Reuters exclusively revealed that The Democratic Republic of Congo aims to boost its stake in a cobalt and copper joint venture with Chinese firms to 70% from 32%, on concerns the deal gives away too much of Congo’s resources with little benefit to the country.
Congo to hike stake in copper, cobalt venture with China
24 May 2023, 5:03 pm 1 minute
Market Impact
An ad hoc commission created in March to harmonize the negotiating positions of the Congolese institutions said Congo should seek a 60% stake in Sicomines for Gecamines and its subsidiary, a non-dilutable 10% stake for the state, and 30% for the Chinese companies, to make the joint venture deal fairer for Congo.
Article Tags
Type: Reuters Best
Sectors: Commodities & Energy
Regions: AfricaAsia
Countries: ChinaCongo
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Major Global Story
