Natural Resources by Country 2024

The Democratic Republic of Congo (DRC) is considered the world's richest country in terms of natural resources.

A Mineral-Rich Nation

Figures from 2005 suggest 90% of the DRC’s revenues come from its minerals.

The DRC holds 70% of the world's coltan reserves, a third of its cobalt, more than 30% of its diamond reserves, and a tenth of its copper. These minerals are crucial for various industries, from electronics to renewable energy.

Cobalt, for instance, is vital for the lithium-ion batteries that power many portable electronics, as well as electric vehicles. In fact, global asset management firm AllianceBernstein has termed the DRC "the Saudi Arabia of the electric vehicle age."

The Mining Sector

Perhaps not surprisingly, mining is the backbone of the DRC's economy. The country’s mining operations are highly mechanized, particularly in the southern Katanga Province, where it’s possible to refine the metal ore removed from the earth.

Economic Challenges

Despite its abundant resources, the DRC faces numerous economic challenges. Falling resource prices have left its economy in decline since the mid-1980s.

In addition, much of the diamond production is artisanal. Experts believe a significant portion of the country's diamonds are smuggled out, making it challenging to quantify production levels accurately.

The Congolese citizens are among the poorest globally, and the country ranks low on the Corruption Perceptions Index. The uncertain legal framework, corruption, and lack of infrastructure have led foreign businesses to curtail operations, further hampering economic growth.

International Involvement

International organizations like the IMF and World Bank have been working with the Congolese government to develop a coherent economic plan, with the World Bank granting the DRC up to $1.3 billion in assistance funds from 2007 to 2010.

The Central Bank of the Congo is responsible for the Congolese franc, the country's primary currency. However, much of the economic activity, particularly in the artisanal mining sector, remains outside official GDP data, making it difficult to assess the efficacy of these efforts.

The Road Ahead

Managed responsibly and equitably, the DRC's natural resources and untapped wealth could catalyze revolutionary change. However, making it happen will require overcoming significant economic and governance challenges.