The Democratic Republic of Congo (DRC), boasting nearly 70% of the world’s cobalt reserves, has long been the primary source of this vital mineral, yet it captures only a fraction of the sector’s revenue.
During the recent DRC-Africa 2023 forum on battery metals in Kinshasa, Professor Jean-Baptiste Kushinganine unveiled startling statistics.
The DRC currently secures a mere 3% share of the global cobalt value chain, despite its significant role as the world’s leading cobalt producer.
The DRC finds itself confined to the role of a raw material exporter, situated at the bottom rung of the cobalt value chain.
These figures are starkly incongruent with the potential of this burgeoning industry, expected to burgeon into a $300 billion annual market by 2030, as highlighted by Professor Kushinganine in his profound analysis of the electric vehicle market.
Under the overarching theme of “Creating Wealth in the Value Chain of the Metal Industry in the Democratic Republic of Congo (DRC) and Across Africa,” this economic summit serves as a pivotal platform for the automobile industry.
In an effort to address this issue, President Félix Tshisekedi has called upon the Congolese Government to swiftly implement measures aimed at better regulating cobalt marketing and increasing revenue from its exports. President Tshisekedi emphasized the DRC’s status as one of the world’s foremost cobalt-rich nations.
Cobalt, a mineral indispensable for the green energy transition and a multitude of industries, is increasingly sought after, especially by technology giants and the automotive sector.
Consequently, the DRC stands at a crossroads, with the imperative to develop more effective strategies to assert influence in the global cobalt market.
