Congo Seeks Saudi Investment to Counter China’s Mining Influence – Africa.com
The Democratic Republic of Congo is seeking mining investors from Saudi Arabia to reduce its reliance on Chinese companies that currently dominate the industry. Marcellin Paluku, deputy cabinet director of Congo’s mining ministry, highlighted the economic risks of relying on a single partner, noting that 80% of Congo’s mines involve Chinese companies. Congo is the world’s largest cobalt producer, and companies such as China Molybdenum Group, the world’s leading cobalt producer, have significantly increased investment in the country in recent years. The government is currently exploring partnerships with investors from the European Union, India and Saudi Arabia to mitigate its economic risks and create joint ventures that are less investor-biased. The strategy, announced at a mining conference in Riyadh, underscores Congo’s wider aim to diversify mining partnerships while ensuring fairer deals that promote sustainable development and benefit the Congolese economy.
source: Reuters
