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DRC boosts US copper sales fivefold to 500,000 tonnes
The Democratic Republic of Congo has raised planned copper sales to the United States to 500,000 tonnes through a state-backed marketing venture, marking a fivefold increase from its initial January commitment.
The deal, first reported by Semafor, is led by state miner Gécamines and marketed through a joint venture with Mercuria Energy Group, with backing from the US International Development Finance Corporation. It targets copper output from Gécamines’ minority stakes in major operations, including Kamoto Copper Company and Tenke Fungurume.
The expanded agreement highlights the DRC’s growing influence in global copper markets while intensifying competition between Western and Chinese players for control of critical mineral supply chains, as Kinshasa seeks to convert passive stakes into direct revenue and greater commercial control.
Gécamines has been working to transform its holdings in some of the country’s largest mines into physical copper it can market independently. Its stakes include Glencore’s (LON: GLEN) Kamoto Copper Company and the Chinese-run Tenke Fungurume mine, one of the world’s highest-grade copper-cobalt deposits. While the partnership is intended to improve transparency and control, Mercuria remains the seller of record as Gécamines develops an in-house trading arm
Analysts say that transition will require significant investment in financing, insurance and risk management, as well as access to physical markets.
Congo’s copper production has surged to 3.5 million tonnes in 2025, cementing its position as the world’s second-largest supplier after Chile. The growth comes amid record prices and rising demand driven by electric vehicles, renewable energy and data centre expansion.
Strategic reserve
In a parallel move to tighten its grip on critical minerals, the DRC has established a strategic reserve for cobalt and other key materials, handing control to regulator ARECOMS. The agency can now acquire, hold and market designated minerals, allowing the state to stockpile unused export quotas and intervene more directly in global markets.
The reserve, which will also include germanium and could be expanded to other minerals, builds on previous measures to bolster cobalt prices, including a temporary ban on exports last year followed by a quota system.
“It will allow the Congolese state to intervene in a targeted manner regarding the quantities of strategic mineral substances available in order to maintain the balance of the international market and contribute to strengthening its economic sovereignty,” ARECOMS said in an emailed statement.
Congo, which produces about 70% of the world’s cobalt, has already moved to curb oversupply through export bans and quotas. It shipped about 48,800 tonnes in the first quarter, down sharply from roughly 123,000 tonnes a year earlier, when exports were frontloaded ahead of a four-month freeze.
Under the quota system, 10% of national cobalt exports are reserved for strategic use, amounting to 9,600 tonnes in 2026. Any unshipped volumes risk being transferred to the state reserve, adding another lever for the government to influence supply.
China’s hold
Chinese companies such as CMOC, Zijin and Huayou dominate copper and cobalt production in the DRC, where the metals are often mined together, while US firms have historically stayed away because of conflict, corruption and logistical hurdles.
Kinshasa hopes American capital can dilute that dominance after years of Chinese expansion. In 2007, Congo granted Chinese miners tax breaks running to 2040 in exchange for $9 billion in promised investment, of which about $6 billion materialized, as Western governments showed little appetite to curb sales to Chinese buyers.
By the time US President Donald Trump returned to office in January 2025, Chinese firms controlled about 80% of Congo’s mining output, underscoring Beijing’s dominance in the sector. Western interest is increasing, however, with Orion CMC — backed by the US development finance agency — moving to acquire stakes in Glencore’s Congolese assets as Washington looks to secure critical mineral supply.
While the Congolese state holds a 30% stake in Kamoto, Gécamines can tender up to half of the mine’s copper production in 2026 and 2027 to offset volumes it was previously unable to market, potentially extending beyond that period if needed.
Blue Moon outlines 13-year mine at Norway copper project
Blue Moon Metals (TSXV: MOON) (NASDAQ: BMM) says a newly feasibility study for its Nussir copper project in northern Norway has confirmed what it calls a “long-life asset with strong economics”.
The study, published on Thursday, outlined a potential 13-year mine operation with average annual production of 19,000 tonnes in copper equivalent (CuEq), including 3,600 oz. of gold and 546,000 oz. of silver.
Under the base-case scenario, including long-term price assumptions of $4.78/lb. copper, $3,515/oz. gold and $45.26/oz. silver, the project has a net present value (after tax, discounted at 8%) of $235 million, with an internal rate of return of 19%. Initial capital expenditures are estimated at $184 million. The total payable metal mix breaks down as 77% copper, 6% gold and 13% silver.
The FS results are based on a current measured and indicated resource of 28.72 million tonnes grading at 1.2% CuEq, inclusive of proven and probable reserves of nearly 25 million tonnes at 0.99% CuEq.
According to Blue Moon, there is potential to expand this resource as the deposit remains open to the west and at depth. Adding 5 years to the mine life utilizing 50% of the inferred resources would result in a 52% increase to the calculated NPV, the company estimates.
It also noted that FS only considers the underground resource of the Nussir deposit and not the Ulveryggen deposit part of the project.
Production in late 2027
The FS provides strong support to make a final investment decision on the project and confirms that the timeline to hot commissioning of the process plant is the third quarter of 2027, the Canadian-based junior said. The start of production is pegged for December 2027.
“The completion of this feasibility study update marks yet another significant milestone for our Nussir project and reaffirms the strength and value of this asset and resource,” CEO Christian Kargl-Simard stated in a press release.
“Through our ongoing exploration efforts at Nussir, including 200-metre step out holes at over 1-kilometre depth, we believe this will be a generational copper mine, so we believe these results are just the beginning,” he added.
Blue Moon acquired the Nussir project in late 2024 as part of its efforts to diversify away from its zinc project in California, focusing on near-production assets. The project is host to a historic mine that was in production during the 1970s, with mining occurring from four shear-hosted open pits until operations halted in 1979.
Shares of Blue Moon Metals inched higher to trade at around C$11.20 apiece, for a market capitalization of C$974 million ($710 million).
China copper consumption to grow by 3.7% annually through 2035, Minmetals says
Refined copper consumption in top metals market China shows no signs of peaking and could grow by an average of 3.7% annually over the next decade, a researcher from state-owned China Minmetals Corp said on Tuesday.
China’s demand growth this year will be much lower at about 1%, Zuo Haoen, market research director at Minmetals Non-Ferrous, told the World Copper Conference in Santiago, citing a slowdown in the pace of the energy transition – especially in copper-intensive solar power – and high copper prices.
Under Minmetals’ “most realistic” scenario, Chinese copper consumption will grow by 3.7% a year to 22.95 million metric tons by 2035, up a total 43% from 16 million tons in 2025.
If China’s copper intensity can be maintained, consumption will grow by more than 50% over the decade, Zuo said, noting that the country had ground to make up on developed economies in terms of per capital copper consumption.
The Minmetals forecast is based on a projected population of 1.35 billion in China in 2035. “Even with a mild population decline, future incremental copper demand will remain substantial,” Zuo said.
(By Tom Daly; Editing by Neil Fullick)
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