The Democratic Republic of Congo’s state-owned mining company Gécamines has announced it will begin selling copper linked to its stake in the giant Tenke Fungurume mine, marking a significant step in its effort to capture more value from the country’s mineral wealth.
Gécamines said it will market copper corresponding to its 20 percent shareholding in the mine, which is operated by China’s CMOC Group. The decision, announced on Monday, represents the first time the Congolese miner has directly exercised its contractual right to purchase and commercialise production volumes from one of its major joint ventures.
Tenke Fungurume, one of the world’s largest copper and cobalt operations, is located in the mineral-rich province of Lualaba in southern DR Congo. CMOC holds an 80 percent stake in the asset, while Gécamines retains the remaining 20 percent on behalf of the Congolese state.
Under the plan, Gécamines expects to sell around 100,000 tonnes of copper during the 2026 financial year. The volumes will be delivered progressively over the year and are primarily intended for the United States market, the company said.
Sales will be handled through a newly created trading joint venture between Gécamines and Swiss commodities trading group Mercuria. Financial terms of the arrangement were not disclosed.
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Gécamines’ chief executive Guy-Robert Lukama said the move was part of a broader strategy to strengthen the company’s revenues and improve returns to the state, as Kinshasa seeks to assert greater control over the commercialisation of its strategic minerals.
In 2023, Gécamines secured the right to lift and market production corresponding to its equity interests in several mining projects, following years in which its role was largely limited to receiving dividends and royalties. Monday’s announcement marks the first concrete implementation of that policy in one of its flagship partnerships.
“The exercise of this right is fully in line with the objectives assigned to Gécamines by the Congolese authorities,” the company said in a statement, adding that the initiative supports industrial and economic priorities set by President Félix-Antoine Tshisekedi Tshilombo.
The focus on the United States reflects deepening ties between Kinshasa and Washington in the mining sector. In 2025, the two countries signed cooperation agreements aimed at securing supply chains for critical minerals such as copper and cobalt, which are essential for electric vehicles, renewable energy infrastructure and advanced manufacturing.
DR Congo is the world’s largest producer of cobalt and Africa’s biggest copper supplier, but the sector has long been dominated by foreign operators and traders. Authorities have increasingly sought to increase state participation in marketing and processing, arguing that greater domestic involvement is needed to translate mineral wealth into broader economic development.
Analysts say Gécamines’ entry into direct trading could increase transparency and revenues if successfully executed, but warn that the strategy carries operational and financial risks. Commodity trading requires sophisticated risk management, logistics expertise and access to financing, areas in which Gécamines has limited recent experience.
The partnership with Mercuria is seen as an attempt to address those challenges by leveraging the Swiss trader’s global marketing network and technical know-how. Mercuria is one of the world’s largest independent energy and commodities trading groups, with a growing presence in metals.
Looking ahead, Gécamines has indicated it plans to expand its trading activities. The company is preparing to launch a dedicated subsidiary, Gécamines Trading, which would handle the commercialisation of metals across its portfolio.
Over the longer term, the state miner aims to secure marketing rights for up to 500,000 tonnes of copper and 40,000 tonnes of cobalt annually, according to company officials. Such volumes would make Gécamines a significant player in global metals trading.
For now, attention will focus on the execution of the Tenke Fungurume sales and their impact on state revenues. Success could encourage Congo to further reshape its role in the mining value chain, while failure could reinforce scepticism about state-led trading initiatives in one of the world’s most complex mining jurisdictions.
