Africa Cobalt Commodities Copper DRC Economy FDI Finance Mining

DRC Mining sector welcomes Akon in JV with state company

A company led by American-Senegalese R&B singer Akon has signed a deal to finance a copper and cobalt mine in the Democratic Republic of Congo in a joint venture with a state miner, according to a contract published by the mines ministry.

The Grammy-nominated singer, known for hit songs like “Don’t Matter” and “Smack That,” has launched a number of businesses and philanthropic ventures across Africa in recent years, including a US$6B futuristic city in Senegal and a cryptocurrency called Akoin.

Also read: KE awarded US$6B construction contract for Senegal

Akon’s foray into Congo’s mining sector comes through a U.S.-registered firm called White Waterfall LLC, of which he is the president and CEO, according to contracts published on the mines ministry website.

One of the contracts, dated Dec. 14 and signed by Akon, whose legal name is Aliaune Thiam, commits White Waterfall to paying a US$2M signing bonus and financing a #feasibilitystudy of the Kimono reserve in Haut Katanga province.

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