In November 2021, at the DRC-Africa Business Forum during the lithium price surge and six months before AVZ delisted, Félix Tshisekedi presented his country as Africa's ideal high-tech/battery manufacturing hub...noting his country's vast mineral resources, well-established mining legislation, business-friendly environment and skilled labour force.
He further emphasised his country's competitive advantage in the electric vehicle battery value chain as "...the most competitive destination for investments in batteries for electric cars."
Fast forward four years, and despite endless spruiking, the DRC remains to same aid-dependent cesspool of corruption, cronyism and grinding poverty. Little of the billions received from (mostly) Chinese mining licences and royalties has found its way to rebuilding the DRC's crumbling infrastructure or desperately needed community projects.
Instead, funds are skimmed before they get to treasury, wasted on pet political projects or simply pilfered by Felix and his entourage of like-minded kleptocrats.
Despite confidence returning to the LCE market, and spot prices again climbing past $US8,000/t, it is not surprising that potential suitors for AVZ's Manono assets remain nervous about the DRC, and are prepared to offer only a proportion of Manono's true value. Until there is certainty around ownership of Manono's mineral rights, potential suitors will probably keep their hands and their money in their pockets.
Cheers
F
He further emphasised his country's competitive advantage in the electric vehicle battery value chain as "...the most competitive destination for investments in batteries for electric cars."
Fast forward four years, and despite endless spruiking, the DRC remains to same aid-dependent cesspool of corruption, cronyism and grinding poverty. Little of the billions received from (mostly) Chinese mining licences and royalties has found its way to rebuilding the DRC's crumbling infrastructure or desperately needed community projects.
Instead, funds are skimmed before they get to treasury, wasted on pet political projects or simply pilfered by Felix and his entourage of like-minded kleptocrats.
Despite confidence returning to the LCE market, and spot prices again climbing past $US8,000/t, it is not surprising that potential suitors for AVZ's Manono assets remain nervous about the DRC, and are prepared to offer only a proportion of Manono's true value. Until there is certainty around ownership of Manono's mineral rights, potential suitors will probably keep their hands and their money in their pockets.
Cheers
F
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