Mercuria, Gécamines Launch JV to Boost DRC Copper and Cobalt Exports
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Mercuria Energy Trading and DRC state miner Gécamines formed a joint venture on December 5 to market copper and cobalt from Gécamines' equity stakes in Democratic Republic of Congo projects, including operations run by Glencore and CMOC Group, as global demand for energy transition metals surges.
Mercuria Global Head of Metals Kostas Bintas said the venture could handle over 500,000 tons of copper cathodes annually alongside significant cobalt volumes, building on Mercuria's global trading of 1.2 million tons of copper in 2025. Mercuria will provide hedging, operational support, and up to $1 billion in financing to the partnership.
The U.S. International Development Finance Corporation signed a letter of intent on December 4 to assess equity investment supporting commercialization of DRC critical minerals. LME copper prices hit a record $11,183 per tonne on October 29, driven by U.S. efforts to diversify supply chains.
A parallel joint venture in Zambia positions Mercuria to become the Copperbelt's largest exporter by 2026.
