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Bousso: The bet of the oil markets on a short Iran shock will soon be tested.
Investors are betting that disruptions to Middle East oil supplies will be brief. This optimism, however, may not be justified. The third day of conflict has not yet caused any damage to the oilfields in the region, but the inability of fuel to be shipped out of the Gulf has already put a strain on a global energy system that is tightly interconnected. Each day of disruption increases pressure on both producers and consumers, causing bottlenecks in the Middle East for exporters and a worsening of shortages elsewhere. The oil prices rose by more than 10% on Monday, reaching the highest level in a year. They then fell back to $79. This was a reaction to the extensive U.S.-Israeli airstrikes on Iran that took place over the weekend. These strikes killed the Supreme Leader Ali Khamenei, and provoked retaliatory attacks against Israel and Gulf States, plunging this region into the gravest crisis it has experienced in decades. The oil industry was hit hard by the fallout. After at least three vessels were hit, tanker traffic in the Strait of Hormuz - the narrow waterway that connects Iran and Oman and carries 20% of the world's oil - was all but halted. Although the strait is not officially closed, on Monday, 150 ships were stuck nearby as their operators avoided entering into the Gulf for fear of further attacks or being trapped. Iran has also targeted energy infrastructure and ports in the region. Saudi Aramco on Monday shut its largest domestic refinery, the 550,000-barrel-per-day (bpd) Ras Tanura plant, after a drone strike. Qatar, the second largest producer of LNG in the world, has halted LNG production at its massive Ras?Laffan plant following drone attacks. The news caused European benchmark gas to surge by up to 50%. The global oil market will likely be able to absorb this disruption if it lasts for only a few short days. Global oil supply is abundant due to increased production around the world. Several major consumers such as China and the U.S. could use strategic reserves to temper price spikes and cushion shortages. The backlog could be overwhelming if the conflict continues. The Strait of Hormuz is effectively closed and the clock is ticking. Around 15 million barrels per day of crude oil and over 4 million barrels per day of refined products (including gasoline, diesel, and jet fuel) leave the Middle East via the Strait of Hormuz. Once the tankers are full, producers may be forced to divert oil into onshore storage if the war doesn't end soon. The region does have extensive storage facilities but they are only able to accommodate a few days worth of normal exports in the event that flows are blocked. According to Augustin Prate, an analyst at Kayrros, Saudi Arabia has around 82 millions barrels of crude in its onshore storage. This represents 56% of the country's capacity. The remaining storage space could be filled in 10 days with a production rate of 10 million barrels per day and an export rate of 7 million barrels per day. According to Prate, Kuwait and the United Arab Emirates have respectively 34 million barrels and 28 million, which is equivalent to more than 40% capacity. Saudi Arabia could ease pressure by diverting its exports via a pipeline capable of carrying around?5million bpd to the Red Sea Port of Yanbu. The UAE has also built a pipeline that connects it to Fujairah, a storage terminal beyond the Strait of Hormuz. Both pipelines are in use, so their capacity to transport extra oil is likely limited. The length of the conflict is still unknown. Donald Trump, the U.S. president, said on the weekend that military activities could last for at least four weeks. The Republican President, who has promised to combat the high cost living at home, will 'likely' deploy all available tools, including the U.S. Navy, to keep oil costs in check by securing the shipping lanes. This effort is not guaranteed to be successful. Even if there are formal assurances in place, insurers and shipowners will likely remain cautious. They may limit flows even with naval escorts. Long considered the worst-case scenario for the energy industry, the closure of the Strait of Hormuz is now a reality. The more time the Strait of Hormuz remains blocked, the greater the pressure on Middle East producers who may be forced to reduce output if storage is full. This would then transform what the markets currently treat as a temporary shock, into a much more durable challenge to the global oil system. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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After US and Israel attack Iran, airlines cancel flights
The global air travel industry was in chaos on Monday, as the war in Iran caused the closure of major Middle Eastern hubs such as Dubai, Doha, and Abu Dhabi, for a third consecutive day. This left tens and thousands of passengers stranded and thousands of flights disrupted. Global Airlines has cancelled flights in the Middle East following the United States' and Israel's strikes on Iran, which plunged the region into another conflict. The following is a list of the most recent flights by airline, alphabetically: AEGEAN AIRLINES Through March 3, Greece's largest airline suspended flights from and to Tel Aviv, Israel, Beirut in Lebanon, and Erbil in Iraq. AIR BALTIC AirBaltic, a Latvian airline, announced that all flights from and to Tel Aviv had been cancelled until March 9. Through March 4, all flights to and out of Dubai, as well as the flight from Dubai to Vilnius (March 5) have been cancelled. AIR EUROPA The Spanish airline has cancelled all flights to Tel Aviv up until the 4th of March and said that, depending on what happens in the future, flights between March 5 and 8 could be affected. AIR FRANCE KLM Air France has cancelled flights from and to Tel Aviv, Beirut and Dubai until March 3. KLM has suspended flights from and to Tel Aviv and Dubai as well as Riyadh, Dammam and Dubai. AIR INDIA Through March 2, the airline has suspended all flights from and to United Arab Emirates (UAE), Saudi Arabia (SA), Israel and Qatar. The airline also cancelled some flights from and to Europe on March 2. BRITISH AIRWAYS British Airways, owned by IAG, has cancelled flights from Larnaca to Amman, Abu Dhabi and Bahrain, Dubai and Doha, as well as services to Doha, Tel Aviv and Doha, up until and including the 5th of March. CATHAY PACIFIC AIRWAYS Hong Kong Airlines said that it had cancelled all flights from and to Dubai until March 5, and suspended flights to Riyadh until March 3. The U.S. airline said that it had cancelled flights between New York-JFK and Tel Aviv (TLV), through March 8, and from TLV back to JFK, through March 9. EL AL ISRAEL AIRLINES EL?AL flights and Sundor flight to and from Israel have been cancelled up until 2:00 am on March?4. EMIRATES Emirates has suspended all flights from and to Dubai until 11:01 GMT on March 3. ETIHAD AERWAYS The airline said that it has suspended all flights from and to its hub in Abu Dhabi until 10 am GMT on 3 March. FINNAIR The Finnish airline said that it has halted Doha and Dubai flights up until the end of March, and will avoid the airspaces of Iraq, Iran and Syria. FLYDUBAI Emirates Airlines has suspended all flights from and to Dubai until 11:00 GMT on March 3. INDIGO IndiGo, India's largest airline, announced that it has suspended all flights using Middle Eastern airspace at least until March 2. Other flights were cancelled until March 5. ITA AIRWAYS ITA Airways suspended all flights to and out of Tel Aviv, and will not be using the airspace in Israel, Lebanon Jordan, Iraq, and Iran until 8 March. It has also extended its Dubai halt through to 4 March. Flights from and to Riyadh have also been halted between March 2 and 4. JAPAN AIRLINES Japan Airlines has suspended its Tokyo/Doha flight scheduled between February 28 and March 7, as well as Doha/Tokyo on March 8. LOT POLISH AERLINES LOT Polish Airlines announced that all flights to and out of Tel Aviv have been cancelled until March 19. The Polish airline has also cancelled flights from Riyadh and Dubai until the 8th of March. LUFTHANSA The German airline suspended flights from and to Tel Aviv, Beirut and Amman until 8 March, and flights from and to Dubai until 4 March. MALAYSIA AIRLINES Malaysia Airlines has suspended all flights from and to Doha, Jeddah?and Madinah, until March 4. NORWEGIAN AIR The Nordic airline has suspended all flights from and to Dubai until 9 March. A spokesperson for the company said that flights to Tel Aviv and Beirut were not affected as they are only operated in summer. PEGASUS Turkish Airlines announced that it has 'cancelled all flights from Pegasus to Egypt, Jordan, Lebanon, Iraq and Syria until 6 March and flights to Iran till 12 March. Pegasus has cancelled all flights to Egypt until March 2 except for those departing from Cairo Airport. SINGAPORE Airlines Singapore Airlines has cancelled all flights from and to Dubai until March 7. Scoot, its low-cost airline, has cancelled flights from and to Jeddah until March 7. QATAR AIRWAYS The airline suspended flights from and to Doha because of?the closing of Qatari airspace. Romania's flag airline said it had suspended all flights from and to Tel Aviv, Beirut and Amman until March 2. The flight schedule for Tel Aviv, Beirut and Amman on March 3 is still being reviewed. TURKISH AIRLINES Some flights to and from Bahrain and Dammam were cancelled. TUS AIRWAYS All flights from and to Israel were cancelled by the Cypriot airline until March 5. WIZZ AIR The airline suspended flights from and to Israel, Dubai Abu Dhabi, Amman, and Saudi Arabia, until March 7. (Compiled by Josephine Mason and Jamie Freed; reporting by bureaus. Editing by Barbara Lewis and Louise Heavens. Christian Schmollinger, Matt Scuffham, and Matt Scuffham.
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Zelenskiy: Ukraine will complete preparations in days for EU accession negotiations, Zelenskiy
Volodymyr Zelenskiy, the president of Ukraine, said that Ukraine would complete all technical work required to begin negotiations on all issues for its European Union accession within a few days. Zelenskiy urged the EU partners to set a date for Ukraine's accession to the EU. He said that this would be an important guarantee to the future security of the country as Kyiv negotiates to end the conflict with Moscow. "We are prepared, but not every leader of the European Union is... "I?mean not everyone is prepared to give Ukraine this chance," Zelenskiy said in a WhatsApp chat with reporters. Ukraine became a formal EU-candidate country shortly after the Russian invasion of February 2022. Hungary has so far blocked Kyiv from completing the EU process. It has refused to give the necessary approval to officially open each of the six "clusters" (groups) of issues that need to be resolved. Viktor Orban has derailled the latest EU aid package for Ukraine worth 90 billion euro over the next two years. Orban accuses Ukraine of blocking Russian oil deliveries to Hungary through the Druzhba Pipeline, a Soviet-era pipeline that crosses Ukraine. Ukraine claims that a Russian drone attacked the pipeline, causing damage. KYIV SEES EU MEMBERSHIP KEY TO UKRAINE'S FURTURE Kyiv sees its membership in the EU as a key factor to its future post-war. In drafts of a 20-point plan for peace that Ukraine and the United States agreed on and is currently negotiating with Russia, a reference to Ukraine joining EU at a specific date was included. EU officials said that Ukraine's mixed record in terms of transparency, corruption and rule of law may require many years of reforms to meet the EU entry criteria. Zelenskiy reiterated on Monday that Ukraine will?be technical ready for EU membership by next year, and that the timing of the country's entry into the bloc of 27 nations depends on the political inclination of its partners. He said that if the partners truly "believe" in Ukraine and want to see Ukraine join the EU at the end, they should give Ukraine a date. They shouldn't repeat their mistake with NATO. Reporting by Yuliia Dyesa and Olena Harma; Editing by Daniel Flynn & Peter Graff
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Etihad Airways resumes certain operations; commercial flights are still halted due to the Iran conflict
The 'airline' said that Etihad Airways, Abu Dhabi, resumed a few?limited flight services?on Sunday, as airlines around the world, including Middle East carriers, adapt to the disruptions caused by the escalating conflict in Iran since Saturday. Due to the Israeli and U.S. attacks against Iran, and the military response of?Tehran, airspace was closed in several?countries throughout the Middle East including the United Arab Emirates and key airports such as Dubai and Doha. The airline announced that some repositioning flights, cargo flights, and repatriation flight may be operated 'in coordination with UAE officials and subject to strict operational and safety approvals.' All scheduled commercial flights from and to Abu Dhabi remain cancelled. On the airline's site, it was shown that several flights left?Abu Dhabi’s Zayed International Airport Monday morning for destinations such as London, Paris and Amsterdam. The website also listed more flights for 'Jeddah' and Kochi among other destinations. Etihad didn't specify which flights would be used to repatriate stranded people. In a note posted on the airline's website, it had stated that all flights to and from Abu Dhabi would be suspended until Tuesday 10:00 GMT. Reporting by Federico Maccioni from Dubai and Alexander Cornwell from Tel Aviv. Editing by Gareth Jones.
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Source: Oil and gas condensate production in Kazakhstan jumped 43% m/m m/m during February.
An industry source said that the production of oil and condensate in Kazakhstan increased by 43% between January and February. This was due to the recovery of output at Tengiz after a major outage. Tengiz, a supergiant oilfield owned by Chevron, that accounts for 40% of Kazakhstan's oil production, has been shut down for most of January due to fires on electrical equipment. Sources claim that the oil and gas condensate production in Kazakhstan increased last month from 5.3 million to 6.8 million metric tons or 1.83 millions barrels per day. Sources claim that output at Tengiz increased to 590,000. bpd last month from just 240,000. In August 2025, Tengiz's output reached a record of 3.7 million tonnes, or approximately 950,000 bpd. Tengizchevroil is the operator of this?field. It said Monday that it would increase production as conditions permit, but declined to give any figures. The energy ministry did not respond immediately to a comment request. Calculations show that oil production in Kazakhstan, excluding gas-condensate (a type of lighter oil), rose to 1.58 million barrels per day in February from 1.09 millions?bpd. This compares with the production quota of 1,569 million bpd for the country, which was set by OPEC+, a group of countries that are members of the Organization of Petroleum Exporting Counties. The quota will increase to 1,579 million bpd by April. Toby Chopra (Reporting and Editing)
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Israel's main international airport will reopen Monday in an 'extremely restricted format'
Ben Gurion Airport, Israel's international gateway near Tel Aviv said on its Whatsapp channel that they expect to reopen Monday evening in an "extremely restricted format" following the conflict with Iran which shut down Israeli airspace. Airport officials said on Monday that flights would resume on Tuesday but only Israeli carriers will be flying. Israel and the U.S. started bombing Iran on Sunday, triggering a retaliatory wave across the Middle East that has left hundreds of thousands of passengers worldwide stranded. El Al Israel Airlines announced on Monday that it is seeking approval to fly charters from Europe to Israel bordering destinations to bring passengers back to their home countries. Israel's?Population and Immigration Authority? estimates that over 300,000 Israelis travelled abroad within the past three months and still haven't returned - including 172,000 in the previous month. Other 34,000 tourists also reside in Israel. The airline is looking at flights to Aqaba, Jordan and?Taba, Egypt. Both are near the Israeli Red Sea resort of Eilat. Israeli airlines have cancelled flights until Tuesday. El Al Israel Airlines, the flag carrier of Israel Airlines, has announced that it will stop selling tickets until March 21, to accommodate customers whose flights have been cancelled as soon as the airspace is opened. Arkia, a smaller rival airline, and Israir, a larger rival airline have both suspended ticket sales until March 15, and March 18, respectively. Arkia has launched rescue flights on Sunday, and is currently operating flights from Athens to Taba via Rome, Larnaca, Sofia, and Athens. El Al announced that it was planning to?rescue flight from more than twenty cities, including New York City, Miami, Los Angeles and Bangkok. It said it was examining the feasibility of using KlasJet to operate flights from European cities to Taba or Aqaba. The statement said that these flights "require approval by the State of Israel as well as the security authorities." Israir announced that it would begin recovery?flights from six?European?cities including Prague, Budapest, and Sofia on Tuesday. The Israeli Airports Authority announced that its Taba border crossing would be open 24 hour a day, and three other crossings into and out of Jordan will operate during the day and evening. Reporting by Steven Scheer, Editing by Sharon Singleton
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Kuwait accidentally shoots down US planes after the Iran conflict spreads to Lebanon
On Monday, the U.S. and Israeli air war against Iran continued without end. Israel attacked Lebanon in response to Hezbollah strikes, while Tehran launched missiles and drones towards?Israel, Gulf States and a British base in Cyprus. Kuwaiti air defences mistakenly downed three American F-15E jet fighters during an Iranian strike, according to the U.S. Military. The six crew members ejected safely and were recovered. A video, shot at a verified location, shows one plane spiraling out of the air, with an engine engulfed in flames. Later on Monday, Iran's?Revolutionary Guard Corps? announced a second wave of attacks against Israel. The markets opened Monday with sharply rising energy prices, which put the global economy at risk. After a weekend bombing campaign that killed Iran's Supreme Leader, brought its neighbours to war, and stopped shipping in the Gulf. In the largest U.S. Foreign Policy gamble in decades President Donald Trump launched a campaign with Israel against an enemy that has tormented America and its allies since generations. Trump reiterated his call for Iranians to rise and overthrow the leaders and said that the air campaign may last several weeks. Residents in Iran have been rushing to leave cities while bombs were falling. They are feeling a mixture of apprehension and euphoria. Many Iranians celebrated openly the death of Ayatollah Ayatollah Khamenei (86), who ruled the country over 37 years, and led security forces to kill thousands of antigovernment protesters in the beginning of this year. The conservative clerical leadership has not shown any signs of relinquishing power. Experts say that U.S. air power and Israeli ground forces may not be sufficient to push them out. While scores of Iranians were reported dead in air strikes, some of which hit civilian targets, "They are attacking hospitals and killing children. Is this what Trump wants us to have? Morteza Sedighi said that innocent people had been killed first by the regime, and then by Israel and America. WAR SPREADS TO LEBANON A senior Iranian official was quoted as saying that Iran would continue to defend itself against aggressors. Hezbollah launched drones and missiles at Israel on Monday in response to the death of Khamenei, one of Tehran’s main allies in Middle East. Israel responded by launching a series of airstrikes that it claimed targeted Hezbollah's?southern suburbs in Beirut, and killed senior militants. Lebanese news agency NNA reported that an initial count showed 31 deaths and 149 injuries. Israel declared Hezbollah's leader Naim Qassem as a "target to be eliminated". Officials have said that they are not currently considering a ground invasion in Lebanon. ALLIES UNDER ATTACK Washington's Gulf allies were again targeted by Iranian drones and missiles. The area surrounding the U.S. Embassy in Kuwait was heavily guarded, with ambulances, fire trucks and security. In Doha and Samha, the capitals of Qatar and Dubai, there were loud explosions. Saudi Arabia closed its largest refinery following drone strikes that caused an explosion. This was one of many oil installations which became targets. Qatar, which is one of the world's top three producers of liquefied gas, has halted its production. A drone struck overnight the British Akrotiri Air Base in Cyprus, which is one of the U.S.'s European allies. The damage to Britain's Akrotiri air base in Cyprus was minimal, and no one was injured. European allies disassociated themselves from Trump’s initial decision to wage war, claiming that it did not meet the legal threshold for responding to an immediate threat. They have said that they will participate in order to suppress Iran's capability to retaliate against their allies after they are attacked by Tehran. Senior White House officials told reporters that Washington would eventually talk to Tehran, but not now. "President Trump stated that the new leadership in Iran have indicated their desire to talk, and he will eventually talk. Operation Epic Fury will continue unabated for now," said the official. Ali Larijani said in an X message on Monday that Iran will not negotiate with Trump because he has "delusional goals" and is now concerned about U.S. deaths. First US Casualties The deaths of three American servicemen in the campaign have been confirmed. Two U.S. officials were reported dead on a Kuwaiti base. A prolonged military campaign could be a serious political risk to Trump's Republican Party in the run-up to U.S. midterm elections. According to an Ipsos survey conducted on Sunday, only one out of four Americans approved of the operation. In a video released on Sunday, Trump promised that military strikes against Iran would continue "until all our objectives are achieved", without giving specifics. Trump called for Iran's military, police, and the Islamic Revolutionary Guard Corps to cease fighting. He promised immunity to those who surrendered and "certain death" to those who resist. He called on Iranians to stand up. The sudden interruption of oil shipments in the Strait of Hormuz, where a fifth of?world oil trade passes the Iranian coast, was a shock to the global economies. When the markets opened on Monday, oil prices jumped by double-digit percentages. The dollar rose and shares fell. Iran's Revolutionary Guards claimed on Sunday that they had attacked Kuwait and Bahrain military bases with drones and rockets, and three U.S. oil tankers and one UK tanker in the Gulf of Mexico and Strait of Hormuz. Ship data revealed that hundreds of vessels, including oil and gasoline tankers, dropped anchor in nearby waters. Airstrikes in the Middle East caused major airports to close, causing major disruptions to global air travel.
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Turkish ruling party proposes a 10% tax on crypto income, levied on service providers
In a draft bill submitted to the parliament, Turkey's ruling AK Party proposed a tax on cryptocurrencies and a transaction levy for crypto asset service providers. The draft law states that platforms must withhold 10% of income and gains derived from crypto-assets transactions quarterly. The profits from transactions involving crypto assets that are not conducted on authorized platforms will be taxed by declaring them in the annual statements. According to the proposal, crypto asset services providers would be required to pay a transaction tax of 0.03% on all sales and transfers they facilitate or conduct. The Turkish authorities have tightened their oversight of cryptocurrency platforms in the last few years as usage has risen in Turkey, due to high inflation and depreciation of the lira. Chainalysis, a U.S. blockchain research company, said in a recent report that Turkey is among the top markets in the world for crypto adoption. Reporting by Ezgi Erkoyun, Nevzat Dvranoglu and Ece Toksabay; editing by Jonathan Spicer and Ece Toksabay
Sources say that the US is still struggling to derisk Congo's "war zone minerals" even after the pact.
Diplomats and industry officials say that the U.S. has made some progress in its efforts to wrest Congo's strategic mineral resources from China. However, conflict, contested licenses, and compliance requirements are still slowing Washington's advancement into a dominant region.
The U.S. is focusing on the Democratic Republic of Congo because it has the largest cobalt reserves in the world and rich 'copper' and 'lithium' reserves. This country's role is crucial to cutting the West's dependence on China when it comes to rare minerals.
Kinshasa handed Washington, last month, a list of 44 projects spanning copper and cobalt to lithium, tin and gold.
The U.S. State Department stated that the U.S.-Congo Partnership is intended to unlock investment and support implementation of an agreement Washington mediated between Congo and Rwanda. Kinshasa accused Rwanda of supporting M23 fighters who are fighting Congolese forces in its eastern part.
Sources, including Congolese mining and government officials, say that several of the assets short-listed are located in politically volatile zones or have permit disputes, which makes it unlikely for mining deals to be made quickly. The sources asked to remain anonymous because the discussions were sensitive.
Source: CONGO slowing down deals
A U.S. diplomat claimed that Kinshasa deliberately delays new deals in order to "push Washington into increasing pressure on M23" before any further action is taken. Could not independently verify this claim.
The Congolese Government did not respond immediately to requests for comments. A senior government official called the allegations "speculation" in background.
The official explained that "the 'agreement' has its own rhythm. There is a time for offers and a time for negotiations." Rwanda, which denies supporting M23, didn't immediately respond to comments.
The U.S. State Department said that the U.S. is "deeply worried" about the violence in eastern Congo. It has urged regional partners to strengthen the ceasefire and urged Rwanda to stop supporting M23 and withdraw according to the December peace agreement.
The Department of State said Washington hopes for rapid progress on important deals. These include a proposal by Glencore to sell cobalt and copper?assets to a U.S. backed consortium called Orion, Virtus Minerals bid to acquire Congo-focused Chemaf and the extension to the Lobito Corridor rail line.
Joshua Walker, NYU's Congo Research Group, says that Kinshasa is on the shortlist for the Rubaya Mine, which provides about 15% of global coltan, and lies under M23/AFC's control. This shows Congo wants "stronger U.S. actions on M23".
He said that investment is unlikely as long as the group controls territory.
Some mines have already seen the influence of the U.S. on security. Alphamin Resources restarted the Bisie tin mining operation only after U.S. diplomats helped to ease fighting around the mine. However, it warns of renewed clashes which could threaten operations and access.
PERMITTING GRIDLOCKS
Michael Bahati is the chief analyst of Ascendance Strategies. He said that Congo's gridlock in permitting was a structural barrier to new U.S. investments.
KoBold, a U.S.-backed company, is attempting to resolve a dispute between Australia's AVZ and China's Zijin, which is also located in Manono. Both companies are preparing shipments for June.
Political disputes and permitting history deter Western lenders from lending on high-grade copper and cobalt assets. The sale of Chemaf to U.S. backed Virtus is slowing down after owners indicated that the $30 million offer does not cover heavy debts.
Kinshasa says that even for "easy wins", such as tailings reprocessing or cobalt refineries, the success depends on security and governance reforms that Washington alone can deliver.
Geraud Christian Neema is an analyst who specializes in the "geopolitics" of natural resources.
Washington continues to focus on assets that are "ready-to produce". He said that a longer-term shift will require U.S. businesses to be willing to take on Congo-level risks and wait for years to see returns.
WESTERN PACE VS. CHINESE PROCEDURE
Officials in Congo acknowledge that they would like American players to move more quickly, but they say they can't circumvent their compliance obligations.
Chinese firms are not bound to the same obligations as U.S. or other Western companies, such as proving that their title chains are clean and documenting any community impact risks.
Zijin has already shaped the Manono project with its head start in building roads, ports, and power links. KoBold Congo's Congo Head said that the company would look to share this infrastructure once ownership disputes are resolved. This pace reflects the compliance burden that U.S.-backed companies face.
The contrast is evident in the Congo's mining industry - Chinese firms can absorb uncertainty while Western firms cannot, allowing Beijing linked companies to progress projects as U.S. Companies remain stuck in due diligence loops.
NYU's Walker stated that Kinshasa is currently succeeding in bringing Washington further into its orbit of critical minerals, as it believes the attention given by the U.S. will result in security and political benefits.
It is still unclear how the engagement will end up looking.
The Chinese have already seized over 70% of Congo’s rare minerals, including copper and cobalt. Washington has yet to show any signs that it can loosen Beijing's hold. Maxwell Akalaare Adombila, reporting and writing from Dakar and Veronica Brown, and Jan Harvey, editing.
(source: Reuters)