Nicolas Niarchos | Cobalt, China & The Congo... The Elements Of Power

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Jan 19, 2026

Nicolas Niarchos, a journalist for The New Yorker and author of *Elements of Power*, dives deep into the cobalt supply chains that spark geopolitical tensions. He unpacks the brutal history of cobalt extraction in the Congo, linking it to the rise of China's technological power and the modern kleptocracy. Niarchos reveals the complexities of artisanal mining, corruption, and how multinational companies shape local economies. He also highlights the urgent need for ethical practices in the mining industry as electrification fuels skyrocketing demand.

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ANECDOTE

Birth Of Artisanal Mining After Jecamine Collapse

After Mobutu's Jecamine collapsed, artisanal mining surged as workers began digging and smuggling minerals.
The 1990s auctioning of assets created the modern corrupt deals shaping today's mining landscape.

INSIGHT

China's Mid-2000s Mining Pivot

China's 'go out' policy and a 2007 resources-for-infrastructure deal accelerated large-scale Chinese investment.
Major Chinese firms then built industrial mines and reshaped Katanga's ownership structure.

INSIGHT

Capital Trumps Corporate Nationality

Many large Congolese mines are effectively controlled by Chinese capital even when companies are listed elsewhere.
Ownership often reflects who financed projects, not just corporate nationality.

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In this episode, New Yorker journalist Nicolas Niarchos discusses the supply chains behind the clean energy transition from child miners and Chinese-owned mega-mines to the coming global scramble for critical minerals.

I’ve been eagerly anticipating his new book, and I reckon it is tailor made for this podcast. It’s the history of cobalt it’s extraction and it’s applications and shows how a single mineral has reshaped geopolitics, powered the rise of China’s technological superiority, and further locked millions of Congolese into one of the most brutal extraction economies on earth.

This is a story that begins with King Leopold the second the original plunder of the Congo but then runs through Cold War dictatorships and kleptocracy, and ends with Apple, Tesla, BYD, and the race to dominate the future of energy.

It’s Nic’s second appearance on this podcast on a similar subject, therefore we avoided to go-over all the same ground as last time. The first episode was about his New Yorker piece on artisanal mining in the Congo, his arrest in the Congo and the foundations for his worldview in covering this issue.

Today we go into his new book. Inside the mines of Katanga, inside the rise of China’s battery empire, inside the corruption that still governs Congo’s political system, and inside the coming resource wars that will define the next half-century.

Eighty percent of the world’s cobalt now comes from the Congo.
Most of it is controlled by Chinese companies.
As much as 20% of it is still dug out of the ground by hand.
Kinshasa, Congo’s capital, is expected to have 40,000,000 people by 2050.

And the world is about to need more of what’s beneath their feet than ever before.