A New Global Copper Supply Network Is Taking Shape Across Africa

U.S. imports of refined copper from the Democratic Republic of Congo reached a record 53,290 tonnes in July, equal to 23.9% of total U.S. copper imports for the month.

America imported less than 32,000 tonnes from Congo during all of 2024. China remained Congo’s largest buyer, but its share of Congolese copper exports fell to 39.4% in July.

Africa Finance Corporation is seeking $3 billion to $5 billion for the Zambia-DRC extension of the Lobito Corridor.

Citi, Standard Bank, Absa and Ecobank are among the institutions involved in financing talks for the route to Angola’s Atlantic coast.

The IEA says the largest refining country controlled an average 72% of supply across major critical minerals excluding rare earths in 2025. China accounted for about half of global copper-smelting capacity.

Congo and Zambia already sit at the centre of global copper production. More of that output is now reaching U.S. buyers as new financing expands the western route through Angola.

The Copperbelt is becoming tied to more than one global market while China remains dominant in copper processing.

More Congo Copper Is Reaching the United States

American copper-rod mills and tube manufacturers are buying more Congolese cathode even though much of it is not approved for delivery against COMEX contracts.

The metal has traded at discounts of roughly $550 to $800 a tonne to comparable U.S.-priced copper, and more manufacturers are accepting it.

About 1.1 million tonnes of copper has accumulated in the United States, driven by tariff expectations and the price difference between CME and London markets. Most of those inventories are commercially held rather than part of a federal stockpile.

The IEA expects announced projects to leave primary copper supply about 25% below projected requirements in 2035.

New projects in Congo and Zambia have reduced that projected shortfall from roughly 30% in the previous outlook.

Copper is also expected to post the largest absolute increase in demand among major energy minerals through 2040.

Lobito Is Reopening the Atlantic Side of the Copperbelt

The planned Zambia-DRC extension of the Lobito Corridor includes about 515 kilometres of new railway in Zambia and 315 kilometres in Congo, with completion targeted around 2030.

The line would connect more of the Copperbelt with Angola’s Atlantic coast, giving producers another route alongside existing links through southern and eastern Africa.

DFC and African development institutions are financing additional infrastructure tied to the corridor and nearby mineral-producing areas.

The European Commission selected 46 additional strategic raw-material projects in October, with an estimated €21.1 billion required for development as Europe increases spending on mineral supply outside concentrated markets.

Lobito is becoming part of that wider investment in transport capacity around African mineral production.

Copper Security Is Pulling Capital Beyond the Mine

The U.S. International Development Finance Corporation now has more than $14 billion invested across Africa, including over $3 billion tied to critical minerals.

The agency said in October that it plans to use more equity as Washington increases support for mineral projects outside China.

Capital is also going into transport links and export infrastructure serving mining regions.

The IEA says China’s share of global copper-smelting capacity rose from about 15% in 2005 to 50% in 2025 and accounted for more than 90% of the increase in global smelting capacity over that period.

Congo and Zambia are expanding production and export access while most new smelting capacity remains concentrated outside Africa.

Processing is now drawing more capital alongside mine development and transport.

The Copperbelt Is Starting to Support More Than One Global Supply Network

China remains Congo’s largest copper buyer and the main centre of global copper smelting, but Copperbelt output is reaching more markets.

Western-backed rail and port projects are strengthening Atlantic access alongside the southern and eastern corridors already used by producers in Congo and Zambia.

Disruptions involving Russia and the Middle East have kept supply security high on government agendas.

The IEA now places diversification and resilience alongside overall availability in its assessment of mineral security.

Congo and Zambia are gaining more routes to buyers outside their traditional trade patterns, while new investment is extending into transport and processing around the mines.

The Copperbelt is beginning to operate across more than one global copper network.