DR Congo’s state-owned miner Gécamines and Switzerland-based Mercuria Energy Trading announced on Friday the creation of a joint venture to market copper, cobalt and other critical minerals from the Democratic Republic of Congo. According to a joint statement, the new venture is being established with support from the U.S. International Development Finance Corporation (DFC).

On the same day, the U.S. development finance agency said it is considering taking a direct equity stake in the Gécamines-Mercuria venture. The DFC has issued a letter of intent for an equity investment, with the aim of strengthening U.S. supply chains for strategic minerals.

"As part of the investment contemplated under the DFC’s Letter of Intent, the joint venture will grant U.S. end-users a right of first refusal. This provision ensures that American industries, including those in energy, semiconductors and defense, have secure access to critical minerals essential to economic competitiveness and national security," the statement said.

National Interest

The arrangement follows a strategic agreement signed between Washington and Kinshasa on December 4 in the U.S. capital, under which the United States obtained priority access to Congolese strategic minerals. The agreement specifies that the DRC and its state-owned enterprises will use their marketing rights under participation agreements and contracts to grant offtake access to U.S. and allied buyers. In practice, Gécamines or any other public entity must first offer available volumes to American companies, provided the commercial terms align with international market pricing.

Few operational details have been released about the joint venture. However, sources familiar with the matter say Gécamines is expected to retain control. Some observers already view it as a future specialized trading arm for the company, effectively replacing Sozacom, the former state minerals marketer dissolved in the 1990s.

The creation of such a subsidiary is also seen as a way for Gécamines to counter transfer-pricing practices used by some mining companies in which it holds minority stakes. These practices involve selling output at discounted prices to related entities, reducing dividends owed to Gécamines and lowering state mining revenues.

According to the statement, the joint venture aims to secure competitive prices based on transparent international benchmarks.

"This collaboration marks a pivotal step in Gécamines’ effort to strengthen its role in the global metals market. This venture aims to ensure that Congolese copper and cobalt are traded with transparency, fairness and national benefit at the forefront," said Gécamines chairman Guy Robert Lukama.

Mercuria Strengthens Its Position

Mercuria will contribute its global network and expertise in trading, logistics, financing and operations. It will also train Gécamines staff in risk management, trading practices and operational procedures. In addition, Mercuria will provide financing options, including pre-financing and credit backed by offtake contracts.

For Mercuria, the partnership is strategic, offering priority access to volumes of critical minerals and supporting long-term supply flows. It also reinforces the company’s presence in the Copperbelt and in the broader energy metals value chain. The Geneva-based trader signed a similar agreement on October 30, 2025, with Eurasian Resources Group (ERG) to secure copper supplies from the DRC.

Beyond marketing activities, the collaboration will explore investments in logistics infrastructure in the DRC to facilitate the export of strategic raw materials. These investments are intended to strengthen the country’s position on global markets and provide additional growth opportunities for the joint venture.

Under the strategic agreement signed with the DRC, the United States also pledged support for modernizing the Sakania-Lobito corridor. The DFC said it is prepared to provide up to 1 billion dollars in financing for the rehabilitation and operation of the Dilolo-Sakania railway line. The corridor is expected to become the main export route to the United States. Targets have been set: over the next five years, 50 percent of copper, 30 percent of cobalt and 90 percent of zinc marketed by state enterprises must transit through this route.

Pierre Mukoko & Boaz Kabeya