Congo mineral projects for US investors: capex, risk and offtake notes for miners
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
The Democratic Republic of Congo will this week send Washington a list of “strategic projects” in copper, cobalt, lithium and tantalum for potential US investment, following a 4 December accord granting American firms privileged access to its critical mineral reserves. Mines minister Louis Watum, speaking at the Future Minerals Forum in Riyadh, stressed deals will be on strictly commercial terms, contrasting them with 2007 tax breaks for Chinese miners that were meant to underpin $9 billion of investment but delivered about $6 billion. With Chinese companies such as CMOC now controlling roughly 80% of Congo’s mining output, including the Tenke Fungurume copper-cobalt complex, the new framework is tied to the “Washington Accords” peace process with Rwanda, linking security commitments to resource access.
Technical Brief
- Tenke Fungurume, now run by CMOC, is cited as the world’s second-largest cobalt source.
- Chinese tax incentives granted in 2007 run until 2040, underpinning long-term project cashflow assumptions.
- Only about $6 billion of the $9 billion Chinese investment package actually materialised on the ground.
- By early 2025, Chinese firms controlled roughly 80% of Congo’s total mining output across commodities.
- US firms previously avoided Congo citing conflict, corruption and logistics, constraining Western-operated project pipelines.
- The new minerals pact is embedded in the US-brokered “Washington Accords” peace framework with Rwanda.
- Under the Washington Accords, US oversight of a regional peace process is explicitly traded for resource access.
Our Take
With Chinese firms already accounting for about 80% of Congo’s mining output, any meaningful US deployment of the pledged $1+ billion into cobalt and copper could mainly materialise via brownfield stakes or offtake-style arrangements rather than greenfield control, especially around established hubs like Tenke Fungurume.
CMOC’s presence at Tenke Fungurume, alongside its recent expansion moves in gold and base metals noted elsewhere in our coverage, signals that Chinese operators are diversifying revenue streams while locking in long-life critical mineral positions in the DRC, which raises the competitive bar for incoming US operators on both cost and scale.
Among the 164 keyword-matched cobalt and copper pieces in our database, the DRC–US axis is relatively under-represented compared with China–Congo coverage, suggesting that the Dec. 4 accord and tax-break horizon to 2040 mark an inflection point where US investors will have to navigate entrenched Chinese fiscal advantages in-country.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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