• Talks with TechMet target Rubaya site, held by M23 rebels since 2022
• Investment hinges on peace progress; SAKIMA holds mining license for site
  

Swiss trading house Mercuria is expanding further into strategic minerals in the Democratic Republic of Congo (DRC). After agreeing to provide 100 million dollars in financing to Eurasian Resources Group (ERG) in late October to support Congolese copper production, the company is now considering a move into the coltan market. Coltan is a tantalum-rich ore used in a wide range of high-tech applications.

According to sources cited by Bloomberg, Mercuria is assessing a possible partnership with investment firm TechMet to modernize coltan operations at Rubaya in eastern DRC. The site contains one of the world’s richest tantalum deposits, but it lies in a conflict zone that has been controlled by the M23 rebel group for more than a year. Any investment would likely depend on progress toward a peace agreement that the United States is trying to facilitate between Kinshasa and Kigali, which is accused of backing the rebels.

TechMet’s Western Support and Regional Presence

TechMet, based in Dublin, is backed by the U.S. International Development Finance Corporation (DFC) and the Qatar sovereign wealth fund. It already owns stakes in Trinity Metals, a producer of tin, tungsten and tantalum operating in Rwanda. A partnership with Mercuria would reinforce ongoing U.S.-DRC efforts to attract Western investment into the country’s copper, cobalt, lithium and tantalum supply chains.

Neither company has commented publicly on the discussions. In addition to securing the mining area at Rubaya, Mercuria and TechMet still face other obstacles before establishing a presence. While initial discussions are reportedly taking place with the U.S. government, the involvement of Congolese authorities has not yet been secured. The state-owned mining company SAKIMA holds the license for the coltan deposits at Rubaya.

Emiliano Tossou