RIYADH, Jan 14 (Reuters) - The Democratic Republic of
Congo, the world's top cobalt supplier, is courting new mining
investors from Saudi Arabia to help it diversify and curb
overreliance on companies from China, Marcellin Paluku, a senior
government official, told Reuters.
Congo, which is also rich in copper and other critical
minerals, wants more partnerships with the new investors to
limit the risk of relying solely on Chinese investors, Paluku,
who is a deputy cabinet director in the ministry of mines, said.
Chinese companies, some of which are state-backed, have over
the past years emerged as the biggest investors in Congo,
ramping up investment and production for copper and cobalt.
CMOC Group is now the world's biggest cobalt
miner as it boosts output at Tenke Fungurume Mine it bought from
U.S.-based Freeport-McMoRan ( FCX ) in 2016.
Paluku said Chinese investors' dominant role in the sector
now presents a "risk" to the country's economy.
"Today, 80% of our mines, it's with one partner (China). So
it's a risk," Paluku told Reuters in an interview on the
sidelines of a mining conference in Riyadh.
"You never know what can happen...So that means we are now
trying to diversify our partnerships so we don't rely on only
one partner."
Congo is also courting investors from the European Union and
India, Paluku said. The country is seeking to move away from
current joint ventures which are heavily skewed in favour of
investors, he added.
"We are talking to all the people who are open to do
business with us," Paluku said.