The Democratic Republic of Congo (DRC) aims to increase its influence over critical metals essential for the shift to renewable energy. To achieve this goal, the state-owned mining company Gecamines is attempting to divest its stake in cobalt from a joint-venture project.
This marks the first time Gecamines is actively marketing its cobalt, as previously all production was sold by the joint ventures. Cobalt is extracted as a byproduct of copper mining in Congo, but prices for this crucial battery metal have plummeted by more than 70% since early 2022 due to increased supply leading to oversupply.
According to sources, Gecamines has received significantly more offers for Tenke’s copper compared to its cobalt. Congo, which accounted for approximately 75% of global cobalt production last year, is considering various strategies to bolster the metal’s price.
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