Considered a key mineral in the energy transition process, cobalt is seeing its demand increase on global industrial markets.
Despite this strong demand, the Democratic Republic of Congo (DRC), which produces 70% of the world’s cobalt, derives very little revenue from its exports of raw cobalt.
Thus, during the last weekly meeting of the Council of Ministers, held on Friday August 25, 2023, the President of the Republic, Félix Tshisekedi, encouraged the Government to consider urgent measures which will make it possible to better regulate the marketing cobalt and increase revenues from its export.
While asking for the acceleration of the implementation of the strategy for the local transformation of cobalt ore, President Félix Tshisekedi recalled that the DRC is among the countries with the largest cobalt resources in the world.
This ore, essential to the green energy transition and to many industries, is the object of covetousness, in particular by multinationals specializing in high technology and even in the automotive industry.
“At a time when the volume of cobalt exploitation is growing exponentially and technology is central to our societies, it is curious to note that our country, despite its potential, derives very little profit from its raw exploitation.
said metal, unlike the multinationals which are recording record figures thanks in particular to the sale of artefacts composed, among other things, of this strategic mineral.
At the same time, the value of these multinationals has increased sharply and their capitalization far exceeds the gross domestic product of our country.
This situation is due in particular to shortcomings with regard to the supply, pricing and export of cobalt. “, lamented the Congolese President, Félix Tshisekedi.
In addition, the Congolese Head of State, Félix Tshisekedi, noted the paradox that is observed in the cobalt market with the cost per ton falling while demand is increasing.
Consequently, he asked the Minister of Finance and the Minister of Mines to finalize all the draft interministerial decrees initiated by the Ministry of Finance, under the coordination of the Prime Minister, with the aim of allowing better supervision of the export of cobalt with the aim of increasing revenue from its exploitation.
