India is negotiating with Congo to secure cobalt and copper resources, planning to send a geological team and attend a mining conference. Ongoing conflicts in Congo may complicate these efforts, while India also plans similar initiatives in Zambia. Moreover, the U.S. is interested in partnerships with Congo concerning critical minerals.
India is actively engaging in negotiations with the Democratic Republic of the Congo (Congo) to establish a memorandum of understanding aimed at securing access to cobalt and copper resources. The Mines Ministry intends to obtain clearance from the Foreign Ministry to dispatch a team of geologists to Congo, reflecting New Delhi’s intensified efforts to source mineral assets internationally.
Sources indicate that both nations exhibit mutual interest in finalizing this agreement, although the discussions remain confidential. The Mines Ministry has not issued any formal comment on the matter.
Plans are underway for Indian officials to participate in an upcoming mining conference in Congo, following a senior official’s visit in July 2024, which aimed at exploring potential sourcing opportunities for these essential minerals. Cobalt is critically important for electric vehicle batteries and mobile phones, while copper is extensively utilized across various sectors, including power generation and construction.
However, ongoing conflict in Congo presents potential challenges, particularly due to the activities of the Rwanda-backed rebel group M23 and local militias vying for control over valuable mineral regions in the east. “In African countries, the challenge would be geopolitics and that is what delays projects,” stated Ritabrata Ghosh, vice president at ICRA Ltd.
The commercialization of discovered copper and cobalt deposits will require time due to the complexities involved in processing these critical minerals. Additionally, India is planning to send a separate team of geologists to Zambia within the next two months to further expand its mineral sourcing initiatives.
Furthermore, recent reports suggest that the United States is open to establishing partnerships with Congo regarding critical minerals following outreach from a Congolese senator, who proposed a minerals-for-security arrangement. Recently, Congo also suspended cobalt exports for four months to address an oversupply issue within the production market.
India’s strategic negotiations with Congo aim to secure vital cobalt and copper resources, with plans for geological assessments and participation in mining conferences to bolster mineral sourcing. However, geopolitical tensions in the region may hinder progress, as noted by industry experts. Concurrently, India’s efforts also extend to Zambia amid evolving partnerships with other nations like the United States, highlighting the global competition for critical mineral assets.
Original Source: m.economictimes.com
