Democratic Republic of Congo is preparing to create a centralised agency for major mining investments as part of reforms linked to its minerals partnership with the United States, according to four people familiar with the plans.
The proposed agency is intended to cut bureaucracy, speed up approvals and make it easier for large foreign investors to enter Congo’s mining sector, which is currently dominated by Chinese companies.
Congo is the world’s largest producer of cobalt and the second-largest producer of copper, placing it at the centre of growing competition among major powers seeking access to minerals critical for electric vehicles, renewable energy and advanced manufacturing.
China, the United States and the European Union have all signed minerals agreements with Kinshasa as they seek to secure supplies from the resource-rich Central African country.
Congo’s minerals partnership with Washington has already helped facilitate a US-backed investment by Virtus Minerals and supported increased Congolese copper sales to the United States and Europe.
One-stop agency
Two Congolese government officials, a diplomat and a mining analyst said the planned agency would not be limited to Western companies and would also be open to Chinese and other foreign investors.
The sources spoke on condition of anonymity because they were not authorised to discuss the plans publicly.
Congo’s mines and finance ministries did not immediately respond to requests for comment.
The reform, being led by the finance and economy ministries, would bring company registration, licensing, taxation and regulatory compliance for major mining investments under a single body.
At present, approvals for large projects can take several months as investors deal with multiple government agencies.
One government official said the agency would initially focus on joint ventures valued at more than $1 billion that operate under special tax arrangements.
The Chinese-controlled Sicomines copper and cobalt venture was cited as one example of the type of project that could fall under the new system.
Legislation establishing the agency has yet to be formally promulgated, the official said.
Eric Ndeh, international director of civil society group Afrewatch, said the one-stop agency was designed to overcome the fragmented bureaucracy that has long complicated investment in Congo’s mining sector.
He said the government aims to have the agency operational before the end of the year.
Congo has repeatedly said its push to attract more Western investment is intended to diversify financing and export markets rather than replace Chinese investors.
Ndeh said the proposed system could ultimately benefit companies from China, Europe and the United States by making the investment process simpler for all major foreign players.
