The global race for minerals and mineral resources is accelerating at an unprecedented pace. With the escalating urban transition, urban development, agriculture, digital transformation, and growing energy needs worldwide, demand for these minerals could double by 2040. For resource-rich developing countries, this moment represents a historic opportunity—not only to supply global markets with what they need but also to create jobs, build industries, and bolster economic resilience from within.

Seizing this opportunity requires establishing three core pillars: strong policies and solid governance, robust infrastructure, and effective private sector investments. The World Bank Group's approach to minerals and mineral resources brings these elements into an integrated system to translate natural wealth into broad and lasting benefits. Below are five pathways through which this approach helps countries turn their mineral wealth into jobs and growth.

First: Investing in people and creating jobs as the top priority.

Large-scale mining projects have an impact beyond exports; when designed carefully and professionally, they become a hub for skills, support for local suppliers, and a vital source of livelihoods across various economic sectors.

In Argentina, the Rencon lithium project—supported by the International Finance Corporation—showcases how new investments create real opportunities from the start. At the peak of construction, the project is expected to employ 4,200 workers, with at least 70% from local staff as required by Argentine law.

The Oyu Tolgoi mine project in Mongolia, supported by the World Bank Group, exemplifies the sustainable impact that deepens and widens over time. The mine employs about 20,000 people, 97% of whom are Mongolians. In 2025, the mine sourced 87% of its supplies and services from 770 Mongolian companies, boosting local businesses and strengthening national supply chains. Its investments have extended to training programs, scholarships, graduate skill development, and community initiatives, continuously building skills and expanding opportunities.

The project's benefits have gone beyond the mine gate. Copper production at the mine increased by 60% in 2025, helping drive the country's economy to 6.9% growth. Since 2010, the project has contributed about $4 billion in taxes, fees, and other payments to Mongolia's state budget. These revenues help fund roads, schools, and public services, extending mining's benefits beyond the site to the heart of people's lives and communities.

Second: Support goes beyond the mine gate.

Mining's role is not limited to generating exports; it extends to being a real driving force for broader and deeper industries.

When countries invest in manufacturing, value addition, and local supply chains, job opportunities multiply and added value accumulates for local communities.

In Mauritania, the DREAM project, supported by the World Bank Group, leverages the country's mineral wealth and promising renewable energy potential to support emerging industries such as green hydrogen and battery energy storage. The project includes regulatory reforms, investments in energy storage, and development of institutional capacity and human resources. Mauritania has the potential to become a regional hub for green hydrogen, with an annual production capacity of 12 million tons of this future fuel.

Third: A country-led approach.

Many of the countries we work with have a clear vision for the minerals and mining sector and are moving forward with directed support from the World Bank Group. Country compacts—agreements that align policy reforms, infrastructure, and investment with each country's priorities—are a central tool in this work. At the World Bank Group's Spring Meetings in April 2026, we launched four initial mineral compacts with Bolivia, Malawi, Mauritania, and Zambia, with additional compacts, agreements, and partnerships to follow later this year.

Zambia is among the first countries to sign a mineral compact with the World Bank Group, with the government targeting 3 million tons of copper production annually by 2031. Achieving this goal requires attracting more private capital, investing in infrastructure and skills development, and intensifying efforts to build local manufacturing capacity and strengthen the national supplier network. Our support for Zambia covers all these areas.

Fourth: The World Bank Group continues to implement projects and deliver results on the ground.

We aim to quintuple our support for the minerals and mining sector over the next five years, and signs of progress are already emerging. In Argentina, we helped attract $1.2 billion to finance the Rencon lithium project, which will produce lithium in abundance to meet growing demand for electric vehicles while building local capacity and opening new job opportunities.

The World Bank Group is also actively expanding access to finance for smaller projects. Our co-investment platform with Abian, backed by a $100 million commitment from the World Bank Group, addresses a critical funding gap—the shortage of capital needed for smaller projects that are rich in job opportunities but face risks. We aim to mobilize up to $1 billion by 2027 for small and medium-sized mining projects.

As part of our partnership with the RISE initiative (Resilient and Inclusive Supply-chain Enhancement), we support about 20 countries in identifying investment opportunities across mineral value chains, including opportunities to expand from extraction to processing and manufacturing.

Fifth: Collaborating with the private sector to enhance impact.

No single institution can achieve these goals alone. But what gives me optimism is the progress we are making in partnership with countries to turn mineral wealth into jobs, industries, and growth.

Notably, multilateral development banks are enhancing coordination among themselves to forge partnerships with countries to build value addition across the full value chain, from mining to manufacturing.

Future opportunities

Through mining, minerals, and mineral resources, employment can be boosted, industries developed, and sustainable growth supported. With well-crafted policies, targeted investments, and strong partnerships, countries can turn these opportunities into real gains that benefit people and communities.

Vice President for Infrastructure, World Bank Group