https://en.sputniknews.africa/20240703/dr-congo-pioneering-direct-copper-sales-from-joint-ventures-1067349156.html
DR Congo Pioneering Direct Copper Sales From Joint Ventures
DR Congo Pioneering Direct Copper Sales From Joint Ventures
Sputnik Africa
Gecamines is the state-owned mining company in the Democratic Republic of the Congo. It holds minority stakes in several large mining projects operated by... 03.07.2024, Sputnik Africa
2024-07-03T16:43+0200
2024-07-03T16:43+0200
2024-07-03T18:33+0200
sub-saharan africa
democratic republic of the congo (drc)
central africa
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china
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The DR Congo's state-owned mining company, Gecamines, has begun selling its share of copper from joint venture projects.This move is part of the country's strategy to have more control over copper, a critical metal for the energy transition, the media reported.Previously, the joint ventures handled all the sales. Now, Gecamines is actively marketing its share, which amounts to hundreds of thousands of tonnes annually. The company is reportedly offering copper from the Tenke Fungurume mine, where it has a 20% stake, and it is reviewing bids from major companies like Glencore, Trafigura, and Mercuria. Congo has recently become the world's second-largest copper producer, with exports nearly tripling since 2016. According to the report, Gecamines intends to use similar procedures for its share of copper from the Sicomines project and Glencore's Kamoto operation.DR Congo is Africa's second-largest country, rich in important resources including copper and cobalt. Therefore, other countries are partnering with this country to extract resources. According to S&P Global, Chinese investors controlled the mining sector in 2020 by about 70%.
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democratic republic of the congo (drc), central africa, mining, minerals, international, china, industry, market
democratic republic of the congo (drc), central africa, mining, minerals, international, china, industry, market
DR Congo Pioneering Direct Copper Sales From Joint Ventures
16:43 03.07.2024 (Updated: 18:33 03.07.2024) Gecamines is the state-owned mining company in the Democratic Republic of the Congo. It holds minority stakes in several large mining projects operated by international companies, such as China's CMOC Group and Glencore.
The DR Congo's state-owned mining company, Gecamines, has begun selling its share of copper from joint venture projects.
This move is part of the country's strategy to have more control over copper, a critical metal for the energy transition,
the media reported.
Previously, the joint ventures handled all the sales. Now, Gecamines is actively marketing its share, which amounts to hundreds of thousands of tonnes annually.
The company is reportedly offering copper from the Tenke Fungurume mine, where it has a 20% stake, and it is reviewing bids from major companies like Glencore, Trafigura, and Mercuria.
Congo has recently become the world's second-largest copper producer, with exports nearly tripling since 2016.
According to the report, Gecamines
intends to use similar procedures for its share of copper from the Sicomines project and Glencore's Kamoto operation.
DR Congo is Africa's second-largest country, rich in important resources including copper and cobalt. Therefore, other countries are partnering with this country to extract resources. According to S&P Global,
Chinese investors controlled the mining sector in 2020 by about 70%.
