DRC’s angry Gécamines wants to ‘legitimately’ control the cobalt market
London — The Democratic Republic of Congo (DRC) will seek greater control of the global cobalt market by engaging directly with car and battery manufacturers, according to its largest state-owned mining company. "I find it scandalous that when cobalt is discussed, and the explosion of electric vehicles (EV), only the traders and consumers are referenced and the [DRC] and Gécamines is not cited," Gécamines chair Albert Yuma said in an interview in Cape Town. The market seems to think that "the future of cobalt is in the hands of Glencore, Trafigura and CMOC but not the [DRC] or Gécamines," Yuma said. "We legitimately want to control the cobalt market because it is ours." The DRC accounts for about two-thirds of global cobalt supply and spot prices for the metal more than doubled on the London Metal Exchange last year. The country isn’t benefiting from rallying copper and cobalt prices and plans to renegotiate partnerships with international mining companies, Yuma said earlier on Mond...
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