Congo looks to lure more investment to tap green metals deposits

8th October 2021 By: Bloomberg

The Democratic Republic of Congo (DRC) is working on ways to entice more investment into its mines as the green revolution boosts demand for metals used in sectors like rechargeable batteries.

The world’s largest producer of cobalt and Africa’s top copper miner is looking to tap more of its deposits, develop downstream operations and formalize artisanal mines to eliminate abusive laboUr practices, Prime Minister Jean-Michel Sama Lukonde said Thursday during the Financial Times Mining Summit.

While some of the biggest miners are moving into or expanding in commodities tied to more environmentally friendly industries, risky jurisdictions can deter investment. The DRC’s new government plans to make infrastructure improvements and tax changes to lure more companies after years of war and corruption kept many Western investors out, while also ensuring that enough of the mineral windfall benefits the local population.

Still, the government is reviewing mining contracts to ensure they adhere to 2018 changes in the code, the prime minister said. Authorities are in talks with the Chinese owners of the Sicomines copper and cobalt joint venture over infrastructure spending “adjustments,” he said.