Cape Town Mining Summit to Highlight the DRC’s Critical Mineral Investment Prospects
CMA 2024 will take place under the theme Innovate. Enact. Invest in African Critical Minerals to Sustain Global Growth
CAPE TOWN, South Africa, July 24, 2024/ — The Democratic Republic of Congo (DRC)’s state-owned mining firm, Gecamines, and Canadian company Ivanhoe Mines have resumed operations at the high-grade Kipushi zinc-copper mine (https://apo-opa.co/4bZo9ij).
The mine is expected to produce up to 140,000 tons of zinc concentrate this year and up to 278,000 tons annually over the next five years, with upgrades to the mine’s new concentrator currently underway.
This resumption of production, following more than 30 years of maintenance, demonstrates the DRC’s commitment to maximizing the production of its vast critical mineral resources, including copper, lithium, and cobalt, to meet the growing global demand for energy transition metals.
In alignment with the DRC’s efforts to expand its mining industry, the upcoming Critical Minerals Africa (CMA) Summit (https://CriticalMineralsAfrica.com) will feature a spotlight on the country, highlighting lucrative opportunities for global investors in the country’s critical mineral sector.
The Critical Minerals Africa 2024 summit on November 6 – 7 serves to position Africa as the primary investment destination for critical minerals.
The event is held alongside the African Energy Week: Invest in African Energy 2024 conference (https://AECWeek.com) on November 4 – 8, offering delegates access to the full scope of energy, mining and finance leaders in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.
Untapped Potential and Investment Prospects
The DRC is seeking investors to unlock over $460 trillion worth of untapped mineral deposits, including the world’s largest cobalt reserves an its significant lithium, nickel and rare earth mineral resources.
In January 2024, the DRC reached an agreement with China’s state-owned Sinohydro and China Railway (https://apo-opa.co/4bWswKP) to invest $7 billion in infrastructure development, in exchange for a 68% stake in the Sicomines copper and cobalt mine joint venture.
Additionally, the European Union announced a 54.1 million investment in the DRC’s critical minerals sector (https://apo-opa.co/4bW7tIk) in March 2023.
The Lobito Atlantic Railway, operator of the Lobito Corridor, announced a $100 million investment in July 2023 to enhance the DRC’s logistics infrastructure and services.
The CMA Summit will host high-level panel discussions, project showcases and exclusive networking sessions, connecting the DRC’s projects with global investors.
Critical Mineral Demand and GDP Growth
The DRC seeks to capitalize on the growing demand for critical minerals globally – which is expected to triple by 2030 and quadruple by 2040 ¬– for economic growth, with the industry accounting for 30% of GDP and over 90% of the country’s export revenue. Gecamines has begun marketing and selling its share of copper from the Chinese-operated Tenke Fungurume mine independently to increase profits from mineral monetization.
The state-owned mining firm plans to market its copper share from Glencore’s Kamoto operation and the Chinese-owned Sicomines project starting in 2024.
The DRC is also advancing exploration activities to increase its critical mineral reserves and projects to meet growing global demand.
In February 2023, President Felix Tshisekedi announced the start of exploration operations for nickel and chrome in the Kasaï Province.
As the official platform for discussing and maximizing the DRC’s critical mineral prospects, the CMA Summit will showcase investment opportunities across the country’s entire mining value chain.
Distributed by APO Group on behalf of Energy Capital & Power.
SOURCE
Energy Capital & Power
