DRC plans to take majority stake in joint minerals venture with China

Raw cobalt

A conveyor belt loaded with chunks of raw cobalt at a plant in Lubumbashi, DRC meant for export mainly to China on February 16, 2018. 

Photo credit: File | AFP

The Democratic Republic of Congo aims to boost its stake in a cobalt and copper joint venture with Chinese firms to 70 percent from 32 percent, on concerns the deal gives away too much of Congo's resources with little benefit to the country.

The plan to boost Congo's stake and have greater control in managing the Sicomines venture - currently dominated by the Chinese firms - was detailed in a document seen by Reuters, that outlined the country’s demands ahead of talks to overhaul a $6 billion infrastructure-for-minerals agreement.