India holds talks with Congo for pact to source cobalt, copper, sources say
The world's fastest-growing major economy, India has launched efforts to secure critical minerals from resource-rich nations such as Congo, Mongolia and Zambia to help energy transition efforts and fill growing demand from its industries.
As part of New Delhi's increasing efforts to scout for mineral assets abroad, the mines ministry will seek clearance from the foreign ministry to send a team of geologists to Congo, said one of the sources.
"The memorandum of understanding is under process, and both countries are interested," said the second source. Both spoke on condition of anonymity as the discussions are not public.
The mines ministry did not respond to a Reuters request for comment.
New Delhi plans to send officials to attend a mining conference in Congo this year, the sources added, following a visit by a senior official in July 2024 to explore opportunities for sourcing supplies of cobalt and copper.
Congo is the world's top producer of cobalt, a key component in batteries for electric vehicles and mobile phones, while copper is used widely in power generation, electronics and construction.
But strife in Congo could complicate matters for India as the Rwanda-backed rebel group M23 and pro-Congo militias have battled since the start of the year for control of its mineral-rich eastern regions.
"In African countries, the challenge would be geopolitics and that is what delays projects," said Ritabrata Ghosh, vice president and sector head for corporate ratings at ICRA Ltd.
Additionally, since the processing of critical minerals is a technologically intensive process, commercialisation would require time after the discovery of copper and cobalt deposits, Ghosh said.
India is also preparing to send a team of geologists to Zambia within the next two months, the sources said.
On Monday, Reuters reported that the United States was open to exploring partnerships with Congo on critical minerals, after a Congolese senator contacted U.S. officials to pitch a minerals-for-security deal.
Last month Congo suspended exports of cobalt for a period of four months to disperse a glut in production.
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