U.S. targets China's mineral dominance with strategic moves

The United States is making significant moves in the critical minerals market, challenging China's dominance in this field. Recently, a deal involving a cobalt mine in the Democratic Republic of Congo was blocked. This mine, owned by Chemaf Resources Ltd. and backed by Trafigura, was set to be taken over by China's Norin Mining Ltd. However, the Congolese government did not approve the deal. This decision is seen as a win for the U.S., as China already controls a major share of the world's cobalt supply. Stopping this deal could help slow down China's mineral monopoly. Chemaf, facing $900 million in debt, now needs to find a new strategy to manage its finances without Chinese support. In Washington, former President Trump has taken steps to reduce U.S. reliance on foreign minerals. He is using emergency powers to boost domestic production and is working on a minerals agreement with Ukraine amidst ongoing conflicts there. Additionally, a mining firm called KoBold Metals, which is backed by notable figures like Bill Gates and Jeff Bezos, has proposed taking over a significant lithium deposit in Congo. This move could further disrupt China's control over African minerals and help resolve a dispute involving Australian and Chinese companies over this valuable asset.