The Democratic Republic of Congo will seek greater control of the global cobalt market by engaging directly with car and battery manufacturers, according to its largest state-owned mining company, Gecamines.
Gecamines Chairman Albert Yuma said this in an interview in Cape Town, Bloomberg reported.
“I find it scandalous that when cobalt is discussed, and the explosion of electric vehicles, only the traders and consumers are referenced and Congo and Gecamines are not cited. We legitimately want to control the cobalt market because it is ours” he wondered why the market seems to think that “the future of cobalt is in the hands of Glencore, Trafigura and CMOC but not the Congo or Gecamines,” Yuma said.
According to Yuma, Congo accounts for about two-thirds of global cobalt supply but the country isn’t benefiting from rallying copper and cobalt prices. It however have plans to renegotiate partnerships with international mining companies.
Yuma said earlier Monday that Gecamines has already held discussion with one large Chinese battery producer about establishing a joint venture to develop the state-owned miner’s cobalt concessions. It is also planning discussions with a Chinese car manufacturer.
