DRC Tightens Grip on Geological Data Amid Copper Price Surge
The Democratic Republic of Congo (DRC) is tightening its control over geological data in an effort to maximize revenue from its vast mineral wealth. The move comes as global copper prices have edged higher, reaching $14,535 per tonne, with the DRC being one of the world's largest producers.
The government has awarded a $180 million contract to Xcalibur, a global mapping firm, to conduct airborne surveys and digitize historical archives. This will create a centralized national geological databank, which will be used to guide billions of dollars in mining exploration.
Unlike other major mining jurisdictions, the DRC intends to operate a tiered access system for its geological data. Information will only be dispensed based on rigorous assessments of investor intent and the protection of national strategic interests.
The policy overhaul coincides with resilient demand in the global commodities market, with copper prices rising by 0.51% recently. The DRC's copper output is staggering, with 2.8 million tonnes produced in 2023, cementing its position as the second-largest producer globally.