Mining companies invested $130.7 million in exploration activities in the Democratic Republic of Congo (DRC) in 2024. S&P Global Market Intelligence disclosed the figure in a report issued on February 21, 2025. Over the year reviewed, $1.3 billion was invested in Africa, and the DRC was the leader in mining exploration investment.

The investments in the DRC were predominantly focused on copper, with $71.5 million allocated to this sector. This strong performance propelled the DRC to ninth place globally, just ahead of Zambia, Africa's second-largest copper producer, which attracted $65.5 million in 2024.

In the cobalt sector, exploration spending in the DRC reached $8.3 million, securing the country's position as the second-largest recipient of cobalt exploration funding worldwide, behind Australia, which received $15.2 million.

The report does not provide the amount invested in gold, coltan, tin, and zinc, despite the country having significant reserves. The DR Congo hosts one of the largest gold mines in Africa, the Kibali mine.

The DRC's dominance in copper and cobalt exploration is likely driven by its vast mineral reserves. The country holds approximately 50% of the world's cobalt reserves and accounts for over 70% of global cobalt production. It is also the world's second-largest copper producer, responsible for 65% of newly announced copper reserves globally in 2023. Both metals are crucial for the energy transition, with copper demand projected to reach 50 million tonnes by 2050, up from 32 million tonnes now.

Chinese companies currently dominate the mining sector in the DRC, in the copper and cobalt sub-sectors especially. They control about 80% of the country's mines. To change this dynamic, Kinshasa has been seeking new partnerships with countries like Saudi Arabia and the United States.

This article was initially published in French by Emiliano Tossou

Edited in English by Ola Schad Akinocho