In a transformative vision that is rapidly taking shape, President Lazarus Chakwera’s Agriculture, Tourism, and Mining (ATM) strategy is beginning to yield promising results for Malawi. The World Bank has issued projections indicating that Malawi is on the path to economic turnaround, with potential revenues from mineral exports set to soar significantly beginning next year.
The ATM strategy, as designed President Chakwera, aims to foster the country’s economic growth by harnessing its vast agricultural, tourism, and mining resources. On the agricultural front, President Chakwera is implementing the development of mega farms equipped with both rain-fed and irrigation systems, positioning Malawi to enhance food security and commercial productivity. In tourism, the aim is to expand facilities, with progressive plans to develope lakeshore cities, thus attracting more visitors and boosting local economies.
As for mining, the President is focused on unlocking Malawi’s rich mineral reserves – an effort that has already borne fruit, as evidenced by groundbreaking mineral discoveries including one his home area of Kasiya in Lilongwe.
According to the World Bank, Malawi could generate as much as US$30 billion from mineral exports in a space of four (14) years between 2026 and 2040, projecting the country’s annual revenue to reach US$3 billion by 2034. This marks a significant shift in the country’s economic landscape, with the mining sector projected to account for 12% of Malawi’s GDP by 2027.
As prospects within Malawi’s mining industry flourish, the upcoming African Mining Week in Cape Town scheduled to take place in October this year is anticipated to be a pivotal event. It will serve as a crucial platform for connecting Malawian stakeholders with global investors, thereby driving investment inflows and fostering collaborations that will accelerate sector development.
Recent developments highlight Malawi’s growth potential in the mining arena. An Australian company, Lotus Resources, recently secured US$38.5 million in funding for its Kayelekera uranium project from prominent South African banks (Standard Bank and First Capital Bank). This financial boost not only enhances operational readiness but also strengthens Malawi’s position as a competitive uranium producer amid its rising global demand. The project aims for its first production this year.
Furthermore, Sovereign Metals, backed by Rio Tinto, is fast-tracking its Kasiya Rutile-Graphite project, home to the largest known rutile resource and the second-largest flake graphite reserve globally. With a projected revenue potential of US$16.4 billion, the Kasiya project is set to become a single high-profile revenue generator for Malawi, while meeting the rising demand for sustainable, high-quality rutile and graphite.
Additionally, the rare earths sector is gaining traction, highlighted by Australia’s Lindian Resources, which is seeking new investment partners for its Kangankunde Rare Earths Project. Recent contracts awarded to Mota-Engil for infrastructure development are expected to advance project timelines, capitalizing on the critical role that rare earth elements play in various high-tech industries and clean energy efforts.
In January 2025, Kula Gold and African Rare Metals formed a Joint Venture for the Wozi Niobium Project, highlighting the growing interest in niobium, a mineral crucial for steel production. The venture has already applied for an exploration license, with plans for significant fieldwork and drilling initiatives.
With its rich deposits of uranium, graphite, niobium, and rare earth elements, Malawi stands poised for an economic turnaround, amid a growing global focus on securing reliable supplies of critical minerals essential for energy transitions. Indeed, the future of Malawi is bright, with strategic initiatives and international collaborations paving the way for a more prosperous economic landscape.
