Cobalt, an essential mineral for the energy transition and many industries, is seeing its demand increase on global markets. However, the Democratic Republic of Congo (DRC), which produces 70% of the world’s cobalt, derives very little profit from its raw export of this precious metal. Faced with this situation, the Congolese President, Félix Tshisekedi, called for urgent measures aimed at better regulating the marketing of cobalt and increasing revenues from it.
In a meeting of the Council of Ministers, President Tshisekedi highlighted the strategic importance of cobalt for the country, which has vast resources of this mineral. However, he deplored the fact that multinationals specializing in high technology and the automobile industry benefit greatly from the exploitation of cobalt, while the DRC derives little benefit. He highlighted the gaps in the supply, pricing and export of cobalt, which favor these multinationals to the detriment of the producing country.
President Tshisekedi also noted the paradox of the fall in the cost of a tonne of cobalt while demand is increasing. He therefore asked the Minister of Finance and the Minister of Mines to finalize the draft interministerial orders aimed at regulating the export of cobalt and increasing the income generated by its exploitation.
This position taken by President Tshisekedi highlights the need for the DRC to take advantage of its natural resources and protect national interests in the field of mining. By promoting the local processing of cobalt and improving governance in this sector, the country could fully benefit from its position as a world leader in the production of this mineral.
It now remains to be seen how the Congolese government will implement the necessary measures to regulate the marketing of cobalt and maximize the economic benefits for the country. This could involve stricter regulations, increased monitoring and policies to encourage local cobalt processing. In any case, it is crucial to balance the need to meet global demand for cobalt with the need to protect national interests and generate sustainable revenue for the DRC.