Greetings from Gécamines.
The first quarter of 2025 has witnessed several significant developments.
On February 22, after an in-depth assessment of the cobalt market, His Excellency Felix Tshisekedi, President of the Democratic Republic of the Congo (DRC), announced a series of measures aimed at restoring order and ensuring optimal management of this strategic resource. One such measure was the halting of cobalt exports, a move essential to preserving our national economic interests, strengthening the integrity of our mining sector, and correcting cobalt market distortions. Since these actions, global cobalt prices have increased by more than 50%, from $21,150 to $33,300 per ton, the highest level since May 2023, validating the government’s policy. Gécamines is fully aligned with the policy of our government, as detailed in a communication from His Excellency President Tshisekedi to the Council of Ministers, which paves the way for the creation of localized value addition in the cobalt value chain within our economy.
Gécamines tirelessly works to position the DRC to evolve beyond being a simple supplier of raw materials to become a key player in the refining and processing of strategic minerals. As part of these efforts, we have actively opposed North Industries’ (Norinco) attempts to purchase Chemaf’s copper and cobalt assets in the DRC. Gécamines owns the key permit that Chemaf leases for its flagship cobalt project. Recently, Chemaf announced that the proposed Norinco transaction would not go forward. We are encouraged by this development and look forward to engaging with relevant parties to explore alternative solutions.
The global dynamics of the critical minerals trade continue to evolve, as there is a growing recognition that these minerals are the central nervous system of the global economy. In the United States, President Donald Trump recently signed an executive order on critical minerals, demonstrating the centrality of this issue. This is a significant development and creates an additional opportunity for the potential deepening of the relationship between the United States and the DRC in the cobalt sector and its value chain.
Finally, we continue to express our deep concern about the ongoing violence in the eastern DRC. Sustainable peace can only be achieved through respect for our sovereignty and territorial integrity.
Stay tuned for more updates and developments – and please make sure you are following our LinkedIn account for additional Gécamines’ information.
Thank you for reading.
As ever,
Guy-Robert
