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China-Africa relations
ChinaDiplomacy

Congo reviews Chinese mine contracts after President Felix Tshisekedi pushes back against deals favouring foreign firms

  • DRC government forms commission to determine and assess mineral resources at Tenke Fungurume Mining copper and cobalt project, majority-owned by China Moly
  • Scrutiny of mining contracts is not surprising given the current higher copper and cobalt prices, say observers

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Tenke Fungurume, a copper and cobalt mine, is majority owned by China Molybdenum. Photo: Reuters
Jevans Nyabiage
The world depends on the Democratic Republic of Congo for its cobalt to electrify vehicles.

But the DRC, which supplies more than 60 per cent of the world’s reserves of cobalt ore, believes it may be getting short-changed by foreign mining companies – and is investigating whether unfair foreign mining contracts were signed during the previous administration.

The Congolese government early this week formed a commission to inevestigate the reserves at the Tenke Fungurume Mining (TFM) copper and cobalt project, which is majority-owned by China Molybdenum Co.
Raw cobalt before being exported, mainly to China, to be refined. Photo: AFP
Raw cobalt before being exported, mainly to China, to be refined. Photo: AFP

This would help determine the true value of the government’s shareholding through its state-owned mining company La Générale des Carrières et des Mines (Gecamines).

The commission, which is chaired by Guylain Nyembo, the chief of staff of President Felix Tshisekedi, “would also propose, explore and implement solutions aimed at eliminating all forms of disparities or avoiding any situation likely to affect operations of the mining project”, according to documents shared with media by Tshisekedi’s office.

Gecamines owns 20 per cent of TFM and China Molybdenum is the main shareholder.

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