US intervened in Congo mine sale to Chinese arms group
The US intervened in the sale of a Congolese copper mine to a Chinese arms manufacturer to secure critical minerals access. Gécamines vetoed the deal, prompting US efforts to find alternative buyers.
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The US intervened in the sale of a Congolese copper mine to a Chinese arms manufacturer to prevent Beijing from gaining more control over critical minerals. US officials urged Congo's state-owned miner, Gécamines, to review the sale of Chemaf Resources to Norin Mining, a subsidiary of China's Norinco. This intervention is part of US efforts to secure access to metals for American companies amid growing competition with China for resources essential for clean energy infrastructure. Gécamines vetoed the deal, claiming it should have been informed beforehand. Norinco, a major Chinese defense company, aims to acquire two copper-cobalt mines from Chemaf, crucial for military equipment. The US Treasury has banned American ownership of Norinco shares since 2020. Trafigura, a major creditor of Chemaf, arranged a loan in 2022 but faced challenges due to rising costs and falling cobalt prices. The US government and Trafigura sought alternative buyers, including KoBold Metals, but the deal with Norinco is set to repay Trafigura in full.
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