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JOHANNESBURG/LONDON, — Africa’s biggest copper producers, the Democratic Republic of Congo and Zambia, are working on deals to gain exposure to metal trading as a demand surge linked to artificial intelligence and the shift to greener energy promises hefty profits.
Metals trading has long been the preserve of international trading houses, such as Glencore (GLEN.L), opens new tab.
Congo and Zambia, which together represent more than 13 percent of global copper supply, have over the last year increased their focus on securing a share of the mined metal that they too can trade for profit. Congo state-owned miner Gecamines is close to finalising a deal with Glencore (GLEN.L), opens new tab to secure an allocation of about 51 000 metric tonnes of metal from Kamoto Copper Company (KCC), two sources familiar with the details told Reuters. They did not indicate any date for finalising the agreement. — AFP.
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