Latest news with #KizitoPakabomba
Yahoo
26-05-2025
- Business
- Yahoo
DRC aims to secure US investment in critical minerals by June
Officials from the Democratic Republic of Congo (DRC) are hopeful of finalising a deal with the US to secure investment in critical minerals and support for ending the conflict in the east of the country by the end of June, reported the Financial Times, citing sources. According to the report, sources close to the negotiations suggest that a US investment deal and a separate peace agreement with Rwanda could be finalised. However, the path to such agreements faces significant challenges, the report stated. The US is looking to regain influence in the mining sector, which has been heavily dominated by China since 2008. The DRC mining minister, Kizito Pakabomba, expressed that an agreement with the US would diversify the nation's partnerships and reduce reliance on China. This deal could also foster cooperation between the DRC and Rwanda and other neighbours in the export and processing of metals. Despite the potential benefits, DRC officials insist that the M23 rebels must retreat, and alleged Rwandan support must cease before any sanctioning of Rwanda's involvement in the Congolese mineral trade. Rwanda, accused of exploiting Congolese resources, denies supporting the rebels and claims to be defending against hostile forces. DRC's priority is to regain control of territories, including key cities, before considering any agreement that could legitimise Rwanda's access to resources. Yolande Makolo, spokesperson for the Rwandan president, emphasised the importance of a long-lasting peace agreement that addresses the root causes of insecurity. Massad Boulos, Trump's Africa envoy, has called for further negotiations in Washington to resolve differences. Boulos provided a draft peace agreement after meeting with leaders of both nations. The US State Department highlighted the commitment to peaceful resolutions and transparency in natural resource supply chains. Furthermore, the DRC has temporarily halted cobalt exports due to market oversupply, effective from 22 February, as announced by ARECOMS. "DRC aims to secure US investment in critical minerals by June" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Maverick
25-05-2025
- Business
- Daily Maverick
Congo eyes US minerals deal by end of June, FT reports
Congolese minerals such as tungsten, tantalum and tin, which Kinshasa has long accused neighbouring Rwanda of illegally exploiting, could be exported legitimately to Rwanda for processing under the terms of a peace deal being negotiated by the U.S., Reuters reported last week. An investment deal with the U.S. and separate peace deal with Rwanda were possible 'by the end of June', the newspaper said, citing two people close to the negotiations. But potential stumbling blocks remain substantial, the FT said. Reuters could not confirm the report. Congo's Mines Minister Kizito Pakabomba said an agreement with the U.S. would help 'diversify our partnerships', reducing the country's dependence on China for the exploitation of its vast mineral riches, the FT reported. Kinshasa views the plundering of its mineral wealth as a key driver of the conflict between its forces and Rwanda-backed M23 rebels in eastern Congo that has intensified since January, accusing Kigali of smuggling tens of millions of dollars worth of minerals over the border each month to be sold from Rwanda. Washington is pushing for a peace agreement between the two sides to be signed this summer, accompanied by minerals deals aimed at bringing billions of dollars of Western investment to the region, Massad Boulos, U.S. President Donald Trump's senior adviser for Africa, said earlier this month. 'Both participants have committed to work to find peaceful resolutions to the issues driving the conflict in eastern DRC, and to introduce greater transparency to natural resource supply chains. Respect for each country's territorial integrity is at the center of the process,' a U.S. State Department spokesperson told Reuters on Sunday. Rwanda's defensive measures along the border are necessary as long as threats and the cause of insecurity in the DRC persists, Yolande Makolo, a Rwandan government spokesperson said, according to the FT.
Business Insider
25-05-2025
- Business
- Business Insider
Congo eyes U.S. minerals deal by June amid China competition
The Democratic Republic of Congo (DRC) is aiming to finalize a major minerals agreement with the United States by the end of June, according to senior Congolese officials. The Democratic Republic of Congo (DRC) is negotiating a minerals agreement with the United States aimed at finalizing by the end of June. This deal seeks to attract U.S. investments in critical minerals and garner support to address a Rwandan-backed rebellion in DRC's eastern region. The agreement could facilitate regional cooperation in exports and processing of critical metals, impacting DRC-Rwanda relations. The Democratic Republic of Congo (DRC) is aiming to finalize a major minerals agreement with the United States by the end of June, according to senior Congolese officials. The deal is expected to attract U.S. investment in critical minerals and secure American backing to help end a Rwandan-backed rebellion in the country's east, according to a Financial Times report. This development has been described as part of Washington's broader effort to regain a foothold in Congo's mining sector, which has long been dominated by China. China's deep grip on Congo's mining sector Congo holds vast reserves of cobalt, copper, coltan, and other strategic minerals essential to green technologies and global supply chains, making it a focal point of global interest. In less than two decades, China has entrenched itself at every level of the mining industry in Congo's copper belt, from roadside artisanal dealers to major players like Shanghai-based CMOC. In 2008, Beijing signed a multibillion-dollar minerals-for-infrastructure deal with Kinshasa, cementing its influence over the country's resource wealth. Congo's mining minister, Kizito Pakabomba, told the Financial Times that a U.S. partnership would 'diversify our partnerships' and reduce reliance on China for tapping into the country's vast mineral wealth. The agreement could also pave the way for collaboration between the DR Congo and neighbouring countries, including Rwanda, in the export and processing of critical metals. Rwanda has long faced accusations of exploiting security tensions along its border to facilitate the illicit extraction of Congolese resources such as coltan, a key mineral used in mobile phones, and gold. However, President Paul Kagame's government has consistently denied backing the M23 rebel group, insisting that Rwandan forces are acting in self-defence against hostile threats. People familiar with the negotiations said Rwanda views the talks as a chance to legitimise its access to Congolese resources and draw U.S. investment to boost its own metals processing sector.
The Herald
25-05-2025
- Business
- The Herald
DRC eyes US minerals deal by end of June, FT reports
Officials from the Democratic Republic of Congo (DRC) are optimistic they can reach a deal with Washington next month to secure US investment in critical minerals alongside support to end a Rwandan-backed rebellion in the country's east, the Financial Times reported on Sunday. Congolese minerals such as tungsten, tantalum and tin, which Kinshasa has long accused neighbouring Rwanda of illegally exploiting, could be exported legitimately to Rwanda for processing under the terms of a peace deal being negotiated by the US, Reuters reported last week. An investment deal with the US and separate peace deal with Rwanda were possible 'by the end of June', the newspaper said, citing two people close to the negotiations. But potential stumbling blocks remain substantial, the FT said. DRC mines minister Kizito Pakabomba said an agreement with the US would help 'diversify our partnerships', reducing the country's dependence on China for the exploitation of its vast mineral riches, the FT reported. Kinshasa views the plundering of its mineral wealth as a key driver of the conflict between its forces and Rwanda-backed M23 rebels in the eastern DRC that has intensified since January, accusing Kigali of smuggling tens of millions of dollars worth of minerals over the border each month to be sold from Rwanda. Washington is pushing for a peace agreement between the two sides to be signed this summer, accompanied by minerals deals aimed at bringing billions of dollars of Western investment to the region, Massad Boulos, US President Donald Trump's senior adviser for Africa, said earlier this month. Rwanda's defensive measures along the border, are necessary as long as threats and the cause of insecurity in the DRC persists, Yolande Makolo, a Rwandan government spokesperson said, according to the FT. The US state department did not immediately respond to a Reuters request for comment. Reuters
TimesLIVE
25-05-2025
- Business
- TimesLIVE
DRC eyes US minerals deal by end of June, FT reports
Officials from the Democratic Republic of Congo (DRC) are optimistic they can reach a deal with Washington next month to secure US investment in critical minerals alongside support to end a Rwandan-backed rebellion in the country's east, the Financial Times reported on Sunday. Congolese minerals such as tungsten, tantalum and tin, which Kinshasa has long accused neighbouring Rwanda of illegally exploiting, could be exported legitimately to Rwanda for processing under the terms of a peace deal being negotiated by the US, Reuters reported last week. An investment deal with the US and separate peace deal with Rwanda were possible 'by the end of June', the newspaper said, citing two people close to the negotiations. But potential stumbling blocks remain substantial, the FT said. DRC mines minister Kizito Pakabomba said an agreement with the US would help 'diversify our partnerships', reducing the country's dependence on China for the exploitation of its vast mineral riches, the FT reported. Kinshasa views the plundering of its mineral wealth as a key driver of the conflict between its forces and Rwanda-backed M23 rebels in the eastern DRC that has intensified since January, accusing Kigali of smuggling tens of millions of dollars worth of minerals over the border each month to be sold from Rwanda. Washington is pushing for a peace agreement between the two sides to be signed this summer, accompanied by minerals deals aimed at bringing billions of dollars of Western investment to the region, Massad Boulos, US President Donald Trump's senior adviser for Africa, said earlier this month. Rwanda's defensive measures along the border, are necessary as long as threats and the cause of insecurity in the DRC persists, Yolande Makolo, a Rwandan government spokesperson said, according to the FT.
