Congo sending first copper to US under Mercuria-backed venture
The Democratic Republic of Congo is sending its first shipment of copper to the US through a partnership with Mercuria Energy Group, as the Trump administration pushes to challenge China’s dominance in supplies of key metals.
Congo State miner Gecamines will ship 100 000 t of copper from its 20% share of production at CMOC Group’s giant Tenke Fungurume mining project in the central African country, it said in a statement Monday. Gecamines Trading is buying the copper from Tenke’s 2026 output and offering it to the American market in the framework of a strategic partnership signed with Washington last month.
Congo, the world’s second-biggest copper supplier and home to the richest deposits of battery mineral cobalt, has offered the US access to mining and infrastructure projects in exchange for support to quell a rebellion backed by neighbouring Rwanda. Chinese producers like CMOC currently dominate the mining and processing of Congo’s copper and cobalt.
Mercuria, meanwhile, is rapidly expanding its metals business under Kostas Bintas, a former co-head of metals at rival Trafigura Group, as prices for the materials soar.
Mercuria and Gecamines announced their partnership in October. Gecamines fully owns Gecamines Trading, with Mercuria providing financial, logistical and technical support, the Congolese company said. In the long term, Gecamines is aiming for sales rights of up to 500 000 t of copper and 40 000 t of cobalt from its projects annually, it said.
The US International Development Finance Corp. has also signed a letter of intent to discuss taking a financial stake in the venture, which would see US end users get the right of first refusal on materials it sells.
In 2024, China did nearly $28-billion worth of trade with Congo, while its trade with the US was only worth about $1.6-billion, according to data compiled by Bloomberg.
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