Congo courts Saudi mining investors to help curb China dominance
me-metals: The Democratic Republic of Congo, the world’s top cobalt supplier, is courting new mining investors from Saudi Arabia to help it diversify and curb overreliance on companies from China, Marcellin Paluku, a senior government official, told Reuters.
According to me-metals cited from mining.com, Congo, which is also rich in copper and other critical minerals, wants more partnerships with the new investors to limit the risk of relying solely on Chinese investors, Paluku, who is a deputy cabinet director in the ministry of mines, said.
Chinese companies, some of which are state-backed, have over the past years emerged as the biggest investors in Congo, ramping up investment and production for copper and cobalt.
CMOC Group is now the world’s biggest cobalt miner as it boosts output at Tenke Fungurume mine it bought from US-based Freeport-McMoRan in 2016.
Paluku said Chinese investors’ dominant role in the sector now presents a “risk” to the country’s economy.
“Today, 80% of our mines, it’s with one partner (China). So it’s a risk,” Paluku told Reuters in an interview on the sidelines of a mining conference in Riyadh.
“You never know what can happen…So that means we are now trying to diversify our partnerships so we don’t rely on only one partner.”
Congo is also courting investors from the European Union and India, Paluku said. The country is seeking to move away from current joint ventures which are heavily skewed in favour of investors, he added. “We are talking to all the people who are open to do business with us,” Paluku said.
source: mining.com
Related News
Eleven Hours ago
Eleven Hours ago
Eleven Hours ago
Top News
fifty-six Minutes ago
Brazil offers $815 million to back strategic minerals projects
Mali to get $1.2 billion from miners after talks
Zijin in talks to buy $6.4 billion China lithium miner
Chile’s year-end copper windfall signals mines are recovering
32 years for Iran...
Gold price rises for fourth straight day with US payrolls in focus
Allied Gold gets Mali’s go-ahead for new project near Sadiola
Illegal gold mining forces Ghana to close water treatment plant
Lundin Gold exceeds guidance with record annual production
MMG to resume work at Queensland mine with fire threat contained
Search underway in Peru for trapped workers at small gold mine
Congo courts Saudi mining investors to help curb China dominance
Copper price rises as Trump team’s gradual tariffs plan cools dollar
Lithium prices to stabilize in 2025 as mine closures, China EV sales ease glut, analysts say
Mali starts seizing gold stocks at Barrick site, company memo says
Gold price falls 1% amid rising global yields, dollar
32 years for Iran...
Copper concentrate TC/RCs to remain low in 2025 amid tight supply – Fastmarkets
Mali to get $1.2 billion from miners after talks
MMG to resume work at Queensland mine with fire threat contained
Search underway in Peru for trapped workers at small gold mine
Congo courts Saudi mining investors to help curb China dominance
Copper price rises as Trump team’s gradual tariffs plan cools dollar
Mali starts seizing gold stocks at Barrick site, company memo says
Gold price falls 1% amid rising global yields, dollar
32 years for Iran...
Copper concentrate TC/RCs to remain low in 2025 amid tight supply – Fastmarkets
Mali to get $1.2 billion from miners after talks
