U.S. Backs Gécamines-Mercuria JV with Equity LOI for Secure DRC Minerals Access
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The U.S. International Development Finance Corporation issued a letter of intent on December 4 to assess equity investment in the Gécamines-Mercuria joint venture marketing copper and cobalt from Democratic Republic of Congo projects, with potential expansion to germanium and gallium, as Washington seeks diversified supply chains for electric vehicles and clean energy technologies.
DFC Chief Executive Officer Scott Bessent said the potential investment aligns with U.S. priorities for transparent sourcing of critical minerals.
The announcement came hours after the December 4 Washington summit where Presidents Felix Tshisekedi of the DRC and Paul Kagame of Rwanda ratified the Washington Accords, tying eastern Congo security to economic cooperation on cobalt—where the DRC holds 72% of global reserves—along with copper, lithium and gold.
M23 rebel forces clashed with the DRC armed forces (FARDC) in South Kivu on December 5, hours after the ceremony.
Chinese firms control 72% of DRC cobalt and copper mines, supplying 67.5% of China's refined cobalt imports.
