Voices of DMW 2026: In conversation with Landry Djimpe, Innogence

The Democratic Republic of Congo commands roughly 70% of global cobalt reserves and 50% of proven copper deposits—yet foreign direct investment in DRC mining remains volatile and cautious. As Africa's largest mining economy by output value approaches 2026, industry strategists are reassessing the risk-reward calculus for investors seeking exposure to critical minerals.

Landry Djimpe, principal consultant at Innogence Consulting, brings two decades of operational experience across DRC's extractive sector. Speaking at the Dakar Mining Week (DMW) 2026 conference, Djimpe outlined how regulatory reform, geopolitical supply-chain reshuffling, and cobalt price cycles are reshaping investment criteria for the year ahead.

## What's Changed in DRC Mining Since 2024?

The past 18 months have seen a decisive regulatory tightening. Congo's government introduced stricter environmental compliance mandates and accelerated the renegotiation of legacy mining contracts. Djimpe emphasized that mid-tier and junior exploration firms now face higher capex barriers to entry, while established operators with certified ESG frameworks are capturing disproportionate market share. Simultaneously, China's grip on downstream cobalt refining—currently 65% of global capacity—has prompted Western battery manufacturers and EV makers to court DRC miners directly, bypassing traditional intermediaries and lifting negotiating power for Kinshasa.

## How Are Cobalt Prices Signaling Market Direction?

Cobalt spot prices hit $23–$25/lb in early 2026, up 18% year-over-year, driven by EV battery demand and supply anxieties linked to Congo's political instability. Djimpe cautioned that this volatility masks structural fundamentals: global EV production is forecast to grow 12–15% annually through 2030, anchoring long-term cobalt demand. However, he flagged that copper co-production—essential to DRC mining economics—has lagged cobalt on price appreciation, compressing margins for integrated operators. Investors must model multi-commodity exposure, not single-metal bets.

## Why Institutional Investors Are Returning Cautiously

Djimpe noted a bifurcated investor narrative. Large-cap operators (Glencore, Ivanhoe Mines) are expanding footprints because regulatory costs are baked into their cost structure and geopolitical diversification away from Australia/Chile is strategically mandated. Conversely, retail and emerging-market fund managers remain deterred by governance opacity, artisanal mining overlap, and currency devaluation risk on the Congolese franc.

Innogence's research suggests a "patience premium": investors willing to commit 5+ year time horizons and accept quarterly volatility are pricing in 8–12% IRR forecasts by 2027–2028, well above sovereign bond yields but below pre-2020 expectations. The inflection point, Djimpe argued, hinges on fiscal discipline—if DRC's government sustains revenue transparency and reinvests mining royalties into grid stability and port infrastructure, capital inflows will accelerate materially.

## What Concrete Entry Points Exist?

Djimpe highlighted three windows: (1) direct equity stakes in mid-tier explorers with permits in Katanga's proven belts; (2) streaming/royalty plays that de-risk operational complexity; and (3) downstream value-add in artisanal supply formalization—a $2–3 billion sector currently fragmented but ripe for institutional aggregation. The third avenue, he noted, offers both impact credentials and upside optionality as battery makers demand certified, conflict-free sourcing.

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