![]() ![]() The Metalkol RTR Project is owned by Eurasian Resources Group Sarl. This year I think some initiative will come out," Kazadi said. Metalkol RTR Project in Katanga, Democratic Republic of the Congo, was the largest cobalt-producing mine in the world, producing approximately 55,908 tonnes of cobalt and an estimated 4.78 million metric tons per annum (mmtpa) of Run-of-Mine (ROM) in 2021. "We wanted to do it last year, but it was too early. Kinshasa aims to get access to $200-300 million.Ĭongo is also in talks with its financial advisers on the possibility of tapping international debt markets, specifically issuing debt linked to rainforest preservation efforts - so-called green bonds. "We are working with the IMF to find a good programme with good objectives," Kazadi said, adding that the lending facility for climate and pandemic preparedness should target rainforest, water, and energy.Ĭongo, he said, is also exploring the possibility of applying to the IMF's food shock window, an emergency funding programme the Washington-based lender launched last year to help countries facing food price shocks after Russia's invasion in Ukraine. In 2021, the Democratic Republic of Congo (DRC) was estimated to be producing between 60 and 70 of the world’s supply of cobalt. Although 40 of the miners earn less than the Congolese legal daily minimum wage of USD. Efforts to meet the demand exerted by electric vehicles have so far been focused on increasing the supply of cobalt. The Kinshasa government also expects to reach "an agreement by April" on financing of up to $1 billion from the IMF's Resilience and Sustainability Trust (RST). A young boy carries a sack at a small-scale cobalt mining site in the Democratic Republic of the Congo (Siddharth Kara) Around 75 per cent of the world’s cobalt is mined in the DRC - and. Copper and cobalt miners have an average daily income of USD 7.65. ![]() The conflict has also hit Congo's finances, with emergency spending in 2022 making up as much as 12% of total government spending and breaching the threshold of 10% for the first time in years, said Kazadi.Īsked about concerns raised by the International Monetary Fund over Congo's surging emergency spending, Kazadi said the country had "a lot of spending linked to the war and the IMF, they know that." A new white paper from New York University and the University of Geneva urges dramatic changes to mining practices in the Democratic Republic of Congo (DRC). Last week, Elon Musk announced that Tesla plans to manufacture 20. Photo courtesy of Dorothee Baumann-Pauly. Late last year, fighting intensified in Congo's east between the Congolese army and the M23 rebel group, causing a diplomatic rift between the two nations with Congo accusing neighbouring Rwanda of backing the M23, which Kigali denies. The majority of all cobalt mined in the DRC comes from large scale mines that are mostly operated by large-scale mining companies (LSM). The Democratic Republic of Congo (DRC) is by far the worlds largest producer of cobalt, accounting for roughly 70 percent of global production. Packing cobalt at the Kasulo buying station in the Democratic Republic of the Congo. ![]()
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