Akon invests in the mining sector in Congo

[Reuters] A company run by Senegalese-American R&B singer Akon has signed an agreement to finance a copper and cobalt mine in the Democratic Republic of the Congo as part of a joint venture with a state miner, according to a contract published by the Ministry of Mines.

Akon's foray into Congo's mining sector is through a US-registered company called White Waterfall LLC, of which he is the president and CEO, according to contracts posted on the Ministry of Mines website.

One of the contracts, dated December 14 and signed by Akon, whose legal name is Aliaune Thiam, commits White Waterfall to pay a signing bonus of $ 2 million and fund a feasibility study of the Kimono reserve in the province of Haut Katanga.

Congo is the largest producer of copper in Africa and the world's largest producer of cobalt, used in electric car batteries.

The Grammy-nominated singer, known for his hit songs like “Don't Matter” and “Smack That”, has launched a number of businesses and philanthropic projects across Africa in recent years, including a city $ 6 billion futurist in Senegal and a cryptocurrency called Akoin.