Who Controls Congo's Five Largest Cobalt Mines? An Ownership Deep Dive

The global cobalt mining landscape is dominated by a single country: the Democratic Republic of Congo (DRC). Accounting for approximately 74 percent of worldwide cobalt output, the DRC produced 170,000 metric tons in 2023—a significant portion of the planet’s 230,000 MT total production. Yet behind these impressive figures lies a complex web of corporate ownership and joint ventures. For investors seeking to understand who actually owns and operates Congo’s cobalt mines, the answer reveals heavy Chinese investment alongside traditional mining powerhouses and state-backed interests.

The Big Picture: Why Congo’s Cobalt Matters

Cobalt demand has surged as lithium-ion batteries power the global electric vehicle revolution. The DRC’s mineral wealth makes it indispensable to this supply chain, but the ownership structure of its mines reflects broader geopolitical and economic dynamics. The five largest cobalt mines in the DRC are managed by multinational consortiums, each with distinct ownership profiles that shape production strategies and market influence.

Tenke Fungurume: China’s Dominance (28,500 MT in 2023)

Located in Lualaba province, this mining behemoth exemplifies modern DRC cobalt ownership. China’s CMOC Group holds 80 percent, while the DRC government entity Gécamines retains 20 percent—a common arrangement reflecting the state’s stake in national resources. CMOC acquired the mine from Freeport McMoRan in 2016, marking a significant shift in control toward Chinese interests. The company’s 2023 cobalt output nearly doubled compared to 2020 levels, and CMOC’s expanded operations in Tenke helped it surpass traditional leader Glencore as the world’s largest cobalt producer. Beyond cobalt, this mine is also the DRC’s top copper producer, generating integrated revenue streams for its Chinese parent company.

Kamoto: The Glencore-Gécamines Partnership (27,600 MT in 2023)

In Katanga province, Glencore (75 percent ownership) operates Kamoto alongside Gécamines (25 percent). This joint venture demonstrates how global mining majors maintain footholds in Congo’s cobalt sector. The mine’s cobalt output has climbed over 15 percent in recent years, supported by multiple operational sites including the KOV and Mashamba East open-pit facilities and the Luilu refinery in Kolwezi. This integrated ownership model allows Glencore to maintain competitive positioning despite losing its crown as the leading cobalt producer.

Kisanfu: The CMOC-CATL Connection (27,000 MT in 2023)

Also in Lualaba, Kisanfu represents the newest major entrant into Congo’s cobalt landscape. Ownership is split among CMOC (which controls 75 percent of the operating subsidiary), Chinese battery manufacturer CATL (25 percent), and the DRC government (5 percent). CMOC acquired the deposit from Freeport McMoRan in 2020, and the mine’s startup in mid-2023 immediately contributed to record global cobalt supply. This ownership structure links Congo’s raw mineral extraction directly to China’s battery manufacturing ecosystem, illustrating how who owns these mines determines the supply chain’s ultimate geography.

Metalkol RTR: ERG’s Reprocessing Model (14,700 MT in 2023)

In Haut-Katanga, Eurasian Resources Group (ERG) operates a hydrometallurgical facility that reprocesses historical mining tailings—a different ownership and operational model than traditional mining. Metalkol RTR’s approach to cobalt extraction grew 40 percent from 2020 output levels. ERG’s commitment to responsible mining practices attracted a 2024 supply agreement with Electra Battery Materials, securing long-term cobalt hydroxide delivery to a Canadian refinery project. This arrangement illustrates how ownership structures increasingly intertwine with sustainability credentials and downstream processing.

Mutanda: Glencore’s Stake (11,200 MT in 2023)

Glencore wholly owns Mutanda Mining (95 percent interest in the mine itself), with the DRC holding the remaining 5 percent. After care-and-maintenance suspension in 2019 due to weak cobalt prices, Glencore phased operations back online starting October 2021. The three open-pit mines are projected to operate for 25 years, though recent concerns about depleting surface oxide grades may require investment in deeper sulfide ore extraction. This ownership concentration in Glencore’s hands gives the major mining corporation significant leverage over production decisions.

The Ownership Picture: Chinese Capital and Traditional Majors

Who owns Congo’s cobalt mines reveals a clear pattern: Chinese investors—particularly CMOC and battery manufacturers like CATL—control the highest-producing facilities. The DRC government maintains minority stakes across all five mines, ensuring some state revenue but limited operational control. Traditional Western miners like Glencore retain substantial holdings but have ceded dominance to Chinese capital. This ownership distribution means that decisions about production levels, processing techniques, and supply destinations flow significantly through Chinese corporate channels, making cobalt supply intimately tied to geopolitical and commercial interests operating from Beijing.