Congo increases participation in copper and cobalt projects with China

The Democratic Republic of Congo intends to increase its stake in a cobalt and copper joint venture with Chinese companies from 32% to 70%, over concerns that the deal distributes too many resources from Congo with little benefit for the country.

 Economy and Development   May 28, 2023

Congo increases participation in copper and cobalt projects with China

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The plan to increase Congo's participation and have greater control over the management of the Sicomines venture - currently dominated by Chinese companies - was detailed in a document that outlined Congo's demands ahead of negotiations to revise a $6 billion deal on mineral infrastructure.

Congolese President Felix Tshisekedi, who is due to visit China, instructed his government to proceed with negotiations after Congolese stakeholders "consolidated their position" on the 2008 deal.

The unequal pact, says Congo, leaves little means to control the enterprise's operations and the resources and revenues that are leaving the country.

He ordered the creation of an ad hoc commission in March to harmonize the negotiating positions of the Congolese institutions charged with overseeing the implementation of the agreement.

The commission included representatives from the Presidency, the Government, the state auditor, the Inspection General of Finance (IGF), the Agency for Supervision, Coordination and Monitoring of Collaboration Agreements signed between the Democratic Republic of Congo and private partners, the state-owned mining company Gecamines, and civil society.

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