Félix Tshisekedi Encourages better marketing of Cobalt ore
Designated a crucial mineral propelling the shift toward sustainable energy, cobalt is witnessing a surge in demand across global industrial sectors.
Despite this escalating demand, the Democratic Republic of Congo (DRC), responsible for producing 70% of the world’s cobalt, reaps a meager share of revenue from its raw cobalt exports.
In the recent weekly assembly of the Council of Ministers convened on Friday, August 25, 2023, President Félix Tshisekedi of the Republic emphasized the urgency of introducing comprehensive measures to meticulously regulate cobalt marketing and amplify the income generated through its export.
President Félix Tshisekedi impelled the government to expedite the execution of strategies aimed at domestically processing cobalt ore. He underscored the fact that the DRC stands as one of the globe’s richest repositories of cobalt resources.
This ore, pivotal for steering the green energy revolution and various industrial domains, becomes an object of desire, particularly among multinational enterprises specialized in advanced technology and even the automotive sector.
“In an era marked by an exponential surge in cobalt exploitation and the central role of technology in our societies, it’s intriguing to observe our nation, with its substantial potential, reaping meager benefits from its untapped resources,” President Félix Tshisekedi commented.
In contrast, multinational giants flourish, posting extraordinary figures primarily attributed to the trade of products intricately laced with this invaluable mineral.
Simultaneously, these multinational entities experience a remarkable surge in their valuation, with their market capitalization far surpassing the gross domestic product of our nation. President Félix Tshisekedi lamented this predicament, attributing it to inadequacies concerning cobalt’s procurement, pricing, and export.
Moreover, Félix Tshisekedi, the Congolese Head of State, underscored a paradox evident in the cobalt market: a dip in the cost per ton while demand steadily climbs.
Consequently, he entrusted the finalization of an array of interministerial decrees, initially initiated by the Ministry of Finance under the guidance of the Prime Minister, to the Minister of Finance and the Minister of Mines.
The objective is to establish a more stringent oversight framework for cobalt exports, ultimately leading to an augmentation of revenue stemming from its exploration and trade.
