MINING (233)
Kamoa Copper has begun signing contracts for the second phase of its solar power program for the Kamoa-Kakula copper complex in Lualaba province, including a new 30 MW power purchase agreement with Green World Energie signed in late April 2026.
The second phase is expected to raise the site’s total solar generation capacity to 120 MW by 2027, in line with plans announced in July 2025.
The first 60 MW phase remains on schedule and is expected to be commissioned at the start of the third quarter of 2026. It is being developed by CrossBoundary Energy and Green World Energie, which are financing, owning and operating the facilities. Kamoa Copper will be the sole offtaker of the electricity produced.
CrossBoundary Energy is not expected to participate in the second phase, according to sources familiar with the matter. A separate 30 MW agreement is expected to be signed with another energy company before the end of May.
Kamoa Copper said the solar expansion is intended to strengthen energy security at the mining complex while supporting its carbon reduction targets. The company said the agreements are part of its strategy to deploy low-emission energy technologies to meet growing electricity demand.
The expansion comes as power demand at the mining complex rises sharply. Ivanhoe Mines, a shareholder in Kamoa Copper and operator of the complex, projects electricity demand at the site will rise to 347 MW by December 2028 from 208 MW at the end of 2025. Under Ivanhoe’s energy plan, all of that demand is expected to be supplied by renewable energy sources.
Boaz Kabeya
DR Congo's state diamond miner Société minière de Bakwanga (MIBA) has awarded a contract for industrial equipment to South Africa's Bond Equipment (PTY) LTD as part of its revival plan, according to a notice dated May 6, 2026.
MIBA awarded the contract to Bond Equipment in a deal worth $57.45 million, inclusive of taxes, according to the notice signed by Director General André Kabanda Kana. The contract is divided into five lots, while transport costs amount to an additional $2.3 million. The notice does not specify the technical details of the equipment involved.
The contract award remains provisional under public procurement rules. It follows the opening of bids on March 3, 2026, a review of the offer evaluation report on March 13, 2026, and a no-objection notice issued by the Directorate General for Public Procurement Control (DGCMP) on March 27, 2026.
Financing context
The contract award comes as MIBA pursues a broader turnaround effort. Congolese President Felix Tshisekedi had previously announced $50 million in support for the company, which authorities said was being disbursed. The award notice does not indicate whether those funds have already been released or whether they are directly financing this contract.
MIBA's revival is part of an initial recovery plan estimated at around $70 million, aimed at increasing production capacity, securing concessions and restarting operations at the state miner in Mbuji-Mayi.
Bond Equipment was among the South African companies previously cited in discussions surrounding MIBA's recovery. The company also has prior experience in the Congolese mining sector. Ivanhoe Mines had previously indicated that Bond Equipment manufactured the dense medium separation unit intended for the concentrator at the Kipushi zinc mine.
The coming weeks should clarify whether the award will be finalised, when the contract will be signed, the timetable for equipment deliveries and the precise financing arrangements for the deal.
Timothée Manoke
Ivanhoe Mines is accelerating exploration in the Western Forelands in the Democratic Republic of Congo, with the Canadian mining group now planning to spend $86 million there in 2026, up from the $50 million announced in February, according to its quarterly report published on May 6. The revised figure marks a $36 million increase.
The spending will account for most of Ivanhoe’s global exploration budget, which has been raised to $127 million. The remainder is earmarked for projects in Kazakhstan, Angola, Zambia and South Africa. The increase reflects growing confidence in the potential of the company’s Congolese assets, particularly around Makoko, near the Kamoa-Kakula copper complex.
The 2026 exploration campaign will be Ivanhoe’s largest ever in the Western Forelands. The company plans to drill nearly 100,000 meters to identify new copper-rich zones and further define the district’s resource potential. An updated resource estimate is expected in the third quarter of 2026.
Makoko at the Center of Ivanhoe’s Expansion Strategy
The Western Forelands covers 2,427 square kilometers, roughly six times the size of the Kamoa-Kakula complex, the largest copper operation in the country. Within that area, Makoko has emerged as the company’s key exploration target. Ivanhoe says the district already hosts substantial copper resources and describes it as the world’s fifth-largest copper discovery since Kakula in 2016.
The 2026 program aims both to improve confidence in identified resources and extend exploration further across the district. Since the 2025 resource estimate, the Makoko district has expanded by two kilometers to reach 15 kilometers in length. It is now located less than eight kilometers from Kakula West, strengthening the prospect of a broader copper corridor around Kamoa-Kakula.
“We have extremely strong momentum in the discovery process for major copper systems. The Makoko District copper discovery in the Western Forelands is an emerging giant in the making, and its significance is growing around the clock. Soon, we will reveal our development plans for the Western Forelands,” said Robert Friedland, founder and co-chairman of Ivanhoe Mines.
Copper Demand Supports Long-Term Expansion Plans
The expansion comes as copper prices remain supported by rising demand linked to electrification, power grids, electric vehicles, data centers and artificial intelligence infrastructure. Copper prices reached record highs in 2026, briefly surpassing $14,500 per metric ton in January, according to the International Energy Agency.
For Ivanhoe, the market environment reinforces the strategic value of its Congolese assets. Friedland has described copper as the “king of metals” and says global demand is entering a prolonged growth cycle driven by electrification and digital infrastructure. While Kamoa-Kakula remains the company’s main production engine, the Western Forelands is increasingly positioned as its next growth platform.
That outlook is supported by international forecasts. Global copper demand is expected to rise by more than 40% by 2040, while supply growth is struggling to keep pace, according to UNCTAD. The organization estimates that around 80 new copper mines and $250 billion in investment will be needed by 2030 to meet demand tied to the energy transition and expanding digital infrastructure.
The development timeline nonetheless remains long term. Ivanhoe expects to publish a new resource estimate in the third quarter of 2026, ahead of a preliminary technical study planned for 2027. Those milestones will help determine the economic viability of a future mining project in the Western Forelands.
Pierre Mukoko
China Railway Resources Universal Limited (CRRU) is seeking to expand its strategic metals production in the Democratic Republic of Congo through a partnership with state mining company Minière de Bakwanga (MIBA). The project, presented on May 6, 2026, to Mines Minister Louis Watum Kabamba in the presence of MIBA Director General André Kabanda, aims to develop an integrated copper-cobalt complex in the Grand Kasai region.
According to materials presented by the Chinese delegation, the project would target the territories of Miabi and Kabeya-Kamwanga in Kasai-Oriental province. Planned production capacity ranges from 200,000 to 500,000 tonnes of copper per year, alongside an energy component combining hydropower and solar generation with installed capacity of between 250 MW and 500 MW.
The Mines Ministry described the initiative as a major strategic project for the mining, industrial and energy development of Grand Kasai, as part of efforts to implement presidential commitments to revive the mining and energy sectors.
MIBA Assets Back in Focus
The project draws on mining assets previously identified by MIBA. Several contracts signed between 2020 and 2021 with the company Comikas referenced copper-cobalt deposits across various permits held by the state enterprise in Kasai-Oriental, including permits PR 11858, PR 11859 and PE 410.
Those documents also indicated that the project’s mineral potential had yet to be fully confirmed. In one of the contracts, MIBA acknowledged that it did not have “sufficient information to determine the grades and quantities of copper-cobalt” present within the licence area. The document specified that exploration work would be required to establish “the quantity, quality and delineation” of potential resources.
The contracts also referred to exploration work aimed at identifying copper-cobalt deposits between the Lukula and Lubi rivers, northwest of the SACIM concession. It remains unclear whether that work was ever completed.
Despite the scale of the ambitions announced, several key parameters remain undisclosed. No official estimate of mineral reserves has been published, while the total project cost, development timeline, financing arrangements and the exact division of equity stakes between CRRU and MIBA have not been made public.
Visible Political Backing
The Mines Ministry said discussions focused on implementation arrangements for the project. Minister Kabamba reaffirmed “the government’s commitment to supporting strategic investments capable of contributing to the country’s economic transformation.”
He added that the project is receiving particular attention from President Félix Tshisekedi, who wants to see it move forward rapidly.
The involvement of CRRU, a subsidiary of the state-owned China Railway group, underscores the continued expansion of Chinese companies in the DRC’s strategic mining sector. Presentation materials linked the project to several flagship investments associated with China’s mining ecosystem in the country, including Sicomines, the Busanga hydropower dam and ore processing facilities.
Copper prices have maintained strong momentum for several months, supported by demand linked to electrification, electric vehicles, data centres and energy infrastructure. Copper prices reached record highs in 2026, briefly exceeding $14,500 per tonne in January, according to the International Energy Agency.
Several international organisations, including UNCTAD, estimate that the world will need to develop new large-scale mining projects over the next decade to meet rising demand.
Pierre Mukoko & Ronsard Luabeya
A delegation from SACOR, described as part of a Zambian group, met DR Congo’s Minister of Mines, Louis Watum Kabamba, on May 5, 2026, to present a solution for separating solid residues from water produced during ore concentration, material known in the industry as tailings. The delegation was led by Solange Kappongo, the company’s general manager in the DRC.
According to the ministry, the technology is intended to improve mining waste management by separating solids from water. The aim is to enable water reuse in industrial processes and improve the handling of solid residues at mining sites.
The technology relies on an established industrial process. Solid-liquid separation by centrifugation has long been used across several industries. The innovation lies mainly in its application to modern mining waste management, with the goal of reducing waste volumes, recovering process water and limiting environmental risks. On its website, SACOR claims water recovery rates of up to 85%.
The minister welcomed the initiative but urged caution before any rollout. Before large-scale implementation, Louis Watum Kabamba called for pilot tests to assess the solution’s effectiveness under local conditions. The ministry also said it would help connect SACOR with mining companies operating in the DRC.
For now, the discussions remain exploratory. No contract or pilot project has been announced. Available public sources do not confirm that the technology has been used at any specific mining site in Zambia.
The initiative comes as scrutiny over mining pollution in the DRC has intensified. In November 2025, Congo Dongfang Mining, active in cobalt processing, was implicated in an environmental incident in Lubumbashi after a tailings pond ruptured. The discharge of contaminated water affected rivers, soil and several outlying neighborhoods. The company was later ordered to pay about $12.6 million and carry out remediation measures.
Against that backdrop, SACOR is seeking to tap demand for better mining waste treatment in Congo’s mining sector, including reduced water use, improved waste handling and lower risks for surrounding communities. But any future presence in the market will depend mainly on the results of pilot tests and the interest of mining operators.
Ronsard Luabeya
Social tensions are mounting in the Democratic Republic of Congo’s mining sector as the phased implementation of the country’s new guaranteed minimum interprofessional wage, known by its French acronym SMIG, begins to have tangible effects. Since May 3, 2026, labor protests have been reported at Metalkol SA, a subsidiary of Eurasian Resources Group (ERG), and at Ruashi Mining, owned by Metorex and Gécamines, over the rollout of the second phase of the SMIG, set at 21,500 Congolese francs (CDF).
According to Radio Okapi, the unrest is most visible at sites in Kolwezi and Lubumbashi, where workers are demanding that their salaries be adjusted in line with the new pay scale and are calling for broader improvements to working conditions. Employees have cited inequalities between local and expatriate staff, as well as what they describe as abusive dismissal practices and restrictions on union representation.
A dispute over the exchange rate used to convert salaries is also fueling the tensions. At Metalkol, worker representatives have accused the company of seeking to apply a rate of 1,800 CDF to the dollar — below the market rate, which is closer to 2,200 CDF — a move they say would effectively reduce workers’ real income.
A sharp increase in labor costs
Enacted under Decree No. 25/22 of May 30, 2025, the new SMIG introduced a phased increase in the minimum wage, rising from 7,075 CDF to 14,500 CDF in May 2025, then to 21,500 CDF starting in January 2026, marking an overall increase of more than 200%. The framework also maintains a wage compression ratio of 1 to 10, automatically pushing up all pay scales.
According to the Federation of Congolese Enterprises (FEC), the first phase of the increase nearly doubled payroll costs in several sectors. A mid-level manager previously earning about 70,500 CDF a day would now receive close to 145,000 CDF, equivalent to approximately $1,700 per month before benefits. Including allowances, total compensation can exceed $2,000.
If the second phase of 21,500 CDF is implemented while maintaining the current wage compression ratio, that same manager would earn more than $2,500 per month. “A level that is unsustainable for the Congolese economy,” the FEC said, warning that “the DRC cannot sustain a SMIG equivalent to that of Belgium without jeopardizing competitiveness and employment.”
The employers’ federation also argued that applying the SMIG uniformly across all sectors would amount to “condemning agriculture and forestry, already in dire straits.” The FEC has called for a more gradual and sector-specific implementation, citing in particular the need for a separate minimum wage for agriculture.
The government has maintained its stance. In January 2026, Prime Minister Judith Suminwa Tuluka reaffirmed the need to implement the revised SMIG of 21,500 CDF while calling for social dialogue within the framework of the National Labor Council.
The unrest at Metalkol and Ruashi Mining highlights a central challenge for the Congolese economy: balancing higher purchasing power with manageable business costs, in an environment marked by sharp sectoral disparities. Whether large extractive companies — generally better capitalized than other segments of the economy — can absorb the rise in labor costs is seen as a leading indicator for other sectors.
Ronsard Luabeya
A group of Polish investors is considering setting up a mining equipment manufacturing plant in the Democratic Republic of Congo, where the mining sector remains heavily dependent on imported machinery. The group presented the project to Mines Minister Louis Watum Kabamba at a meeting on April 29, 2026.
The delegation was led by Dawid Kostempski, a former local politician in Poland, and included Marie-Claire Kengo, president of the DRC-Poland Friendship and Cooperation Network. Their involvement highlights the project’s economic and diplomatic dimensions, although it remains at an early stage.
Focus of the talks
According to the Ministry of Mines, discussions focused on how to structure the investment project, which aims to establish a manufacturing plant for machinery used in mineral extraction and processing.
Beyond equipment production, the initiative includes a technical training and skills transfer component for Congolese executives and technicians. It is part of the government’s broader strategy to strengthen local value creation and build an industrial base around the mining sector.
In the DRC, mining equipment supply relies heavily on imports. This dependence poses significant challenges in terms of costs, delivery times and technological control.
Companies such as CIS SARL supply and maintain equipment used at mining sites, while other firms, particularly in Lualaba, operate in engineering and technical support. However, the country still lacks a structured local industry for large-scale mining equipment manufacturing.
In that context, if it moves forward, the project led by Polish investors could introduce a largely undeveloped activity in the DRC: local manufacturing of mining equipment. For now, the project remains at an early stage, with details on the investment model, industrial partners, potential sites and implementation timeline yet to be clarified.
Boaz Kabeya
Dubai-based Paradigm Holdings announced on April 28, 2026, that it had signed a gold supply agreement with the Congolese government, as part of its international expansion in the precious metals sector. The Congolese authorities have not disclosed details of the deal.
According to Paradigm Holdings, the partnership aims to establish a formalized gold supply network from the DRC while strengthening the UAE’s role as a precious metals trading, refining and distribution hub. The company describes the agreement as its third government-backed partnership in Africa in less than two years.
The announcement does not specify the volumes involved, the duration of the agreement, the applicable tax framework or the identity of the Congolese signatory. It also provides no details on traceability mechanisms, which are considered essential in a sector vulnerable to smuggling, money laundering and the financing of armed groups.
Commercially, the UAE is already among the top destinations for Congolese gold, alongside South Africa. According to Congolese mining statistics for 2025, nearly three metric tons of gold were exported to the UAE, valued at more than $337 million.
Paradigm Holdings describes itself as a private investment group active in commodities, real estate and clean energy. The company says it is developing operations in the extraction, trading and management of precious metals, gemstones and rare earths, with a presence in the Middle East, Africa and South America.
The Primera Gold precedent
Since 2023, the DRC has sought to formalize part of its artisanal gold production through Primera Gold DRC, a joint venture between the Congolese state and an Emirati partner. The arrangement enabled the export of more than five metric tons of artisanal gold in 2023, worth more than $300 million, before Kinshasa reasserted full control over Primera Gold in late 2024 and renamed it DRC Gold Trading.
That partnership with the UAE was presented as part of an official strategy to combat fraud and smuggling, particularly in the country’s east. However, the Primera Gold model drew criticism over its lack of transparency and tax advantages, as well as doubts about its actual capacity to clean up supply chains. U.N. experts noted that the preferential conditions granted to Primera Gold created a near-monopoly over legal artisanal gold exports.
The arrival of Paradigm Holdings could mark a new chapter in the gold relationship between Kinshasa and the UAE. For the DRC, the issue goes beyond opening a new commercial outlet. The central question is whether this new corridor will genuinely increase formal exports, secure public revenues and improve traceability in a sector historically dominated by informal networks.
Ronsard Luabeya
China’s Zijin Mining is developing a logistics corridor to connect its Manono lithium project in the Democratic Republic of Congo’s Tanganyika province to ports in Tanzania, and is nearing completion of four cargo vessels to operate on Lake Tanganyika.
Construction of the vessels was more than 95% complete as of March 2026, according to Tanzanian newspaper The Citizen. Two had been completed, a third was awaiting approval from the Tanzania Shipping Agencies Corporation (TASAC), and a fourth had just been launched and is due for completion in July 2026.
Zijin said in November 2025 it had launched the first bulk carrier in the series, Golden Voyage No. 1, describing it as a key link in a future export route between the DRC and Tanzania. Each vessel measures 70.08 meters in length and 15 meters in width, with a carrying capacity of 2,000 tons and a range of 1,000 nautical miles.
The ships were built in modular sections in China by Shandong Xinneng Shipbuilding and shipped to Tanzania for final assembly at the port of Karema. Golden Voyage Logistics, a Zijin subsidiary, applied for space at the port to launch the project in October 2023, according to The Citizen.
Multimodal logistics corridor
The fleet will primarily support the supply chain for the Manono lithium project. Output will be transported by road over roughly 440 km from Manono to Kalemie, then loaded onto vessels on Lake Tanganyika bound for Kigoma, before being moved overland to Dar es Salaam for export.
The lake operation forms part of a broader logistics strategy. In August 2025, Zijin signed a concession agreement with Tanzania to operate the port of Kigoma and the Malindi terminal at the port of Dar es Salaam, alongside a modernization program covering warehouses, storage areas and cargo-handling equipment.
On the industrial side, the Manono project is designed for an annual mining and processing capacity of five million tons of ore. The facility is expected to process 500,000 tons of spodumene concentrate to produce about 95,170 tons of crude lithium sulfate per year, with commissioning scheduled for June 30, 2026.
In this context, deploying the vessels on Lake Tanganyika is key to securing Zijin’s export corridor from eastern DRC to the Indian Ocean.
Timothée Manoke
Carrigrès, the construction aggregates quarry owned by the TEXAF group, closed 2025 with revenue down roughly 17% to 4.2 million euros, from approximately 5 million euros in 2024. The decline came even as demand picked up in the second half of the year, which was not enough to offset weaker market conditions.
The group attributed the drop primarily to a roughly 26% fall in the average selling price of its products. That pressure hurt the unit's performance, which ended the year with a net loss of 20,000 euros, according to the group's annual results, despite a roughly 10% increase in sales volumes.
TEXAF describes the business as particularly volatile, given its dependence on construction market conditions and competition. That volatility is reflected in the unit's recent performance. In 2023, the quarry benefited from strong demand and firm prices, lifting revenue to approximately 6.29 million euros, even as volumes sold fell around 4% from 2022. In 2024, revenue then dropped roughly 19%, amid what the group described as uncertainty over public investment.
Despite the 2025 results, TEXAF said it is continuing to invest in the business. The group said in its report that it has already paid a deposit on a new screen and crusher for the quarry, aiming to improve operational performance.
The Carrigrès quarry, which the group has operated since the 1950s, has an estimated annual capacity of 600,000 tons. The group also estimates recoverable reserves at around 25 million tons. The quarry produces a range of aggregates for the construction sector, from rubble stone to crushed sand, as well as various types of gravel and chippings used in concrete, road construction and civil engineering.
The group noted, however, that part of the quarry's land is illegally occupied by squatters, a situation that could limit future expansion.
Timothée Manoke
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The Democratic Republic of Congo (DRC) is moving to address rising cobalt stockpiles after suspending exports in February 2025 and introducing quotas in October, in a bid to prevent a market glut and further price declines.
At a cabinet meeting on April 10, 2026, the government approved a draft decree establishing a strategic reserve for key minerals. The text still requires signature and publication in the official gazette. Cobalt, germanium and coltan have been classified as strategic minerals since November 2018, but sources say the current focus is primarily on cobalt.
Sources add that the reserve is intended to manage stockpiles accumulating as a result of export restrictions. Official data show that despite the curbs, the DRC produced 100,015.28 metric tons of cobalt in 2025. With exports limited to 44,338.47 tons, the surplus reached 55,676.81 tons.
Production is expected to continue in 2026, as cobalt is a byproduct of copper, whose prices are rising. Stockpiles could therefore keep growing, even as exports increase. Shipments could reach 114,316.55 tons this year, including 87,000 tons in company quotas, 9,600 tons in strategic allocations, and 17,716.55 tons in unused 2025 quotas carried over due to delays in the new export system, initially extended to March 31 and later to April 30, 2026.
“Without an appropriate mechanism, stockpiles could continue to grow, creating problems for both producers and the state,” Patrick Luabeya, head of the Regulatory and Market Control Authority for Strategic Minerals (Arecoms), told Jeune Afrique. The agency has been tasked with building and managing the reserve. A separate draft decree amending the November 5, 2019 regulation that created Arecoms was also adopted.
A Fragile Rebound in Prices
Rising inventories are tying up output, weighing on cash flow and increasing storage costs for mining companies, while adding downward pressure on prices. Without regulation, a sudden release of these volumes could trigger another price drop, undermining the impact of export restrictions and quotas.
The strategic reserve is designed to absorb excess supply and prevent further market destabilisation. Authorities say it will help stabilise prices, maximise the value of strategic minerals and strengthen the country’s economic sovereignty.
Jeune Afrique said it reviewed the draft decree and reported that the reserve will be held partly in the DRC and partly abroad, and built through purchases of stock held by mining companies. The financing mechanism has not been disclosed.
Despite export restrictions, the DRC still accounted for more than 76% of global cobalt output in 2024, according to the World Bank. Yet average prices stood at $33,910 per ton, well below the $80,000 peak reached in April 2022.
“This modest recovery reflects persistent oversupply, rapid growth in alternative sources, particularly mixed nickel hydroxide precipitate from Indonesia, and the accelerating shift toward cobalt-free lithium-ion batteries in electric vehicles, all of which are reducing demand for cobalt-rich materials,” the World Bank said in a March report on the country’s economic outlook. The institution expects cobalt prices to decline or remain broadly stable in 2026.
Pierre Mukoko
International Resources Holding (IRH) is expanding beyond its tin interests in the Democratic Republic of Congo, moving into the copper and cobalt sector in Lualaba province. The UAE-based group, which agreed in 2025 to pay $367 million for a 56% stake in Alphamin Resources — operator of the Bisie tin mine in North Kivu — is now linked to assets in Lualaba.
According to Africa Intelligence, the Emirati group is connected to entities that became partners of state miner Gécamines following mining title transfers in September.
Official documents released in recent weeks show that the Kabulungu project, a copper and cobalt deposit in Lualaba, is now held by Kabulungu Kamilombe Mining (KKM). The joint venture is 40% owned by Gécamines and 60% by Falcon Resources. The records confirm a partial transfer of the asset by Gécamines to Falcon Resources, but make no explicit mention of IRH.
Tailings and waste rock permits
Separate transactions have also involved permits related to mining tailings and waste rock in Lualaba. These assets were transferred to Kongo Mining Company (KMC), a joint venture between Gécamines and Luna Mining. As with the Kabulungu project, public records confirm the transfers and the creation of the entity, but do not establish a direct capital link to IRH.
Africa Intelligence nonetheless reports that both Falcon Resources and Luna Mining are connected to the Emirati group. It also says that KKM and KMC share the same chief executive, Yehezkel Ambar, suggesting operational coordination between the two entities.
In January 2026, 16 memorandums of understanding were signed in Kolwezi between the provincial government and Emirati companies. Authorities said mining was among the sectors covered, though the details of the agreements and the identities of the companies involved have not been disclosed.
These developments come amid a broader push by the United Arab Emirates into African critical minerals. In Zambia, IRH acquired a 51% stake in Mopani Copper Mines for $1.1 billion in 2024. The group is positioning itself across several metals considered strategic for the energy transition, including copper, cobalt, nickel and lithium. IRH’s corporate filings identify it as a subsidiary of 2PointZero, an investment platform within the International Holding Co (IHC) group.
Timothée Manoke
Virtus Minerals has finalized the acquisition of Chemical of Africa (Chemaf) for approximately $30 million. The deal was completed on March 27, according to a Wall Street Journal article published on March 31 and relayed on the U.S. company’s website.
The transaction includes a plan to mobilize nearly $720 million to develop the copper and cobalt producer’s projects. The framework includes an initial $200 million contribution from Virtus and its operating partner, India’s Lloyds Metals. A further $475 million is expected from New York-based investment fund Orion Resource Partners, along with about $75 million from other sources.
While these figures point to a substantial financing package, details remain unclear. Work is set to begin in April, with a target to finalize the financing by early next year. The Wall Street Journal reported that Orion declined to comment, and no information has been disclosed on the additional funding sources. It is also unclear whether these commitments are firm or conditional, or whether they involve debt, equity, or hybrid instruments.
Beyond the takeover, restarting Chemaf’s operations will require additional capital. Up to $300 million may be needed to complete expansion projects at the Mutoshi mine in Kolwezi and the Étoile mine in Lubumbashi. These sites are expected to produce around 75,000 tonnes of copper cathodes and 25,000 tonnes of cobalt hydroxide annually.
These funding needs come on top of existing liabilities, raising questions about the overall financing structure. Chemaf’s debt is estimated at nearly $1 billion, including obligations to local subcontractors and commodities trader Trafigura.
No clarity on subcontractor debt
In 2022, Trafigura arranged a $600 million syndicated loan to finance processing capacity expansion and the mechanization of the Mutoshi mine. Virtus said it had reached an agreement with the trader, without disclosing the terms.
By contrast, there is no clarity on the debt owed to local subcontractors, whose total remains unknown. The Wall Street Journal reported that Virtus declined to comment on any plans to settle this debt.
Asked about financing the restart of Chemaf’s operations, Virtus said in a March 13 press release that Congolese authorities had approved the deal after reviewing the transaction structure, the financial capacity of the consortium, and its plans for Chemaf’s activities.
Virtus also indicated that it intended to deliver on its commitments through investments, job creation, and operational results, according to the same release.
The U.S. government has identified the acquisition of Chemaf’s assets by Virtus and its Indian partner as one of three projects critical to implementing the strategic partnership on critical minerals signed with the Democratic Republic of Congo (DRC) on December 4, 2025. The deal forms part of a broader effort to secure supplies of critical minerals amid Chinese dominance. Copper and cobalt are essential for advanced military systems, the energy transition, and the production of batteries for electric vehicles and electronic devices.
However, in practice, the project’s success will depend on the consortium’s ability to secure the announced financing and stabilize operations at sites weakened by illegal mining activity.
Pierre Mukoko
Two Chinese mining groups that account for a large share of copper and cobalt output in the Democratic Republic of Congo (DRC) are set to help finance the modernization of the TAZARA railway corridor. Backed by Beijing, the project is emerging as a competing export route to the Lobito Corridor, which the United States and the European Union are developing in parallel.
The TAZARA upgrade is valued at more than $1.4 billion, including about $1 billion for rail rehabilitation and $400 million for locomotives and rolling stock. Under the newly disclosed structure, China Civil Engineering Construction Corporation will hold an 80% stake, while CMOC, a Zijin Mining-linked entity, Jiayou International Logistics and COSCO Shipping Holdings will each take 5%, subject to regulatory approval in China.
The participation of mining firms underscores efforts to secure export routes for African minerals as competition between regional corridors intensifies. By backing TAZARA, CMOC and Zijin are reinforcing China’s position along key mineral export routes in southern and central Africa, where major powers are competing for control over copper, cobalt and zinc supply chains.
Through its subsidiaries Tenke Fungurume Mining and Kisanfu, CMOC exported 747,468 metric tons of copper in 2025, according to official Congolese data, accounting for nearly 22% of national exports. Zijin Mining holds an indirect 39.6% stake in Kamoa-Kakula, alongside Ivanhoe Mines at 39.6%, the Congolese state at 20% and Crystal River at 0.8%. The Kamoa complex exported 400,185.59 metric tons of copper in 2025, or about 12% of total exports.
TAZARA as an alternative
Meanwhile, the United States and the European Union are stepping up support for the Lobito Corridor. The project aims to link mining areas in the DRC and Zambia to Angola’s Atlantic port of Lobito through upgraded rail and logistics infrastructure. It is intended to provide a faster, more competitive route for Copperbelt minerals.
According to a November 2025 presentation by Germany’s Federal Institute for Geosciences and Natural Resources, prepared with the Congolese Ministry of Mines, the 1,740-kilometre Lobito Corridor, including 450 km in the DRC and 1,290 km in Angola, is currently the fastest route among major export options. Transit times range from five to eight days, compared with 30 to 32 days to Dar es Salaam, 28 to 34 days to Beira, 29 days to Walvis Bay and 30 to 36 days to Durban.
That advantage could erode as TAZARA is upgraded. The 1,800-kilometre line is widely seen as a viable alternative. The same presentation noted that Lobito is being developed in a competitive regional environment, with several rail extensions and interconnections under consideration, including links with TAZARA.
Limited support for Lobito
For Washington, the project has strategic significance beyond logistics. A December 2025 agreement between the United States and the DRC identifies the Sakania-Lobito route as a key channel for exporting copper, cobalt, zinc and other critical minerals. It requires that, over the next five years, at least 50% of copper, 30% of cobalt and 90% of zinc sold by state-owned mining companies transit through the corridor’s Congolese section.
Despite these advantages, questions remain over the corridor’s long-term viability. The European Centre for Development Policy Management said its success will depend on attracting sufficient volumes beyond geopolitical backing, while the French Institute for International and Strategic Affairs pointed to risks linked to governance, regional coordination and limited commitment from some operators.
So far, Kamoa Copper, which operates the Kamoa-Kakula complex, is among the few major producers to formally commit to the route. A memorandum of understanding signed in February 2024 with Lobito Atlantic Railway covers part of its copper exports. The company shipped its first copper anodes via Lobito in the first quarter of 2026.
“Lobito is still ramping up. This year, we plan to ship between 50,000 and 70,000 metric tons through the corridor, depending on its progress and competitiveness against other routes,” said Olivier Binyingo, chairman of Kamoa Copper, in February.
Pierre Mukoko