DR Congo to start new exploration for 'green' metals: President

By Al Mayadeen English
Source: Agencies
8 Feb 2023 16:46

The Democratic Republic of the Congo's president announces the country's aspirations to be a key source of metals in the green energy transition.

Felix Tshisekedi, Democratic Republic of the Congo's president, during a panel session on the opening day of the World Economic Forum in Davos, Switzerland. (Bloomberg)

The Democratic Republic of the Congo is one of the most resource-rich countries in terms of untapped natural resources. It has one of the world's richest mineral deposits, including the world's largest reserves of coltan and significant quantities of cobalt and lithium, both of which are in high demand on global markets for the green transition.

According to President Felix Tshisekedi, the Democratic Republic of the Congo is on track to become the world's leading supplier of metals for the green energy transition, which means that new exploration for metals such as nickel and chrome will begin.

The president told reporters on the sidelines of the Investing in African Mining Indaba conference in Cape Town, South Africa, that exploration for these two minerals will begin "in the next few days" in the Kasai region in the country's south.

He highlighted that the DRC is inviting new partners to join exploration and invest in cobalt, tantalum, tin, and lithium processing. "The goal is to discover new deposits that can be the subject of calls for bids, with a view to concluding mutually profitable public-private partnerships," Tshisekedi said, as cited by media.

The president stated that the country recently established a national geological service to oversee exploration. He also stated that new investment will be drawn to the country as the government takes steps to improve the business and regulatory environment.

He mentioned that the country could provide various incentives, such as the establishment of a special economic zone around lithium deposits in the DRC's south-eastern region.

According to the US International Trade Administration, the DRC produces more than two-thirds of the mineral cobalt used in battery manufacturing, and is one of the world's largest copper producers.

The country became the world’s largest cobalt miner in 2020 with a production of 95,000 tons, or approximately 41 percent of the world’s cobalt. Other minerals found in the country include lithium, graphite, and manganese.

However, the president revealed that less than 20 percent of the country has been explored. As a result, the DRC requires international assistance in terms of financing and exploration. "Financiers, mining operators, equipment manufacturers, subcontractors, recyclers — everyone can find their part," he said.

Tshisekedi noted that even though the country is rich in minerals, it still remains one of the world's poorest countries. According to the UN, very little of the revenue from natural resource exploitation has contributed to the DRC's overall development or to the improvement of its people's living standards.