The government of the Democratic Republic of Congo (DRC) was recently called upon by President Félix Tshisekedi to take urgent measures to better regulate the marketing of cobalt and increase revenues from its export. This recommendation comes as the DRC is one of the world’s leading producers of cobalt, a strategic mineral used in the production of lithium-ion batteries for electric cars, laptops and smartphones.
In his speech at the 110th meeting of the Council of Ministers, President Tshisekedi highlighted the untapped potential of the DRC in the cobalt sector. While multinationals are recording record figures from the sale of artefacts containing this mineral, the country derives little profit from its exploitation. The President lamented the shortcomings in the process of sourcing, pricing and exporting cobalt, which led to an increase in the value of multinationals far beyond the country’s gross domestic product.
In order to remedy this situation, President Tshisekedi asked the Ministers of Finance and Mines to finalize the draft interministerial decrees aimed at controlling the export of cobalt and increasing the revenue from its exploitation. He also stressed the importance of accelerating the implementation of the local cobalt transformation strategy, so that the country can benefit more from the exploitation of this resource.
The DRC has nearly 60% of the world’s cobalt reserves, making it a key player in the global market. However, the process of extracting this mineral has often been criticized due to illegal mining, human rights violations and corruption. By implementing stricter measures and promoting the local transformation of cobalt, the DRC could not only increase its income, but also improve the working conditions of workers and reduce the negative environmental impacts linked to its extraction.
It is crucial that the Congolese government take concrete steps to maximize the benefits of cobalt mining. By promoting transparency, regulation and local transformation, the DRC has the opportunity to become a major player in the cobalt industry while contributing to the socio-economic development of the country