India Engages with Congo to Secure Cobalt and Copper Resources

India is in talks with the Democratic Republic of Congo to establish a pact for sourcing cobalt and copper, crucial for battery production and other industries. A team of geologists may be sent soon, despite challenges posed by regional conflicts. India also plans to engage with Zambia and notes a growing international interest in Congo’s minerals.

India’s Ministry of Mines is initiating discussions to establish a memorandum of understanding with the Democratic Republic of Congo, focusing on the procurement of cobalt and copper. To facilitate this, a team of geologists is anticipated to be dispatched to Congo pending approval from the Ministry of External Affairs. New Delhi’s proactive approach aims to secure vital mineral resources necessary for its growing industries.

Congo, a leading global producer of cobalt, plays a critical role in the production of batteries for electric vehicles and mobile phones. Additionally, copper is essential in various sectors, including power generation, electronics, and construction. However, ongoing conflicts with rebel groups in the eastern regions of Congo may pose significant operational challenges for Indian interests in the country.

Ritabrata Ghosh, Vice President at ICRA Ltd., commented on the geopolitical issues complicating operations in Africa, stating, “In African countries, the challenge would be geopolitics and that is what delays projects.” Furthermore, the in-depth processing required for critical minerals means that the commercialization of discovered resources may take considerable time.

India is also exploring opportunities in Zambia, planning to send a geological team to evaluate prospects in the forthcoming months. Recently, discussions have emerged regarding American engagement with Congo concerning critical minerals, highlighting a broader international interest in the region. Furthermore, the Congolese government has enacted a temporary suspension of cobalt exports in response to an oversupply in the market.

The discussions between India and Congo signify a strategic move towards securing essential minerals for India’s economic growth. As geopolitical tensions complicate operations, careful navigation will be required to ensure successful resource acquisition. India’s proactive approach reflects a growing commitment to international partnerships in the mining sector. The situation in Congo remains complex, with ongoing strife presenting challenges to foreign investment and exploration efforts.

Original Source: m.economictimes.com