I would expect JV counterparty distress to become a major challenge in a sustained low-price environment, as some players in the industry face a very real insolvency risk.
On The Spot
While the industry is starting to see more and more institutional money flow into the Minerals & Royalties space (PE, Pension Funds, etc.), the market still has a long way to go on the education curve.
Africa is a big continent, and many countries are at different stages of development from economic and energy access perspectives. The key drivers in the region include commitments to the Paris climate agreement and the Sustainable Development Goals (SDG), one of which is access to clean and affordable energy. Read more here.