DRC’s artisanal monopoly to seek private partner

A new state company set up by the Democratic Republic of Congo to manage the country’s artisanally mined cobalt could seek a private partner if the state does not have the funds to purchase all production, according to the country’s minister of mines, Willy Kitobo Samsoni.

DRC currently produces about 60% of the world’s cobalt. Most of which is extracted by industrial operators like Glencore and China Molybdenum, with artisanal miners accounting for about a quarter of output.

The country recently granted the new company a monopoly to purchase and market all cobalt that is not mined industrially in an effort to exert greater influence over prices.

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According to Samsoni, the easiest way out is to be financed by the Congolese state, but if the state cannot raise the funds to buy all the artisanally mined cobalt, it will then have to enter into partnership with a company.

He also adds that plans for talks with financiers are on ground.

Samsoni further adds that the new company, Entreprise Generale du Cobalt (EGC) will be managed independently by state mining company,Gecamines.

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