The Democratic Republic of Congo (DRC) surpassed Peru in 2023 to become the world's second-largest producer of copper, the media reported.
Last year, according to the DRC Ministry of Mines, the country's copper production amounted to approximately 2.84 million tonnes. The mining and energy ministry of Peru reported that the country's output amounted to 2.75 million tonnes, according to the local media.
Chile remains the leading producer of the red metal.
Romulo Mucho, Peru's Minister of Energy and Mines, reportedly stated in early March that he expects copper production to reach 3 million tonnes by 2024.
However, Peru maintains its advantage over Congo in terms of copper exports. According to the reports, last year, Peru's metal exports amounted to approximately 2.95 million tonnes, surpassing its yearly production. This was primarily due to the stocks of inventories that had been accumulated from prior years.
The DRC is the second-largest country in Africa and is rich in valuable minerals, such as copper and cobalt. Therefore, it is not surprising that other countries are collaborating with this country to extract minerals. Its mining sector in 2020 was almost 70% dominated by Chinese investors, according to the S&P Global.
In late January, Chinese mining company Sicomines and Congolese state-owned Gecamines reached a deal, according to which the DR Congo will receive a $7-billion-investment, “mainly intended for construction of national roads,” the agreement read.
Moreover, KoBold Metals, a mining startup backed by American billionaire Bill Gates, intends to expand its operations on the African continent, namely by acquiring a field in the DRC.