The Democratic Republic of Congo currently holds over half of the world’s reserves of Cobalt - which has been a desired material for the manufacturing of lithium-ion batteries. However, as advancements in battery technology shift the demand for cobalt downward, Congo has developed plans to greatly reduce the mining of cobalt and shift towards copper.
Louis Watum of the Federation des Entreprises du Congo and executive at Ivanhoe Mines Ltd. believed that, “Cobalt is a bubble that is going to burst,” and that investors should begin looking at copper with the upcoming developments in infrastructure and increasing desires for the expansion of copper mining throughout the Congo.
Watum argues that the copper mined in the Democratic Republic of Congo is the same price as that mined anywhere else but mineral grades are much lower than that mined within central Africa. Cobalt prices are also on the decline where copper appears to be at an all-time high.