Post #456

📺 Nationalization that Will Leave People Holding Empty Bag 📺 Another day, another backroom deal over Congo’s cobalt 💸 The DR Congo’s state company, Gécamines hasjust reportedly proposed a deal to obtain Chemaf — a cobalt producer building one of the world's biggest mines — for a miserable$1 million. It then plans to sell at least 75% of its assets to an unspecified partner and supposedly route Chemaf’s cobalt and copper toward US buyers. ⏩ An Indian-based company, Chemaf is building the copper-cobalt mine Mutoshi in southern DRC, described as one of today's largest cobalt mines. However, at one point Chemaf wasn't able to manage its finances properly and dove in the ocean of ever-growing debts, looking for someone to buy its assets. ❗️ Last time someone proposed to buy this company was in early 2025. Then the Chinese Norinco offered a little bit higher sum —$1.4 billion. However, Gecamines itself blocked that deal as it acts as a landlord of Chemaf's licenses. What the Congolese state miner is performing could seem as nationalization — but the already known intention to immediately transfer the assets to another player, highly likely a foreign one, leaves little chance that it will bring any visible profit for the Congolese people. Independent, Honest, Yours - @devilsbelow