The Democratic Republic of Congo (DRC), the world’s top cobalt producer and a key source of copper and other critical minerals, is actively seeking new mining investors to diversify its partnerships and reduce heavy reliance on Chinese companies.
This includes pursuing investments from Saudi Arabia, the European Union, and India, according to Marcellin Paluku, Deputy Cabinet Director in the Ministry of Mines.
Chinese companies, many of them state-backed, have emerged as the largest investors in the DRC in recent years, significantly expanding their footprint in the country’s mining sector.
CMOC Group, the world’s leading cobalt producer, operates the Tenke Fungurume Mine, acquired from U.S.-based Freeport-McMoRan in 2016, and has rapidly increased production.
However, Paluku expressed concern about the economic risks posed by the dominant role of Chinese companies in the sector. Speaking at a mining conference in Riyadh, he remarked, “Today, 80% of our mines are partnered with one country—China. This presents a risk. You never know what might happen.”
To mitigate this risk, the DRC government is actively seeking diversified partnerships with new investors who are willing to engage on more balanced terms.
Paluku emphasized the country’s openness to collaborating with partners who align with its development goals.
“We are talking to all those who are open to doing business with us,” he said, adding that the government aims to shift away from joint ventures heavily tilted in favor of foreign investors.
The DRC’s outreach to Saudi Arabia comes as the country positions itself as a key player in the global energy transition, driven by rising demand for critical minerals such as cobalt and copper. These minerals are essential for renewable energy technologies and electric vehicle batteries.
By attracting investment from a broader range of partners, including Saudi Arabia and other regions, the DRC hopes to strengthen its mining sector while reducing economic vulnerabilities tied to a single dominant investor.
This strategic move signals the DRC’s commitment to fostering a more resilient and diversified mining industry to support its long-term economic stability and growth.
