DRC: Gécamines aims to gain a foothold in Kamoto Copper production

Gécamines, the Congolese state-owned company, is in talks with the Swiss giant Glencore to obtain an allocation of around 51,000 tonnes of ore from the Kamoto Copper project. This was revealed by Reuters news agency, citing sources close to the matter.

The negotiations are based on Gécamines' 25% stake in this copper and cobalt mine. However, the details of the agreement are not yet known, and it remains to be determined whether the 51,000 tonne share relates solely to copper or also includes cobalt. In 2024, the Kamoto mine produced 190,600 tonnes of copper and 27,200 tonnes of cobalt, confirming its status as Glencore's main operating site in the DRC.

This is not the first time that Gécamines has entered into discussions of this type. In 2023, it negotiated to obtain almost 100,000 tonnes of copper from the Tenke Fungurume Mining project, operated by the CMOC group, based on its 20% stake. The Congolese state-owned company also appears to be interested in a share of production at the Kamoa-Kakula mining complex, a joint venture between Zijin Mining and Ivanhoe Mines, in which the Congolese state holds a 20% stake.

These initiatives are part of a wider strategy to strengthen Gécamines' role in the trading of strategic minerals. In December 2023, its Chairman, Guy Robert Lukama, emphasised that the aim was "to give the State and Gécamines a better role in the global supply of essential minerals".

Negotiations between Gécamines and Glencore are said to be nearing completion, although no specific date has yet been announced. Should the agreement be concluded, it could mark a further step in Gécamines' drive to strengthen its control over the country's mining resources.

In the DRC, Glencore also operates the Mutanda Mining mine, another major copper and cobalt production project. The outcome of these discussions will therefore be closely scrutinised by both players in the sector and the Congolese authorities, anxious to assert their sovereignty over these strategic resources.