Dan Gertler, a billionaire under sanctions, is set to receive hundreds of millions of dollars as part of a controversial US plan to lift restrictions on the Israeli tycoon if he sells his remaining mining interests in the Democratic Republic of Congo. Gertler was hit with sanctions by the US Treasury in 2017 for alleged corrupt dealing in Congo, but retains lucrative royalty streams from three mining projects there. Under the US proposal, the Treasury would provide Gertler with “special” licences to sell the three royalty streams back to the Congolese government and would eventually grant him a “general” licence to regain access to the US financial system. The total amount Gertler would receive is yet to be decided, but US officials expect it to be somewhere around $300mn, according to two people who asked not to be identified discussing the financial terms of the deal, which have not previously been reported. The US officials behind the proposal argue that removing Gertler from Congo would create more opportunities for US-friendly companies to access metals such as a copper and cobalt. Both minerals are vital to the buildout of clean energy infrastructure…Congo is the world’s largest source of cobalt and Africa’s biggest producer of copper, but the country’s mining sector is dominated by Chinese companies. 

The Democratic Republic of Congo’s state miner said it will need to approve any acquisition of cobalt producer Chemaf Resources Ltd. if the new owner wants to take over a key mining permit…Chemaf put itself up for sale in September and, although it said in March the process was in its “final stage,” a winning bid is yet to be announced. The Trafigura Group-backed firm is trying to build one of the biggest copper-cobalt mines and processing plants in Congo on a permit rented from state-owned Gecamines. A transaction to change ownership of the lease without prior approval from Gecamines would be “void” if it includes the license where Chemaf is developing its Mutoshi project, Gecamines Chairman Guy-Robert Lukama said in an interview. “If they sell, we will withdraw the lease agreement.”…Chemaf arranged a $600 million loan from Trafigura in late 2022 to fund its expansion, but the mine development overshot its budget and the commodity trading giant was forced to seek new funding. Chemaf offered itself for sale shortly afterward, asking prospective bidders to commit the $250 million to $300 million still needed to complete construction of its projects…Trafigura said that as “one of the creditors to Chemaf,” it is “not managing or influencing decisions on the investment process.”…Chemaf said on Friday it has invested about $520 million in developing Mutoshi, which is about 80% complete. The company has previously blamed the funding gap on “inflationary pressures across the global mining sector,” a “soft cobalt pricing environment” and the unavailability of the full loan from Trafigura.

President Yoon Suk Yeol's Central Asia tour focused on boosting economic ties with resource-rich countries as part of his diplomatic push to secure critical minerals and energy supplies amid global supply chain uncertainties…Yoon wrapped up a weeklong trip to Kazakhstan, Uzbekistan and Turkmenistan, Saturday, as Korea seeks deeper engagement with the strategically significant region rich in vital resources essential for cutting-edge chip and battery industries…The state visits followed the first-ever Korea-Africa summit held last week, which focused on forging critical mineral partnerships in the region…During his first trip to Central Asia since taking office in May 2022, Yoon introduced the "K-Silk Road" initiative, centered on creating a new cooperation model by linking Korea's innovative capabilities with Central Asia's abundant resources and development potential…Korea, home to Samsung Electronics, SK hynix and major battery makers, aims to diversify its import portfolio of key industrial materials to reduce its reliance on a limited set of countries, including China.