Tag: DRC
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Signing Ceremony Takes Place in Kinshasha for Revised Sicomines Deal
Democratic Republic of Congo President Felix Tshisekedi oversaw a signing ceremony in Kinshasha on Thursday for the fifth revision of the Sicomines copper and cobalt mining deal with a consortium of Chinese companies. The latest revision of the controversial deal marks some ...
African Development Bank Head Calls for End to Resource-Backed Loans
Akinwumi Adesina, president of the African Development Bank, urged leaders on the continent to end the practice of exchanging raw materials for development, a practice known as resources-for-loans that was pioneered on a truly massive scale by China.
China is Taking Advantage of Rock Bottom Cobalt Prices to Stockpile Huge Quantities of the Blue Metal
The Chinese government is leveraging a 40% plunge in the price of cobalt to further bolster its national strategic reserve of the blue metal used in advanced electronics and electric vehicle batteries. UK-based cobalt trading house Darton Commodities recorded a massive ...
U.S. Tries Again to Secure China-Free Critical Resources Supply From the DR Congo
For the second time in two years, the United States signed an agreement with the Democratic Republic of the Congo in a bid to secure reliable supplies of critical resources free of any Chinese entanglements. The U.S. on Monday announced it ...
DRC Ex-Prez Gets PhD Focusing on China
A PhD dissertation by Joseph Kabila, the former president of the Democratic Republic of the Congo, has been approved by South Africa’s University of Johannesburg. Kabila was a key architect of the controversial Sicomines deal. His dissertation title is "Geopolitical Turn: USA-China-Russia Rivalry and Implications for ...
Details Of Revamped China-Congo Mining Deal Emerge
Democratic Republic of Congo President Felix Tshisekedi surprised many late last week with an announcement that the controversial Sicomines deal has been successfully renegotiated. Tshisekedi had made reworking the controversial resource-for-infrastructure deal with a Chinese consortium that included firms like Sinohydro and ...
Tshisekedi Says Restructured Chinese Mining Deal Will Pave the Way for $7 Billion in New Infrastructure
Félix Tshisekedi was sworn in this weekend for a second five-year term following a landslide victory in December in an election that many of his opponents say was stolen. The president took the oath of office on Saturday before a packed ...
Q&A: How Will Tshisekedi’s Re-Election Impact Chinese Mining Interests in the DR Congo?
The incumbent Congolese President Félix Tshisekedi won a landslide re-election at the end of last year that was validated this week by the country's Constitutional Court despite accusations of voting irregularities by both opposition parties and foreign election observers. Also this ...
China Acknowledges DRC Election Results
The Chinese Foreign Ministry on Wednesday formally expressed support for the results of the Democratic Republic of Congo’s recent election. This follows the Congolese Constitutional Court’s certification of the controversial poll. The court this week found that Felix Tshisekedi’s 73.5% landslide was ...
Chinese Mining Companies Are Pushing Down the Price of Cobalt, U.S. Committee Wants to Do Something About It
There's a growing awareness in Washington, D.C., that the rock-bottom prices of certain critical resources used to manufacture electric vehicle batteries provide China a competitive advantage while jeopardizing U.S. national security. A massive glut of cobalt, nickel and other EV battery ...
Chinese Nickel Miners in Indonesia Are Becoming Very Anxious About Falling Prices
The year-long slump in nickel prices is endangering the economic viability of some of the many Chinese mining companies in Indonesia that dominate the sector. Chinese-owned mines account for 60-70% of all investment in Indonesia's nickel mining business, which is significant ...
Truckers Strike Paralyzes Chinese Copper/Cobalt Shipments From the DR Congo
Truckers in the DR Congo have brought the all-important copper and cobalt trade to a standstill over their refusal to drive unless logistics firms pay an additional $700 risk allowance fee. The strike that began late last month has now ...