If you want to understand the future of the electric vehicle in your driveway, you don’t look at a tech lab in California. You look at a 1,500-square-kilometer patch of dirt in the Lualaba Province. Specifically, you look at Tenke Fungurume Mining, or TFM as the locals and industry insiders call it. Honestly, it’s one of those places that sounds like a legend until you see the production numbers. We’re talking about one of the highest-grade copper and cobalt deposits on the planet.
It’s basically the heartbeat of the Democratic Republic of Congo’s (DRC) mining sector.
But TFM isn’t just about rocks and shovels. It’s a geopolitical chessboard. For years, the story of Tenke Fungurume mining Congo has been a tug-of-war between Western capital and Chinese industrial might. Right now, as of early 2026, we’re seeing a fascinating new chapter where the DRC government is trying to claw back some "sovereignty" over its own dirt.
The Ownership Flip That Changed Everything
You can’t talk about TFM without talking about how it changed hands. It's a bit of a sore spot for some. Back in the day, the American giant Freeport-McMoRan ran the show. They were the ones who really got the modern, large-scale industrial engine humming in 2009.
Then came 2016. Freeport was drowning in debt from some bad oil and gas bets. They needed cash, fast. They sold their 56% stake to China Molybdenum Co. (CMOC) for a cool $2.65 billion. By 2019, CMOC had bumped that up to an 80% stake. The remaining 20%? That belongs to Gécamines, the DRC’s state-owned mining company.
It was a massive shift. Suddenly, one of the world's most critical assets for the "green transition" was under Chinese control. Fast forward to today, and TFM is the world's second-largest cobalt mine. It’s not just big; it’s essential.
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Why the 2022-2023 Export Ban Still Matters
You've probably heard bits and pieces about the drama a few years back. In 2022, the DRC government basically locked the gates. They claimed CMOC was under-reporting reserves to dodge royalty payments. It was a mess.
Copper and cobalt worth billions sat in warehouses for nearly a year. It only got resolved in April 2023 when CMOC agreed to pay Gécamines a settlement of $800 million. Why bring this up now? Because it set the stage for the current vibe in the Lualaba Province. The Congolese government realized they have serious leverage, and they aren’t afraid to use it.
What’s Happening on the Ground Right Now?
If you visited the site today, you’d see five massive production lines. CMOC didn't just sit on the asset; they poured billions into expanding it. In 2025 alone, TFM churned out 650,000 tonnes of copper. That’s a staggering number.
But the real news isn't just the volume. It's where that metal is going.
Just this month—January 2026—the DRC state miner Gécamines announced something that caught everyone off guard. They’re shipping 100,000 tonnes of copper from their TFM stake directly to the United States. This is a huge deal. It’s the first time in years that a significant chunk of TFM's output has been diverted away from the Chinese supply chain toward the West.
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- The Goal: The DRC wants to "diversify" its partners.
- The Vehicle: A joint venture with the trader Mercuria, backed by the US International Development Finance Corporation (DFC).
- The Impact: It proves that even though CMOC owns 80%, the DRC is starting to act like the boss of its own 20%.
The Cobalt Conundrum
Cobalt is a trickier beast. In early 2025, the DRC government actually banned cobalt exports for four months to stop a price crash. There was way too much of it on the market, mostly because TFM and its sister mine, Kisanfu, were producing at record levels.
By late 2025, they switched to a quota system. Now, even a giant like CMOC has to play by the rules of how much they can ship. It’s a constant dance between wanting to make money and wanting to keep prices high enough to stay profitable.
Reality Check: Social and Environmental Costs
Look, it’s not all shiny copper cathodes and billion-dollar deals. If you live in the towns of Tenke or Fungurume, life is... complicated.
There’s a massive gap between the high-tech, AI-driven monitoring systems inside the mine and the "artisanal" miners outside the fence. These are local people who often jump the fences to hand-dig for cobalt in dangerous conditions. It’s led to some pretty nasty clashes with mine security and the Congolese military.
TFM has been trying to clean up its image. They recently went through an audit by the Initiative for Responsible Mining Assurance (IRMA). They’re trying to prove they aren’t just digging holes and leaving a mess. They’ve invested in local schools, clinics, and even roads. But when you have thousands of people living in poverty right next to one of the world's richest mines, there’s always going to be tension. Honestly, "responsible mining" is a work in progress, not a finished product.
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The Future of Tenke Fungurume Mining Congo
So, where is this all heading? By 2028, CMOC wants TFM and Kisanfu to produce a combined one million tonnes of copper a year. If they pull that off, they’ll basically be the undisputed kings of the copper world.
But watch the DRC government. They are getting much better at the business side of things. With the new Gecamines Trading subsidiary, they aren't just letting foreign companies sell the minerals; they’re becoming the sellers themselves.
What this means for you:
If you're an investor, keep an eye on the "sovereignty" movement in Kinshasa. The days of Western or Chinese companies having a totally free hand at TFM are over.
Next Steps for Navigating the DRC Mining Landscape:
- Monitor the Quotas: Watch for the mid-year 2026 review of cobalt export quotas. This will dictate global battery prices more than any Elon Musk tweet.
- Follow the US-DRC Partnership: The shipment to the US this month isn't a one-off. Look for more "offtake" agreements where the US trades infrastructure for minerals.
- Check the IRMA Reports: If you care about ESG (Environmental, Social, and Governance) factors, the full IRMA audit results for TFM are expected to be public soon. Read the fine print on land use and community grievances.
The story of Tenke Fungurume is essentially the story of the modern world. It’s messy, it’s incredibly lucrative, and it’s being rewritten every single day in the dust of the Katanga region.