Cover Story: China Digs In to Boost Mining in Democratic Republic of Congo

Booming metals demand from EVs and AI dangle riches for Chinese, DRC companies

In the southern Democratic Republic of Congo (DRC), the Katanga Plateau embodies Africa’s vast untapped potential, hosting the world’s largest copper mine, Tenke Fungurume Mining (TFM). Twice the size of New York City, and driven by Chinese metals giant CMOC Group Ltd. and local state-owned miner Gecamines, the operation has navigated a labyrinth of challenges to emerge as a linchpin in the global commodities market.

After a protracted two-year negotiation with the DRC government, CMOC retained its 80% stake in TFM while agreeing to an $800 million equity transfer over six years. This compromise reflects the complex dynamics of mining in the former Belgian colony, Africa’s second-largest country by land area and population, where corporate and national interests collide. Partnering with commodity behemoths like Glencore and Trafigura after guaranteeing its exclusive selling rights, the DRC government aims to leverage its mineral wealth to capitalize on booming demand for copper and cobalt.

Global commodities markets are surging, driven by the energy transition and demand for materials essential to electric vehicles, power grids and artificial intelligence. Copper prices peaked at $11,100 per ton in 2024, with TFM output projected to rise 60% to 450,000 tons this year. Combined with CMOC’s nearby Kisanfu mine, the company’s production is set to reach 600,000 tons, solidifying China’s dominance in the region.

A bird’s eye view of Lubumbashi, DRC’s second largest city.