DRC ranks second-largest copper producer in the world
The Democratic Republic of Congo has scooped the second position in the copper market after Chile. Reports from the Ministry of Mines in the DRC and other sources indicate that actual production reached approximately 2.84 million tonnes, surpassing initial projections.
The country’s emergence highlights its increasing role in the global mining landscape and underscores the importance of strategic investments and partnerships in driving growth in the sector. Despite being surpassed by the DRC, Peru achieved a record production of 2.76 million metric tons of copper in 2023, indicating continued growth in its copper mining sector. Peru’s Minister of Energy and Mines anticipates further growth in copper output, aiming to reach 3 million tons by 2024. This suggests ongoing expansion and investment in Peru’s copper industry.
Copper production
The DRC has been fast-tracking its copper production, evident in significant investments such as the $850 million road project connecting copper and cobalt mines to an East African port. This investment is aimed at improving infrastructure to support the mining sector’s growth.
The DRC’s rich mineral resources, including copper, attract substantial foreign investment. Chinese investors have had a significant presence in the DRC’s mining sector, controlling around 70% of it in 2020, according to S&P Global.
The partnership between Chinese mining company Sicomines and Congolese state-owned Gecamines reflects the deepening economic ties between China and the DRC. The $7 billion investment agreement focuses on infrastructure development, including national roads, further supporting the DRC’s mining industry.
