Chinese Firms to Invest $7bn in Congo Cobalt Mine

Chinese construction firms, including Sinohydro and China Railway Group, are set to invest up to $7 billion in infrastructure projects in the Democratic Republic of Congo as part of their joint venture with the Congolese state mining company Gecamines. The agreement maintains the current shareholding structure, with the Chinese partners committing to paying 1.2% of royalties annually. However, the state auditor had demanded an increased commitment of $20 billion in infrastructure investments. The Congolese president had aimed to boost the state's stake in the joint venture to 70%. The mining sector in Congo is largely dominated by Chinese companies.