Tenke Fungurume mine
Photo by: Reuters
The Congolese Regulatory Authority for Subcontracting in the Private Sector, or Authorité de Régulation de la Sous-traitance dans le Secteur Privé (ARSP), has announced a new agreement with China’s CMOC Group, the majority shareholder at the world’s second largest cobalt mine Tenke Fungurume Mining (TFM), to ensure greater Congolese participation in the value chain of the project.
ARSP and CMOC, which owns 80% of TFM, have agreed that CMOC will ensure that it is complying with regulation that subcontractors at the project must be 51% Congolese-owned.
In its role of connecting international investors with Congolese partners, ARSP says it is supporting CMOC in fulfilling its obligations by providing a list of recommended Congolese businesses to incorporate into the project’s value chain.
ARSP has published an initial list of subcontractors focused on the mining sector and TFM, including Elephant Trade, Panaco, GHS and Bofa.
The list will be continuously updated to facilitate more connections between Congolese companies and international investors across all sectors.
The announcement follows discussions between CMOC and ARSP director-general Miguel Kashal Katemb, who welcomed the announcement.
“I am delighted that we are working constructively with our partners at CMOC to ensure Congolese participation in the value chain at TFM, one of the world’s largest sources of the key minerals required for the energy transition.
“This will be a win-win for both CMOC and the Congolese people in Lualaba, where they will have access to more economic opportunities and more jobs as a result of ARSP’s work,” he acclaims.
ARSP avers that the agreement marks another key step in the progress made at TFM since the restart of operations in 2023.
Together, ARSP and CMOC will ensure the proceeds from the copper and cobalt reserves at the mine will be more beneficial to the economic development of the region, in line with President Félix Tshisekedi’s objectives of creating 6.4-million new jobs in the DRC, ARSP states.