where those minerals are priced. That was the core message delivered by Dr Comfort Asokoro-Ogaji, executive director of Women in Mining Africa (WiM-Africa), at a roundtable held during the Shanghai Metals Expo 2026.

The session, titled "Eastern Pricing 2.0: Integrating Futures, Physical Markets, Industry and Finance for the Next Stage of Global Metals Pricing", addressed the shifting geography of metals price discovery. Asokoro-Ogaji argued that as Asian markets expand their influence in trading, processing, financing and price formation, Africa must build the capacity to participate in the institutions and commercial structures that shape mineral prices.

"Africa possesses some of the world's most strategically important mineral resources. Yet the possession of resources does not automatically translate into market influence," she said.

Why does resource ownership not equal pricing power?

Asokoro-Ogaji warned that African countries could remain major mineral producers while having limited access to the information, processing capacity and financial instruments needed to negotiate favourable prices. International prices, she noted, respond to supply, demand, quality, inventories, financial conditions, risk and market expectations.

"Africa cannot simply announce the prices it wishes to receive," she said. "What we can do is strengthen our bargaining position, reduce information asymmetry, improve product quality and participate more effectively in the commercial structures through which minerals are traded."

She illustrated the problem with copper concentrate pricing. The value producers realise depends not only on international benchmarks but also on:

• mineral grade;
• moisture content;
• payable metal;
• treatment and refining charges (fees deducted by smelters for processing concentrate);
• impurities;
• transportation costs;
• contract terms.

Inadequate laboratory testing, limited market information, poor access to finance and restricted buyer networks, she said, can prevent African producers from realising the full value of their resources.

What priorities did she set out?

Asokoro-Ogaji identified five priorities for closing the gap:

• stronger mineral market intelligence;
• investment in testing, standardisation and traceability;
• expanded beneficiation (local processing of raw ore into higher-value products) and regional value chains;
• improved access to commodity markets and finance;
• inclusive participation in the mineral economy.

She also called for better coordination among African mineral-producing countries, geological institutions, mining companies, laboratories, regulators and financial institutions. Fragmented resources, information systems and processing facilities, she noted, weaken the continent's market position.

On beneficiation, she advocated investment in local processing so African countries can move from exporting predominantly unprocessed minerals to supplying products that meet higher industrial specifications. She added that not every mineral needs to be processed in every country, making regional collaboration essential.

She urged stronger links between African producers, commodity markets and financial institutions, arguing that access to working capital, trade finance, secure payment systems, risk-management instruments and credible offtake agreements (long-term purchase contracts) would improve competitiveness.

Where do women fit in the new pricing ecosystem?

The WiM-Africa chief executive warned against excluding women from emerging global metals trading and pricing structures. Their participation, she said, must extend beyond extraction to processing, trading, financing and other higher-value activities.

African women already participate in mining, mineral trading, processing, cooperatives and related services, yet many lack access to finance, equipment, technical expertise, market information and formal supply chains.

"If the next generation of metals pricing is being designed around stronger connections between physical markets, futures markets, industry and finance, then we must ask: Where are women-led enterprises within that emerging ecosystem?" she said.

Women-led mining cooperatives, she argued, should be able to access reliable assay services (laboratory analysis of mineral content), transparent international price information, financing, processing technology and legitimate buyers. Their inclusion is not merely a question of gender representation but of economic participation, competitiveness and market development.

What role does China play?

WiM-Africa's strategic partnership with Shanghai Metals Market, she said, offers opportunities to connect African women-led enterprises with market intelligence, technology, industrial networks, research institutions and commercial opportunities.

Asokoro-Ogaji described Eastern Pricing 2.0 as an opportunity to deepen relations between African mineral-producing economies and China's industrial, financial and trading systems. She called for partnerships that go beyond mineral purchases, encompassing:

• market intelligence;
• laboratory development;
• processing technology;
• professional training;
• responsible sourcing;
• investment readiness;
• direct buyer relationships.

Acknowledging China's industrial expertise and processing capacity, she said Africa brings mineral resources, developing industrial markets, investment opportunities and a growing generation of entrepreneurs to such partnerships.

Is Africa rejecting Western benchmarks?

No, according to Asokoro-Ogaji. She stressed that Africa is not seeking to replace established international benchmarks with arbitrary national prices. The goal, she said, is to develop the capacity to understand those benchmarks, negotiate better terms, participate directly in markets and retain a greater share of the value generated by the continent's resources.

"The future of metals pricing should not be viewed solely as a contest between established Western benchmarks and emerging Eastern pricing centres. It should also be an opportunity to build more transparent, internationally connected and inclusive mineral markets," she said.

She urged African countries to strengthen their institutions, processing industries, market intelligence and financial capabilities to translate mineral wealth into industrial development and lasting economic opportunities.

"Because having minerals is not the same as having pricing power. And mineral wealth alone does not guarantee industrial prosperity," she said. "Africa has mineral power. It is time we built the market power to match it."