Mine. Mine. Mine. How One Corrupt Billionaire Kicked Off the Global Cobalt Spree – by Nicolas Niarchos (Vanity Fair – February 20, 2026)

Why It Matters

Cobalt underpins the electric‑vehicle revolution, so Gertler’s corrupt procurement model threatens supply security and ESG compliance for the entire tech sector. The revelations pressure regulators and investors to reassess risk in African mining ventures.

Key Takeaways

• Dan Gertler secured billions in Congo cobalt deals.
• Corruption facilitated rapid expansion of global cobalt supply.
• Western firms relied on Gertler's network for battery minerals.
• US political ties amplified scrutiny of African mining contracts.
• Ethical concerns threaten future investments in Congo's resources.

Pulse Analysis

The surge in electric‑vehicle demand has turned cobalt into a strategic metal, and the Democratic Republic of Congo supplies roughly 70% of the world’s output. Dan Gertler, once a low‑profile trader, capitalized on this scarcity by forging alliances with local elites and foreign governments. His companies obtained mining licenses through a web of shell entities and alleged bribes, allowing them to sell cobalt at discounted rates to major battery manufacturers. This model accelerated the global supply chain but also entrenched opaque practices that bypassed standard due‑diligence protocols.

Gertler’s rise coincided with heightened geopolitical interest in Africa’s mineral wealth. The December 2025 US‑facilitated peace accord between Rwanda and the DRC, while publicly framed as a diplomatic triumph, created a more stable environment for mining concessions. Yet, the same political goodwill enabled Western firms to overlook red‑flag warnings, effectively outsourcing corruption. Investigations by the U.S. Department of Justice and European anti‑corruption bodies now spotlight how illicit payments and preferential treatment inflated profits for a handful of insiders while marginalizing local communities.

For investors and policymakers, the fallout signals a turning point. ESG criteria are becoming non‑negotiable, prompting firms to trace cobalt origins more rigorously. Potential regulatory reforms could tighten licensing transparency and impose heavier penalties for corrupt dealings. Companies that diversify supply sources or invest in recycling may mitigate exposure, while African governments face pressure to reform mining codes and ensure that resource wealth translates into broader economic development rather than a conduit for illicit enrichment.