The Democratic Republic of Congo is seeking mining investors from Saudi Arabia to reduce its reliance on Chinese firms, which currently dominate the sector. Marcellin Paluku, a deputy cabinet director in Congo’s Ministry of Mines, highlighted the economic risks of depending on a single partner, noting that 80% of Congo’s mines involve Chinese companies. Congo is the world’s largest cobalt producer and firms like China’s CMOC Group, the world’s leading cobalt miner, have significantly increased their investments in the country over the years. The government is now exploring partnerships with investors from the European Union, India, and Saudi Arabia to mitigate risks to its economy and create joint ventures that are less skewed in favor of investors. This strategy, announced during a mining conference in Riyadh, underscores Congo’s broader goal to diversify its mining partnerships while ensuring more equitable agreements that foster sustainable development and benefit Congo’s economy.
Source: Reuters