In addition to cobalt, lithium, nickel and manganese are also required for the production of basic batteries. And the primary product that Congo has in mind already contains all of these raw materials. Resources are available in the country, but they are not currently being. Cobalt is a critical component in lithium-ion battery cathodes for high energy and power applications. The Democratic Republic of the Congo (DRC) accounts for almost two-thirds of global cobalt supply.
Why should the Congolese government invest in EV & battery storage?
It also highlights the potential for increased engagement with the Congolese government to promote global trade of these valuable resources. As the EV and battery storage industries grow, the International Energy Agency (IEA) has predicted that total demand for lithium will rise by close to 90% by 2040.
What role does the DRC play in the electric vehicle industry?
Photo: Unsplash The DRC plays a key role in the electric vehicle industry, supplying crucial minerals while facing labor and economic challenges.
As companies globally look toward investing in a green future, particularly in the electric vehicle (EV) industry, mining sites in the DRC have become focal points of the supply chain necessary for constructing the batteries used in these cars.
Is the DRC poised to see growth in 2023?
With rising investments and exports in the mining sector, driven by improving mineral prices and growing public investment from the EV and battery industries, the DRC is poised to see continued favorable GDP growth over the next decade. In 2023, GDP growth was recorded at 7.8%.