The surprise outcome of Democratic Republic of Congo's (DRC's) election — a vote meant to bring closure to years of turmoil under President Joseph Kabila — has done little to ease uncertainty for miners and investors in a country crucial to the electric vehicle revolution. DRC is the world's leading miner of cobalt, a mineral used in electric car batteries, which has seen a surge in demand in recent years, with mines run by firms including Glencore and China Molybdenum. Opposition candidate Felix Tshisekedi, an unknown quantity for mining executives, was declared the winner of December's chaotic vote on Thursday, defeating Kabila's chosen successor, Emmanuel Ramazani Shadary. The stakes for mining firms are high. In a study in 2018, McKinsey forecast a 60% increase in demand for cobalt by 2025, and cited uncertainty in Congolese government policy as one of the major risks to supply. "It could be that, as a mining sector, we're worse off than when we were under Kabila," said one mini...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now