ARSP inks new deal with Tenke Fungurume Mining

The Congolese Regulatory Authority for Subcontracting in the Private Sector (ARSP) has announced a new agreement with China’s CMOC Group, the majority shareholder at the world’s second largest cobalt mine, Tenke Fungurume Mining (TFM), to ensure more Congolese participation in the value chain of the project.

ARSP and CMOC Group, which owns 80 percent of TFM, have agreed that CMOC will ensure that it is complying with regulation that subcontractors at the project must be 51 percent Congolese-owned.

In its role of connecting international investors with Congolese partners, ARSP is supporting CMOC in fulfilling its obligations by providing a list of recommended Congolese businesses to incorporate into the project’s value chain. ARSP has published an initial list focused on the mining sector and TFM, including Elephant Trade SARL, Panaco, GHS, and Bofa SARL. The list will be continuously updated to facilitate more connections between Congolese companies and international investors across all sectors.

The announcement follows discussions between CMOC Group and Miguel Kashal Katemb, Director-General of ARSP, who welcomed the announcement:

“I am delighted that we are working constructively with our partners at CMOC Group to ensure Congolese participation in the value chain at TFM, one of the world’s largest sources of the key minerals required for the energy transition. This will be a win-win for both CMOC Group and the Congolese people in Lualaba, where they will have access to more economic opportunities and more jobs as a result of ARSP’s work.”

The agreement marks another key step in the progress made at TFM since the restart of operations in 2023. Together, ARSP and CMOC Group will ensure that the proceeds from the copper and cobalt reserves at the mine will be more beneficial to the economic development of the region, in line with the President Félix Tshisekedi’s objectives of creating 6.4 million new jobs in the DRC.

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