US deploys offtake deals in minerals race

Mineral flows: Excavators and drillers at work in an open pit at Tenke Fungurume, a copper and cobalt mine owned by Freeport McMoRan, Lundin and Gecamines. Beyond copper and cobalt, Congo is emerging as a supplier of zinc, germanium and gallium. — Reuters

ACCRA: The United States is using offtake deals and state-backed funding to compete in the short term with China in securing supplies of African copper, cobalt and other critical minerals, diplomats, executives and analysts say ahead of this week’s Indaba.

Washington’s focus is on Zambia, Guinea and Democratic Republic of Congo (DRC). The latter accounts for more than 70% of global cobalt supplies and produced some 3.3 million tonnes of copper in 2024.