GDP growth in the DRC is expected to fall to 4.3% this year from 5.8% in 2018, due to a slowdown in mining activity triggered mainly by lower cobalt prices.
No value was put on the agreement but the Chinese company will also have the right to purchase 3,000 tonnes of rare earth products from the project within three years of production.
The African miner said it "strongly disagreed" with Barrick's valuation of the company and that the proposal appears to have ignored the value of its exploration and development assets.
The importance of rare earths, has been thrust into the spotlight in recent weeks as China mulls whether to use its position as the world’s dominant supplier as a counter in its trade war with Washington.