DR Congo president orders audit of cobalt and copper export revenues

The president of the Democratic Republic of Congo has ordered a comprehensive 30-day audit of the country’s mining export revenues and state assets.

Felix Tshisekedi said poor oversight, capital flight, and opaque joint ventures involving state mining assets were some of the issues preventing it from fully benefiting from record copper and cobalt exports.

The DRC is one of the world’s leading suppliers of both metals and also holds vast reserves of lithium, gold, and coltan.

All are highly sought after by countries across the world as they are used in a wide variety of products from electronics, to rechargeable batteries and more.

With the DRC holding significant reserves, it has become a battleground in the global competition to secure essential mineral supply chains.

The government has signed deals with both the United States and China as they try to build critical stockpiles for the renewable energy and electric vehicle sectors.

According to the minutes of a cabinet meeting seen by Reuters news agency, Tshisekedi has also instructed the authorities to fully interconnect port agencies and the central and commercial banks.

He says no mineral ​export or import should escape a single traceable chain.

Initial findings ​are due by ⁠15 June.