Congo deepens China mining ties amid US rivalry

THE Democratic Republic of Congo has signed an agreement with China to deepen cooperation in its mining sector, as Beijing moves to consolidate its already dominant position in one of the world’s most important critical minerals producers.Congo is the leading global producer of cobalt and holds vast reserves of copper, lithium, coltan and other battery metals, said Reuters reporting on the deal. Chinese companies including CMOC, Zijin and Huayou already control much of its mining industry, and Beijing is the country’s largest bilateral creditor.The new agreement covers geological data sharing, investment protection and the promotion of local processing of raw materials within Congo, said the newswire.It also establishes a monitoring mechanism to ensure projects comply with Congolese law and are carried out in a stable and transparent investment environment. A large iron ore project in the country’s northeast, known as MIFOR, will receive priority support from China under the terms of the deal.Congo’s mineral exports to China are already set to benefit from duty-free access from 1 May under an initiative covering 53 African countries.The agreement was confirmed in a statement issued by the Congolese government on Thursday. It comes as Congo also pursues a strategic partnership with the US, signed in December, under which Washington offered security support in the country’s conflict-affected east in exchange for preferential access to its mineral supplies.The post Congo deepens China mining ties amid US rivalry appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com