financetom
Business
financetom
/
Business
/
US talks often with Congo's Gecamines on cobalt and copper, official says
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US talks often with Congo's Gecamines on cobalt and copper, official says
Mar 29, 2024 3:21 AM

WASHINGTON, March 29 (Reuters) - The United States

speaks regularly with the Democratic Republic of Congo's state

miner Gecamines, a senior State Department official told

Reuters, as Washington seeks to deepen relationships with key

suppliers of cobalt and copper across the African continent.

WHY IT'S IMPORTANT

Chinese aggressive investment across Congo, Zambia and

elsewhere in Africa - which holds massive supplies of minerals

used to make electric vehicles and other electronics - has for

some time raised concern in Washington.

Jose Fernandez, the U.S. State Department's under secretary

for economic growth, energy, and the environment, said in an

interview this week that conversations with Gecamines center on

supply deals and potential new mines or other projects the

company is considering. Conversations take place on average

every four to six weeks, he said.

The Mineral Security Partnership (MSP), a multinational

collaboration of more than a dozen countries and the European

Union to invest in a global supply chain, announced a deal with

Gecamines and Japan's JOGMEC in February. That deal was a

product of those conversations, Fernandez said.

KEY QUOTES

"Be it China or anybody else, it's just not good to have one

single supplier of anything," Fernandez said.

"(Host countries) do not want an investment system where

investors bring in their own workforce, do not clean up their

environmental damage. They've experienced that and that's not

what they want."

Fernandez declined to comment on whether the U.S. government

would seek to buy all or part of Canadian miner First Quantum's

Zambian assets. First Quantum has been seeking fresh

sources of cash amid an unrelated dispute with Panama's

government that closed one of the company's key copper mines.

CONTEXT

Fernandez said that the United States continues to work with

Zambia and Congo on mining and regulatory structures.

Despite Washington's efforts in recent years, the United

States has lagged behind China in securing access to minerals

across the African continent needed for the production of

products like EV batteries and solar panels.

Washington's goal is not to offset China's influence in

Africa's critical mineral sector but to diversify its own supply

chains and encourage African partners to boost their mining

standards, Fernandez said.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Flow Control Management Acquires Kingston Valve Co
Flow Control Management Acquires Kingston Valve Co
Mar 11, 2026
CHICAGO, Feb. 18, 2026 /PRNewswire/ -- Flow Control Management (FCM), a premier provider of highly engineered, mission critical flow-safety solutions in regulated and technology-driven end markets, has announced the acquisition of Kingston Valve Co (Kingston or the Company), a division of Storm Manufacturing Group, Inc. We are thrilled to announce the addition of Kingston to our portfolio, as this further expands...
Carrier Connect Data Solutions Upsizes a Private Placement of Units to up to $10.5 Million
Carrier Connect Data Solutions Upsizes a Private Placement of Units to up to $10.5 Million
Mar 11, 2026
11:36 AM EST, 02/18/2026 (MT Newswires) -- Carrier Connect Data Solutions ( CCDSF ) on Wednesday upsized a commercially reasonable efforts private placement of share units to up to $10.5 million from $8 million. The company said the upsized offering now consists of up to 6.6-million units priced at $1.60 apiece and made up of a share and one half...
Rare earths surge above price floor given to MP Materials
Rare earths surge above price floor given to MP Materials
Mar 11, 2026
LONDON, Feb 18 (Reuters) - Prices of two key rare earths, crucial for making super-strong magnets used in EVs and defence equipment, have rallied on firm demand and bottlenecks in supply, above a ground-breaking price floor provided by the ​U.S. last year to miner MP Materials ( MP ). The near ‌doubling of prices over seven months means the U.S....
Palo Alto Networks' Stock Slides On Limited Q2 Upside, Analysts Blame Too Many 'Balls In The Air'
Palo Alto Networks' Stock Slides On Limited Q2 Upside, Analysts Blame Too Many 'Balls In The Air'
Mar 11, 2026
Shares of Palo Alto Networks Inc ( PANW ) nosedived in early trading on Wednesday, after the company reported its fiscal second-quarter results. Here are the key analyst insights: Needham analyst Mike Cikos maintained a Buy rating, while reducing the price target from $230 to $200. Goldman Sachs analyst Gabriela Borges reiterated a Buy rating, while slashing the price target...
Copyright 2023-2026 - www.financetom.com All Rights Reserved