In the Democratic Republic of Congo, Shalina Resources & Tragifura sign a 600 million USD mining agreement.

January 21, 2022

Shalina Resources is a leading copper/cobalt producer in the DRC, while Tragifura is a Singapore-based multinational commodity trading company. The two companies signed an agreement in response to the increased demand for metals, particularly cobalt, a vital battery part used in mobile phones & electric vehicles.

The deal aims to significantly boost the DRC’s high-grade cobalt hydroxide and copper cathode supply. Producing nearly 70% of the world’s cobalt, DRC is the world’s largest supplier. With this agreement, Shalina Resources will complete the construction of a fully mechanized Mutoshi mine and solvent extraction-electrowinning (Sx-EW) processing plant in Kolwezi. All of these will be located in DRC’s Katanga Province. The Mutoshi mine is presumed to start production by the third quarter of 2023. It is one of the largest cobalt and copper mines in the DRC.

The mining project will create employment for about 1000 locals during the construction and operation phase. This is on top of the current 1000 Congolese works at the Etoile mine that will be secured for 10-12 years.

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