A firm linked to American-Senegalese R&B singer Akon, real name Aliaune Thiam, has penned a deal to fund a copper and cobalt mine in the Democratic Republic of Congo. 

The joint venture will be done between the Grammy-nominated singer and a state miner, according to a contract published by the ministry of mines in the DRC on its website.

The hitmaker has in recent years launched several businesses and philanthropic projects in Africa, including a Sh600 billion futuristic city in Senegal and a cryptocurrency called Akoin.

The “Don’t Matter” singer will launch the DRC mining business through White Waterfall LLC, which is registered in the US with him as president and CEO, according to the contracts.

In one of the contracts signed by Akon dated December 14, 2020, White Waterfall commits to pay a $2 million signing bonus and fund a feasibility study in Kimono reserve in Haut Katanga province.

Read More

  1. Kenya faces billions in losses as East African nations shift oil trade alliances
  2. Ruto seeks China funding to extend SGR to Malaba, connect East and West Africa
  3. Kenyan miners facing tight two-week deadline to update documentation

The Democratic Republic of Congo is the African continent’s top producer of copper and the global leader in the mining of cobalt, which is used in electric car batteries.

According to its website, White Waterfall is a private equity fund investing in mining firms that are not listed but it falls short of mentioning its investors or any investments it has made so far.