The Democratic Republic of Congo’s top mining official announced that the country was seeking new investors to tap into its world-class deposits of key metals, with the aim of diversifying ownership in an industry that is currently dominated by China.
Mines Minister Kizito Pakabomba revealed in an interview that the government planned to streamline customs and tax processes and had partnered with the United Arab Emirates to attract more investors. He mentioned that the nation was working on revitalizing a railway to facilitate mineral transportation for easier exports from a port on the Atlantic Ocean, which was strategically closer to U.S. and European markets.
Pakabomba emphasized that Congo was focused on attracting “better investors, more investors, and diversified investors.” This initiative came as the country solidified its position in international metals markets amid increasing competition from China, the U.S., and other nations seeking access to critical minerals. He noted that Congo had recently surpassed Peru to become the second-largest copper producer and remained the world’s largest source of cobalt, both essential for the global energy transition.
He pointed out the government’s intent to make “strategic choices” about mining operations, citing its recent decision to block the sale of Chemaf Resources Ltd., backed by Trafigura Group, to China’s Norin Mining Ltd. He stated that they had “stopped this transaction” and added that if Chemaf pursued an ownership change, they would explore various options.
Frustration had grown within the government regarding its limited influence over the mining sector, particularly cobalt production, which accounted for about three-quarters of global output the previous year. He explained that the increase in production from miners, especially China’s CMOC Ltd., had led to an eight-year low in cobalt prices.
Pakabomba mentioned that the government was considering various strategies to gain more control over cobalt exports. He indicated that the railway project played a crucial role in this strategy, with plans to enhance the railway from the mining hub of Kolwezi to the Angola border, linking it to a line that terminated at the Atlantic Ocean port of Lobito. He noted that the U.S. had already allocated $553 million to refurbish the Angolan railway section.
Congo’s Foreign Minister, Therese Kayikwamba Wagner, indicated that a tender process was being considered to reconstruct the Congolese side of the railway and mentioned that many companies were already expressing interest in the project. The estimated cost for the rail improvement was projected to be $245 million over the first two years of construction, with Pakabomba highlighting its significance for diversifying export routes beyond the East.
