The Democratic Republic of Congo (DRC) recently surpassed Peru to become the second-largest producer of copper in the World.
The DRC remains one of the world’s richest countries in mineral resources with copper remaining one of its major exports.
According to Business Insider, the DRC became the second-largest producer of copper when it hit 2.8 metric tonnes of copper production in 2023 surpassing Peru’s 2.76 million metric tonnes. Chile, the leading producer of copper in the world was projected to hit 5.3 million metric tonnes in 2023.
Peru’s Minister of Energy and Mines, Romulo Mucho, disclosed that he anticipates the copper output of his country to hit 3 million metric tonnes by 2024.Copper is sought after globally for its importance to renewable energy, The DRC has made significant investments to maximize the impact of its Copper industry.
in October 2023, the country invested $850 million in a road project. The road connects copper and cobalt mines in the Democratic Republic of Congo, Zambia, and an East African port.
The DRC is one of the richest countries in mineral resources in Africa and the world. Its Minerals attract a lot of foreign investors interested in its mining sector.
According to an S&P Global report in 2020, Chinese companies control about 70% of DRC’s mining sector.
Russian media outlet Sputnik reported that Chinese Mining company Sicomines and DRC-owned mining company Gecamines once reached an agreement worth $7 billion which would be used mainly for road construction in DRC.
Chile remains the World’s largest producer of copper with a projected 5.3 million metric tonnes in 2024
What to know
Copper is used globally to manufacture power cables, information systems, generators, motors, transformers, and renewable energy production systems.
According to the International Trade Administration, The DRC’s top five exports are refined copper and unwrought alloys, cobalt, unrefined copper, copper ores or concentrates, and crude oil.
Credit: Nairametrics
