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Financely · Mining Investment Advisory · DRC · Sub-Saharan Africa
The Democratic Republic of Congo controls more of the global supply of battery-critical minerals than any other country on earth. Its cobalt reserves — 50 to 70 percent of global supply — are structurally irreplaceable in the energy transition. Its copper ore grades are four times the global average. Its lithium deposits at Manono rank among the world's largest undeveloped resources. The geopolitical landscape shifted dramatically in December 2025 when the Washington Accords gave US companies preferential access to DRC minerals for the first time, opening a re-entry window for Western investors after years of Chinese dominance. For companies able to navigate the regulatory environment — including the 2018 Mining Code, the 51% local ownership rule for subcontractors, and the ESG and traceability requirements — the opportunity is real and growing.
For the past decade, Chinese firms — backed by state financing and infrastructure-for-resources deals — have come to control approximately 80% of DRC mining output. Chinese firms, backed by the state, are willing to absorb losses in exchange for long-term dominance in the global cobalt market, with Chinese-backed operations controlling key assets including Tenke Fungurume, once US-owned and now the world's second-largest source of cobalt. Western companies that secured mining deals during this period often sold their holdings to Chinese buyers, ceding ground progressively.
That dynamic is shifting. The Trump administration's classification of critical minerals as vital to US national security, combined with a minerals-focused diplomatic engagement seeking to broker peace between Congo and Rwanda, is generating new interest in US-Congo cooperation. The DRC shared with US officials a vetted shortlist of state-backed projects open to American investment, spanning assets including Gécamines' Mutoshi copper-cobalt project, Sokimo's four gold permits, Cominiere's lithium licences, and Sakima's coltan and gold assets.
At the same time, the DRC itself is asserting greater sovereignty over its mineral wealth. The DRC implemented a cobalt export ban in February 2025 for at least four months, which was replaced in October 2025 by strict export quotas. The Congolese government is following through on a prescription to align export rights with demand and push for local processing to keep more value in the country. This shift toward local processing creates substantial new subcontracting and infrastructure investment opportunities for companies that structure their entry correctly.
Security context: Investors must be clear-eyed about the DRC's operating environment. The protracted conflict between Congo and Rwanda spawned the proliferation of militias including the Rwanda-backed M23, which captured Goma and Bukavu in early 2025, with a death toll estimated at more than seven thousand since January 2025 and 7.8 million internally displaced people. Investment activity and risk mitigation strategies must account for this reality. Most large-scale mining activity is concentrated in the Katanga/Haut-Katanga and Lualaba provinces in the south, which are considerably more stable than the eastern provinces. Due diligence, community engagement, and conflict minerals traceability are non-negotiable.
Subcontracting in the DRC mining sector is governed by a specific legal framework that significantly shapes how foreign companies can participate. Understanding it is essential before entering any service or supply arrangement with a mining operator in the country.
The 2018 Mining Code mandates that mining subcontracting activities comply with the 2017 Subcontracting Law (Act 17/001), which requires subcontracting companies to be at least 51% owned by Congolese natural persons. Subcontracting activities in the private sector are exclusively reserved for companies with Congolese capital that are promoted by Congolese individuals and have their headquarters in the DRC. The DRC Mining Code defines a subcontractor as any legal entity under Congolese law with Congolese capital supplying equipment or carrying out work and/or providing services necessary on behalf of the holder as part of its mining activities.
Subcontracting is a potential blind spot for mining companies. While the act does not directly apply to mining companies, they will nonetheless be held liable and fined if a subcontractor does not comply with the requirements. The ARSP is committed to restoring order in the sector and ensuring equitable participation for Congolese businesses. Nine companies affiliated with Eurasian Resources Group were suspended for violating subcontracting laws.
| Requirement | Detail | Implications for foreign investors |
|---|---|---|
| Minimum Congolese ownership | 51% of subcontracting company must be held by Congolese nationals. Maximum foreign stake is 49%. | Foreign companies must structure as joint ventures with a Congolese majority partner. Structure, governance, and profit-sharing terms must be carefully negotiated. |
| Headquarters requirement | Subcontracting company must be registered and headquartered in the DRC under Congolese law. | A locally incorporated Congolese entity is mandatory. This cannot be a branch or representative office of a foreign company. |
| ARSP enforcement | The Regulatory Authority for Subcontracting in the Private Sector actively conducts on-the-ground compliance visits. Violations result in suspension and fines for both the subcontractor and the mining operator that engaged them. | Mining operators are liable for non-compliant subcontractors. Due diligence on all sub-tier contractors is required. |
| Market subcontracting cap | Market subcontracting (where a subcontractor is engaged to fulfil part of a main contract) is limited to 40% of the contract's total value. | Cascading subcontracting structures must remain within the 40% cap on market subcontracting. |
| Processing companies | The Mining Code requires a minimum 50% Congolese shareholding for companies engaged in mineral processing activities. | Downstream processing joint ventures require majority Congolese ownership — slightly different threshold from the 51% subcontracting rule. |
| Local community development | Mining rights holders must contribute 0.3% of annual turnover to a legally designated local development entity. | A budget line for community development must be incorporated into project economics from the outset. |
The DRC's expanding mining sector creates substantial demand for specialist services including drilling, blasting, geotechnical assessment, environmental monitoring, and mine safety. Equipment supply — haul trucks, conveyor systems, beneficiation plant components, process control technology — is a significant category.
The DRC government's push for local processing before export — following the cobalt quota model and the Zimbabwe lithium ban precedent — creates investment opportunities in in-country processing and refining infrastructure. This is the highest-value segment of the subcontracting opportunity.
Poor transport links are among the most significant cost drivers in DRC mining operations. Investment in logistics infrastructure — road construction, rail maintenance, port facilities, and fuel supply — is both a standalone opportunity and a requirement often imposed on mining companies as part of local development obligations.
DRC mining operations are increasingly adopting smart sensors, geo-positioning, drones, advanced analytics, and connected equipment. Technology provision and integration is a growing subcontracting category that requires specialist expertise rarely available domestically.
The combination of EU Critical Raw Materials Act requirements, US Dodd-Frank conflict minerals provisions, RE100 and CDP reporting by offtakers, and the EITI framework creates sustained demand for traceability, ESG audit, and compliance advisory services in the DRC mining supply chain.
Mining and subcontracting ventures in the DRC require specific capital structures — including joint venture equity, project finance, trade finance for equipment imports, and working capital facilities — from providers with appetite for Sub-Saharan Africa mining exposure. Financely structures and places these facilities.
| Risk category | Current status | Mitigation approach | Rating |
|---|---|---|---|
| Security and conflict | Active conflict in eastern DRC (North Kivu, South Kivu, Ituri). M23 captured Goma and Bukavu in early 2025. Peace process under Washington Accords ongoing but fragile. | Operations concentrated in Katanga/Lualaba provinces (south), which are significantly more stable. Avoid eastern provinces for new investments until peace process matures. | High — East DRC |
| Regulatory compliance | ARSP actively enforcing Act 17/001. Nine ERG-affiliated companies suspended in recent enforcement action. Subcontracting compliance is a named blind spot for mining companies. | Structure JV with verified Congolese majority partner from day one. Obtain ARSP registration. Conduct compliance audit before first subcontracting contract is signed. | Manageable |
| Royalty and tax burden | Strategic minerals (cobalt, copper, coltan) subject to 10% royalty. State receives 10% non-dilutable equity on permit issuance plus 5% per renewal. | Build royalty and equity transfer obligations into project economics from feasibility stage. Stability clause provides limited protection for existing permit holders. | Manageable |
| Infrastructure deficit | Roads, electricity, and logistics infrastructure either outdated or absent across most of the country. Power shortages raise operating costs significantly. | Budget for off-grid power (solar/diesel hybrid), captive water supply, and road maintenance. Factor infrastructure costs into total project cost from the outset. | High |
| Gécamines and state counterparty risk | Negotiations with Gécamines can be protracted. Governance weaknesses and lack of transparency in state mining company structures noted by NGOs and investors. | Engage experienced local counsel with Gécamines track record. Structure contractual protections and international arbitration clauses (DRC is a signatory to the 1958 New York Convention). | High |
| Cobalt price and export quota volatility | Cobalt prices hit a nine-year low in February 2025. DRC introduced export quotas in October 2025. US-China trade truce in late 2025 partially undermined DRC's leverage. | Diversify across minerals where possible. Secure offtake agreements before committing capital. Downstream processing reduces exposure to raw commodity price swings. | Manageable |
| ESG and conflict minerals | Artisanal mining employs hundreds of thousands in difficult conditions. Gold smuggling finances armed groups. Traceability requirements increasing under EU and US legislation. | Implement OECD DD guidelines from day one. Avoid artisanal sourcing without verified traceability. Engage EITI and Copper Mark frameworks proactively. | High if ignored |
Most DRC mining and subcontracting entry requires a joint venture with a Congolese majority partner. We advise on how to structure the equity arrangement, governance rights, profit distribution, and exit mechanisms to protect the foreign partner's economic interests within a 49% stake — including drag-along, anti-dilution, and call option provisions where appropriate.
Large processing and infrastructure investments in the DRC are increasingly financed through DFI debt — from the IFC, AfDB, US DFC, and UK BII — alongside commercial debt. We structure the project finance package and introduce transactions to DFIs and commercial lenders with stated appetite for DRC mining exposure.
Mining equipment imports, raw material working capital, and export receivables financing all require trade finance instruments. We arrange letters of credit, standby LCs, inventory finance, and receivables lines for DRC mining subcontractors and equipment suppliers.
For companies seeking to enter the DRC mining sector but needing co-investors, Congolese JV partners, or introductions to operating mining companies seeking subcontractors, Financely provides structured introduction services to its network of institutional investors, family offices, and mining operators active in Sub-Saharan Africa.
Financely advises investors and companies entering the DRC mining sector on capital structuring, joint venture design, project finance, and trade finance. Submit your mandate and we will respond within one business day with a clear view of how we can support the transaction.
The DRC holds 50 to 70 percent of global cobalt reserves — the mineral essential to electric vehicle batteries, energy storage systems, and defence applications. DRC copper deposits carry ore grades surpassing 2.5 percent, more than four times the global average, and the country hosts four of the five largest cobalt mines in the world. The DRC is also the location of the Manono lithium deposit, one of the world's largest undeveloped lithium resources, and holds the world's largest known gold deposits. These minerals are critical inputs for the global energy transition, semiconductor supply chains, and advanced defence systems — making the DRC structurally unavoidable for any serious critical minerals strategy.
Mining subcontracting activities must comply with the 2017 Subcontracting Law, which requires subcontracting companies to be at least 51% owned by Congolese natural persons. In practice, this means foreign companies that wish to provide services to mining operators in the DRC must do so through a locally incorporated joint venture entity in which a Congolese national or nationals hold the majority stake. The foreign partner can hold a maximum of 49%. While the act does not directly apply to mining companies, they will nonetheless be held liable and fined if a subcontractor does not comply. The ARSP actively enforces these requirements with on-the-ground compliance visits and has suspended companies for violations. Structuring the joint venture correctly — including governance rights, profit distribution, and management control provisions within a minority stake — requires experienced structuring advice.
The Washington Accords, signed in December 2025 as part of a US-mediated peace deal between the DRC and Rwanda, give the United States preferential access to DRC critical minerals. The DRC has shared with US officials a vetted shortlist of state-backed projects open to American investment, spanning Kisenge's manganese and gold licences, Gécamines' Mutoshi copper-cobalt project, Sokimo's four gold permits, Cominiere's lithium licences, and Sakima's coltan, gold and wolframite assets. The Accords represent the most significant shift in the DRC investment landscape for Western investors in over a decade, opening a re-entry window alongside China's continued dominance. However, the peace process in eastern DRC remains fragile and investors must monitor developments carefully.
The revised Mining Code increases government revenue through several measures. The mineral royalty on non-ferrous metals rose from 2% to 3.5%, while newly classified strategic minerals including cobalt, germanium, and coltan are subject to a 10% royalty. The law mandates a transfer of 10% non-dilutable shares to the government on mining rights application, plus an extra 5% equity transfer for each renewal. Copper was added to the strategic minerals list in 2022, also triggering the 10% royalty. Companies are also required to provide 0.3% of their turnover to a legal entity charged with local development. The stability clause under the 2018 act protected existing permit holders for five years from March 2018, meaning that window expired in March 2023 for legacy permits — new investments are subject to the full 2018 regime from day one.
In February 2025, cobalt prices hit a nine-year low. The DRC — which holds 71% of proven reserves — implemented a cobalt export ban for at least four months. When the ban was lifted in October 2025, strict quotas were introduced in its place. The DRC's stated objective is to dismantle a structure where refiners capture profits while Congolese miners bear the risk, and to push for local processing that keeps more value in the country. For investors, this signals two things: first, a more assertive Congolese government willing to use supply control as a tool; and second, a significant opportunity in downstream processing infrastructure in the DRC, where investment in refining and precursor production would benefit from the government's local processing agenda and reduced exposure to raw commodity price volatility.
Whether you are structuring a mining services joint venture, financing processing infrastructure, or seeking capital introduction for a DRC mineral asset, submit your mandate and we will respond within one business day.
Disclaimer: This page is published for informational and educational purposes only. It does not constitute investment advice, legal advice, or a solicitation to invest in any specific project or jurisdiction. Investing in the DRC mining sector involves significant risks including political instability, security risks, regulatory uncertainty, and currency risk. All statements regarding investment potential reflect general market conditions and publicly available information. Financely makes no assurance regarding investment outcomes. All mandates are subject to full due diligence, KYC, AML, and sanctions screening. Potential investors should seek independent legal, financial, and geopolitical advice before committing capital to DRC mining activities.
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