While the Democratic Republic of the Congo (DRC) remains the world’s largest cobalt producer and continues tightening control over exports of the strategic metal, Chinese state-owned miner Chinalco Mining Corporation Limited is expanding its presence in southern Africa. The company has signed a binding agreement to acquire the Opuwo copper-cobalt project in Namibia from Australian junior Celsius Resources for $15 million.

Celsius said the deal covers the 95% stake held by its subsidiary, Opuwo Cobalt Pty Ltd, in the project. The transaction is expected to close by Dec. 29, 2026, subject to shareholder approval, renewal of the exclusive prospecting license, environmental authorization and approvals from the relevant Namibian authorities.

The project contains estimated mineral resources of 259,000 tonnes of cobalt, 970,000 tonnes of copper and additional zinc resources. Celsius describes Opuwo as “the largest cobalt deposit outside the DRC,” although it has not specified the basis for that claim. On its website, the company says the project could become a major source of cobalt for the battery industry.

A Chinalco representative, quoted in Celsius’ statement, said the company views Opuwo as a significant cobalt and copper asset with substantial exploration and development potential. The representative added that Chinalco looks forward to working with all stakeholders to advance the project responsibly from exploration through development.

China’s Reliance on Congolese Cobalt

The acquisition comes as the DRC, which accounted for about 76% of global cobalt production in 2024, continues introducing measures to support global cobalt prices. In February 2025, Kinshasa suspended cobalt exports before later introducing an export quota policy. In April 2026, the country also established a strategic cobalt reserve. Those measures contributed to a sharp decline in Congolese cobalt exports, which fell to 44,338.47 tons in 2025 from nearly 220,000 tonnes in 2024.

The restrictions directly affect China, the world’s leading cobalt refining hub, whose industry relies heavily on supplies from the DRC. Several Chinese companies, including CMOC, Zijin Mining, CNMC and Jinchuan, already have a significant presence in the Congolese mining sector.

The acquisition does not challenge the DRC’s dominant position in the global cobalt supply, but it highlights Chinese mining companies’ growing interest in African projects beyond the DRC as they seek to diversify their critical mineral portfolios.

For now, Namibia is not among the world’s leading cobalt producers. According to the U.S. Geological Survey, Madagascar is currently the only other significant African producer of cobalt besides the DRC. For Chinalco, the transaction therefore represents an early-stage investment in an exploration project whose development will still depend on meeting a series of regulatory, technical and financial milestones.

Pending completion of the transaction, Chinalco has committed to funding up to $1 million in exploration work and metallurgical testing. The non-refundable funding will allow work on the project to continue while the remaining closing conditions are satisfied.

Pierre Mukoko