DRC Leads Africa in Mineral Exploration with $130.7 Million Attracted in 2024
Mining companies invested $130.7 million in exploration in the Democratic Republic of Congo (DRC) in 2024, according to a report by S&P Global Market Intelligence published on February 21, 2025. This amount represents 10% of the $1.3 billion invested in Africa that year, making the DRC the continent’s leader.
These investments are unevenly distributed, with copper dominating, absorbing $71.5 million. Thanks to this performance, the DRC ranked 9th globally, slightly ahead of its African competitor, Zambia, the continent’s second-largest copper producer, which attracted $65.5 million in 2024.
In the cobalt sector, exploration expenditures in the DRC reached $8.3 million, placing the country 2nd globally, just behind Australia, which secured $15.2 million in funding.
Although the DRC also holds significant gold potential, with one of Africa’s largest gold mines (Kibali), as well as reserves of coltan, tin, and zinc, the report does not specify the funding allocated to these other minerals.
S&P Global Market Intelligence does not explain the dominance of copper and cobalt. However, the DRC’s vast reserves could be a key factor. The country holds approximately 50% of the world’s cobalt reserves and accounts for over 70% of global production. It is also the second-largest copper producer worldwide and concentrated 65% of new copper reserve announcements globally in 2023. These two metals are strategic for the energy transition, particularly copper, whose global demand could reach 50 million tons by 2050, up from 32 million tons today.
Chinese companies overwhelmingly dominate the mining sector in the DRC, particularly in copper and cobalt extraction. According to an official from the Ministry of Mines, they control 80% of the country’s mines. In response to this dominance, Kinshasa is seeking to diversify its partnerships, a strategy that could attract new investors, particularly from Saudi Arabia and the United States, and boost investments in mining exploration.
