Reuters reports suggest that the DRC is set to boost its stake in the Sicomines cobalt and copper joint venture with Chinese firms from 32% to 70%.

In February 2023, Congo's state auditor demanded an additional US$17Bn of investments from a 2008 infrastructure-for-minerals deal with Chinese investors. The DRC government has been revisiting a deal struck between Sinohydro and China Railway Group, which agreed to build roads and hospitals in exchange for a 68% stake in Sicomines, a cobalt and copper joint venture with DRC state-owned mining company Gécamines. The auditor, and the Tshisekedi Government, appear concerned that too much of the DRC’s Cu-Co resources were given away during the Kabila era, with little benefit to the country. 

DRC President Félix Tshisekedi visited China between May 24th and 29th and in a joint statement with Xi Jinping announced that both countries were upgrading "…the bilateral relationship from a win-win strategic cooperative partnership to a comprehensive strategic cooperative partnership", according to a Chinese foreign ministry statement. Tshisekedi is the latest African leader to visit China in recent weeks, following visits from Sierra Leone, Eritrea, Ethiopia, and Gabon.

The outcome for Sicomines may depend on the results of last week’s visit – and the signing of any trade deals.  The DRC Government is likely to remain robust in its position, with general elections scheduled for 20th December 2023 according to an electoral calendar released in November 2022 by the Independent National Electoral Commission. 

The plan to boost the DRC’s stake and have greater control in managing Sicomines was detailed in a document seen by Reuters, that outlined the DRC’s demands ahead of talks.