Congo looks to ‘modern investors’ to tap $24tn mineral wealth

The Democratic Republic of Congo (DRC) is looking to attract “modern investors” to develop its $24 trillion of untapped mineral deposits, the leader of its private sector regulatory body told delegates on Tuesday at the 30th annual Mining Indaba in Cape Town, South Africa.

Mr Miguel Kashal Katemb, Director General of the Regulatory Authority for Subcontracting in the Private Sector (ARSP), told a packed auditorium that the “DRC is open to all investors” but is looking to partner specifically with “modern investors” who can support the country’s economic development.

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With a responsible approach, Mr Miguel Katemb assured the mining industry that future investment in the DRC can be a “win-win” for both investors and the Congolese people.

ARSP connects mining investors with Congolese partners who provide market access and resources in exchange for ensuring Congolese participation in the mining value chain, supporting the re-elected President Félix Antoine Tshisekedi’s pledge to deliver more jobs and promote entrepreneurship.

In regulation introduced recently, 51% of secondary activities, or sub-contracts, in the mining industry must be held by Congolese companies – an effort to ensure the benefits of the country’s vast mineral wealth.

In his speech at the Mining Indaba, Mr Miguel Katemb said: “We have many big investors in the DRC already, but we need modern investors. We are looking for investors who can help to build a new world for the Congolese people, where the social and economic benefits of investments are shared widely.”