DRC Claims Only 3% of the Global Cobalt Value Chain
The Democratic Republic of Congo (DRC), the world’s leading producer of cobalt, holding nearly 70% of the world’s reserves of this mineral, captures very little of the revenue generated in this sector.
According to the figures recorded by Professor Jean-Baptiste Kushinganine during the first day of the just ended DRC-Africa 2023 forum on battery metals, which was organized in Kinshasa, from September 20 to 21, 2023, only 3% captured from the global cobalt value chain.
“Confined to the role of exporters of raw materials, the DRC is at the bottom of the global cobalt value chain, currently capturing only 3% of a value expected to reach $300 billion per year by 2030” , said Professor Jean-Baptiste Kushinganine in his general reflection on the overview of the electric vehicle market.
“Creating wealth in the value chain of the metal industry in the Democratic Republic of Congo (DRC) and on the African continent” is the theme of this economic high mass dedicated to the automobile industry.
During the weekly meeting of the Council of Ministers, held on Friday August 25, 2023, the President of the Republic, Félix Tshisekedi, encouraged the Congolese Government to consider urgent measures which will better regulate the marketing of cobalt and increase the revenues from its exports.
While calling for the acceleration of the implementation of the local cobalt processing strategy, President Félix Tshisekedi recalled that the DRC is among the countries with the largest cobalt resources in the world.
This mineral, essential to the green energy transition and to many industries, is the object of covetousness, in particular by multinationals specializing in high technology and even in the automobile industry.
The DRC should therefore put in place better strategies to influence the global cobalt market.
