On April 16 (Thursday), the DRC, through a state-backed marketing agency, increased the volume of copper it plans to sell to the US to 500,000 mt, a fivefold increase from its initial commitment in January.
As first reported by Semafor, the deal was led by state-owned mining company Gécamines, with sales conducted through a joint venture with Mercuria Energy Group and backed by the U.S. International Development Finance Corporation. The deal aimed to sell copper produced from Gécamines' minority stakes in major operations including Kamoto Copper Company and Tenke Fungurume Mining.
The expanded agreement underscored the DRC's growing influence in the global copper market while intensifying competition for control over critical minerals supply chains. The Kinshasa government is seeking to convert passive shareholdings into direct revenue and gain greater commercial control.
Gécamines has been working to convert its stakes in some of the country's largest mines into physical copper that can be sold independently. Its holdings include Glencore's Kamoto Copper Company and Tenke Fungurume, operated by Chinese enterprises — one of the world's highest-grade copper-cobalt deposits.
Although the partnership aimed to enhance transparency and control, Mercuria remained the seller of record while Gécamines established its internal trading division.
Analysts noted that this transformation required substantial investment in financing, insurance, and risk management, as well as access to physical markets.
The DRC's copper production surged to 3.5 million mt in 2025, consolidating its position as the world's second-largest supplier after Chile. The production growth was driven by record copper prices and surging demand fueled by the expansion of EVs, renewable energy, and data centers.
(Wenhua Composite)
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