CAPE TOWN, South Africa — The Democratic Republic of Congo (DRC) has rejected claims it “sold off” strategic mineral wealth to the United States under a December agreement, with Mining Minister Louis Watum saying the accord is a framework for potential projects—not a transfer of ownership.
Speaking on the sidelines of African Mining Indaba, Watum said no assets had been ceded and any eventual projects with U.S. firms would proceed under Congo’s existing mining code and national regulatory process. He added that participation by foreign companies remains conditional: some may invest, others may not. The December pact was signed alongside a broader U.S.-backed peace track linked to eastern Congo, and is widely seen as part of Washington’s effort to secure critical-mineral supply chains while reducing dependence on Chinese-dominated processing networks.
But on-the-ground security gains remain limited. Fighting and instability in eastern DRC have continued despite diplomatic announcements, reinforcing skepticism among Congolese civil society and opposition figures who fear strategic concessions could outpace governance safeguards. Watum said Kinshasa’s priority is domestic development—jobs, education, and value capture—rather than aligning with any geopolitical bloc. He also stressed that Congo’s mineral potential is still largely underdeveloped, arguing there is room for multiple partners if terms are commercially fair and legally compliant.
The stakes are enormous. The DRC is the world’s dominant cobalt producer and a major source of copper, coltan, and lithium—minerals central to batteries, defense systems, and AI-era infrastructure. U.S. Geological Survey data indicates Congo accounted for about 76% of global mined cobalt output in 2024, underlining why major powers are competing for long-term access and offtake influence. In practical terms, the current agreement appears to open a lane for due diligence and project structuring, not immediate extraction rights. The next key test will be decisions by a bilateral steering mechanism expected to review Congolese project proposals and determine which opportunities can reach financing and execution.
For Kinshasa, the balancing act is now clearer than ever: attract capital fast enough to monetize untapped reserves, but avoid terms that deepen sovereignty concerns at home. For Washington, credibility will depend less on signing ceremonies and more on whether promised investment, infrastructure, and governance standards materialize in a conflict-affected operating environment.
