China and the United States have entered a rivalry for ownership of Chemaf Resources Group, which owns cobalt and copper mines in the DR Congo, the Financial Times reports.
The struggling Dubai-based mining group has hired a consultant to sell the holding and its assets: copper and cobalt mines in the DRC worth about $1bn. According to three FT sources familiar with the details of the sale negotiations, the valuable asset has attracted interest from Chinese entrepreneurs. The US government also wants to broker offers from Western and Middle Eastern investors to avoid the assets falling into Chinese hands, the business daily said.
Washington has stepped up its opposition to China's dominance over mineral resources in Africa this year because of China's desire to compete with the US in renewable energy technology. Copper and cobalt are key resources for clean energy, as well as for making electric cars and batteries.
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The struggling Dubai-based mining group has hired a consultant to sell the holding and its assets: copper and cobalt mines in the DRC worth about $1bn. According to three FT sources familiar with the details of the sale negotiations, the valuable asset has attracted interest from Chinese entrepreneurs. The US government also wants to broker offers from Western and Middle Eastern investors to avoid the assets falling into Chinese hands, the business daily said.
Washington has stepped up its opposition to China's dominance over mineral resources in Africa this year because of China's desire to compete with the US in renewable energy technology. Copper and cobalt are key resources for clean energy, as well as for making electric cars and batteries.
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