The #DRC bets big on #Copper to boost global influence with a landmark mining deal
Gecamines is set to sell nearly half of Kamoto Copper Co.’s (KCC) copper output over the next two years, with an option to market 30% of production in subsequent years. This arrangement aligns with similar agreements Gecamines has formed with other major Congolese mines, where it maintains a minority stake.
In a significant development, Glencore PLC has agreed to sell a 40% share in its Democratic Republic of Congo copper and cobalt assets to the US-backed Orion Critical Mineral Consortium for approximately $9 billion, including debt. This transaction encompasses Glencore’s Mutanda Mining (Mumi) and Kamoto Copper Company (KCC) assets, which are among the leading Western-owned cobalt and copper producers in the DRC.
Additionally, the consortium has the option to sell its share of output to designated purchasers, while Glencore will continue to manage the daily operations of the mines.
This agreement underscores Washington’s increasing concern regarding supply chain risks, particularly its dependence on China for essential minerals utilized in renewable energy, electric vehicles, and defense technology.
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