Retired NBA player Dikembe Mutombo’s investment firm, Bluetech, alongside international partners, has announced plans to invest $1 billion in ethical cobalt mining projects in the Democratic Republic of Congo (DRC). Blockchain is planned to ensure traceability. Mutombo is originally from the DRC and is looking to bring international investment to his home country.
Cobalt is a mineral commonly used in the production of electric batteries. As electric vehicles are becoming more popular, so the demand for the mineral increases. The World Economic Forum Global Battery Alliance predicts the demand for cobalt used in batteries will grow fourfold by 2030.
Over 68% of the world’s cobalt supply comes from the DRC, with approximately 15% to 30% of the country’s minerals produced by small-scale mining. It is not news that the mining process in the DRC, especially in small-scale mining, often violates human rights. Child labor, fatal accidents, and violent arguments between miners are common. Historically, the mining business in the DRC has been prone to corruption.
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