In 2024, mining companies poured $130.7 million into exploration activities in the Democratic Republic of Congo (DRC), according to a report from S&P Global Market Intelligence published on February 21, 2025. This significant investment accounts for 10% of the $1.3 billion allocated to mining exploration across Africa that year, positioning the DRC as the leader in the sector.
The exploration funds are not evenly spread, with copper dominating the investment, attracting $71.5 million. Thanks to this strong performance, the DRC ranked 9th globally for mining exploration, edging out Zambia—Africa’s second-largest copper producer—which secured $65.5 million in the same year.
In the cobalt sector, the DRC saw $8.3 million in exploration funding, placing it 2nd globally, just behind Australia, which led with $15.2 million.
While the DRC is rich in other valuable resources like gold—home to one of Africa’s largest gold mines, Kibali—and reserves of coltan, tin, and zinc, the report does not detail the funding for these minerals.
The DRC’s dominance in copper and cobalt exploration is likely driven by its vast reserves. The country holds about 50% of the world’s cobalt reserves and produces over 70% of global cobalt output. It is also the second-largest copper producer globally, having accounted for 65% of all new copper reserve announcements worldwide in 2023. These two metals are increasingly critical for the global energy transition, especially copper, whose demand is expected to rise from 32 million tons today to 50 million tons by 2050.
Chinese companies dominate the DRC’s mining industry, particularly in the copper and cobalt sectors, controlling around 80% of the country’s mines. In response to this concentration of power, the DRC government, under Kinshasa, is looking to diversify its mining partnerships. This shift could open the door to new investors, especially from Saudi Arabia and the United States, and could further drive investment into mining exploration in the country.
