Congo Seeks Saudi Investment to Diversify Mining Partnerships and Reduce China’s Dominance
The Democratic Republic of Congo (DRC), the world’s largest cobalt supplier, is actively seeking new mining investors from Saudi Arabia to diversify its partnerships and reduce its reliance on Chinese companies, according to Marcellin Paluku, a senior government official.
Congo, known for its vast reserves of copper and other critical minerals, aims to create a more balanced investment landscape by attracting partners from various regions. Paluku, who serves as the deputy cabinet director in the Ministry of Mines, emphasized the need to limit dependence on Chinese investors, who currently dominate the country’s mining sector.
Over the past few years, Chinese companies, including state-backed entities, have become major players in Congo’s mining industry. CMOC Group, for example, has emerged as the world’s leading cobalt producer, significantly increasing output at the Tenke Fungurume mine, which it acquired from U.S.-based Freeport-McMoRan in 2016.
While acknowledging the contributions of Chinese investors, Paluku expressed concerns about the risks associated with overreliance. “Today, 80% of our mines are with one partner [China]. So it’s a risk,” he said in an interview at a mining conference in Riyadh. “You never know what can happen… We are now trying to diversify our partnerships so we don’t rely on only one partner.”
Beyond Saudi Arabia, Congo is also exploring investment opportunities with partners from the European Union and India. Paluku noted that the country is seeking fairer joint ventures, moving away from current agreements that heavily favor investors.
“We are talking to all the people who are open to do business with us,” Paluku added, highlighting Congo’s proactive approach to building a more diverse and resilient mining sector.
