DRC Poised to Overtake Peru as World’s Second Largest Copper Producer

The Democratic Republic of Congo (DRC), with its vast mineral wealth estimated at $24 trillion, is on the brink of surpassing Peru to become the world’s second-largest copper producer.

In 2023, the DRC, already Africa’s leading copper producer, exported 2.84 million tonnes of copper, securing its position as the world’s second-largest copper producer, ahead of Peru, which exported 2.76 million tonnes.

While these statistics await international confirmation, forecasts from Wood Mackenzie suggest that the DRC is on track to overtake Peru by 2026-2027, a sentiment echoed by Ruben Arrieta, a manager at Wood Mackenzie, who highlighted the DRC’s high-grade ore mines, surpassing those of Chile and Peru.

This surge in copper production is expected to play a crucial role in the Congolese economy, particularly in reducing the country’s current account deficit, which widened to 5.7% of GDP in the first half of 2023 due to declining international copper and cobalt prices. An increase in prices coupled with growth in copper production could help alleviate this deficit.

Furthermore, the DRC’s copper-cobalt sector is dominated by two industry giants: Chinese company CMOC and Swiss company Glencore.

CMOC’s Kisanfu copper-cobalt mine, inaugurated in 2023, has propelled it to the forefront of cobalt production, with a volume totaling 55,526 tonnes in 2023.

Meanwhile, Glencore faced challenges at its Mutanda mine, resulting in a decline in production. The surplus in the global cobalt market, exacerbated by CMOC’s increased production, has led to a significant price decline.

Despite these challenges, copper mining in the DRC remains vibrant, with around twenty companies, including Ivanhoe Mines, contributing to the country’s mining sector.