NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Democratic Republic of Congo said it’s backing plans for a new domestically owned copper-cobalt plant to help formalize artisanal mining in the country, at a time when minerals crucial to electric vehicles are moving further into the global spotlight.

The project, which will be developed by privately held Congolese firm Buenassa, is expected to cost about $350-million, and Washington-based financial consulting firm Delphos International has agreed to help raise financing, representatives from the two companies and the government said in an interview.

Photo courtesy of Fairphone.