MINING (93)
Diamond producers in the Democratic Republic of Congo (DRC) recently regained the freedom to sell their production without restrictions tied to a limited list of buyers. On June 2, 2025, Mines Minister Kizito Pakabomba officially rescinded the 2022 ministerial decree that had regulated sales of minerals under the supervision of the Centre d'expertise, d'évaluation et de certification des substances minérales précieuses et semi-précieuses (CEEC).
The minister declared that the 2022 decree was nullified as it conflicted with articles 85 and 108 of the Mining Code, which guarantee mining rights holders the freedom to market minerals extracted from their concessions. He emphasized that mining production regulation must strictly adhere to the Mining Code and its implementing regulations, rejecting any inappropriate supplementary rules.
The revoked decree had assigned CEEC the exclusive role of marketing precious and semi-precious minerals—including diamonds, gold, colored stones, and artisanal mining products—through appraisal, evaluation, and certification. The diamond sector, in particular, suffered under this regime due to the Kimberley Process’s strict certification requirements and the introduction of auctions.
Société Anhui Congo Investissement Minier (Sacim), a diamond producer jointly owned by the Congolese state and China’s Anhui Foreign Economic Construction Corporation Limited, welcomed the repeal. Sacim had actively lobbied for months against the decree, which it blamed for its ongoing financial difficulties.
Ronsard Luabeya (intern)
International Resources Holding (IRH), a subsidiary of the Emirati conglomerate International Holding Company (IHC), just sealed a deal to acquire almost 100% of Tremont Master Holdings. Valued at C$503 million–around US$367 million–the deal will give IRH indirect control of 56% of Alphamin Resources. The latter owns the Bisie tin mine, the largest tin mine in the Democratic Republic of Congo (DRC).
According to Bloomberg, an IRH delegation visited the DRC last November to conduct a due diligence mission. Although the offer is lower than Alphamin's current capitalization on the Toronto Stock Exchange, Denham Capital, Tremont's sole shareholder, stands to gain. The American fund previously held 57% of Alphamin.
Located in North Kivu, the Bisie project has developed in a difficult security environment. Alphamin has held an 80.75% stake since 2012, when the tin market was still uncertain. The remainder of the capital is divided between the South African state-owned company IDC (14.25%) and the Congolese state (5%). Between 2019 and the end of 2024, the mine generated cumulative sales of $2.3 billion for a gross margin of $689.5 million. The company paid $115 million in dividends in 2022-2023, and expects a payment of $70 million in October 2025 in respect of fiscal 2024.
The transaction is still subject to prior authorization by the Congolese authorities. Under article 178 bis of the revised Mining Code, any indirect transfer of mining rights must be approved by the State, on pain of nullity. A transfer fee, previously set at 1% of the transaction value, is also payable.
For IRH, this acquisition is part of a broader strategy to build up a portfolio of critical mining assets. According to Africa Intelligence, the group is also in discussions with Gécamines to obtain new permits in the DRC, although this information has not yet been confirmed. Alphamin is also studying other expansion projects in the country.
This operation illustrates the Emirates' growing interest in transitional minerals. Saudi Arabia has stepped up diplomatic exchanges with Kinshasa around a framework for sustainable supply chains. Dubai remains one of the major outlets for Congolese artisanal gold, as the Governor of South Kivu recently reminded us. By 2023, collaboration between the Emirati group Primera Gold and the Congolese government had led to a surge of over 12,000% in gold channeled through the Primera Gold DRC joint venture.
This article was initially published in French by Georges Auréole Bamba
Edited in English by Ola Schad Akinocho
Ivanhoe Mines withdrew its copper production forecasts for the Kamoa-Kakula complex in the Democratic Republic of Congo (DRC). Previously, the firm expected the Congolese complex to deliver between 520,000 and 580,000 tonnes of copper this year, in 2025. Ivanhoe announced the withdrawal on May 26, attributing its decision “to persistent seismic activity in the Kakula mine.”
Initially, Ivanhoe Mines did not revise its production forecasts after the first reports of seismic activity. However, its partner, China's Zijin Mining, stated on May 23 that it expected a “negative impact” on the complex’s production targets for the year. In a corrective statement following Zijin’s announcement, Ivanhoe initially sought to downplay the incident. Now, the company has confirmed that a “revision” of the forecast will soon be made public.
“Seismic activity at the Kakula underground mine has continued intermittently over the past few days [...] Early indications are that seismic activity underground at Kakula could continue for weeks, impeding access to the mine and prolonging the temporary suspension of operations at Kakula,” Ivanhoe explained.
The market reacted sharply to this new information, with Ivanhoe’s share price dropping by 16%. The stock was trading at C$10.76 at 12:37 p.m. local time on the Toronto Stock Exchange.
Kamoa-Kakula is the largest copper mine in the DRC, with the Congolese government holding a 20% stake, and Zijin Mining and Ivanhoe Mines each owning 39.6%.
Emiliano Tossou (Ecofin Agency)
Indonesia could snatch the Democratic Republic of Congo’s (DRC) spot as the world’s leading cobalt producer in the 2040s. The International Energy Agency (IEA) made the forecast in its Global Critical Minerals Outlook 2025 report published on May 21.
According to the Cobalt Institute, the DRC accounted for 76% of global primary cobalt supply in 2024, but the IEA forecasts a 45% decline in Congolese cobalt production during the 2030s “due to declining ore quality”.
In contrast, Indonesia—the world’s leading nickel producer, with cobalt as a by-product—is projected to increase its cobalt output by nearly 80% by 2040, surpassing the DRC. This outlook aligns with the Cobalt Institute’s Cobalt Market Report 2024, which predicts the DRC’s share of global cobalt supply will fall from 76% in 2024 to 65% by 2030, while Indonesia’s share rises from 12% to 22%.
While the projected plunge could reduce the DRC’s influence over the cobalt supply chain, its impact on mining revenues is uncertain. In 2022, cobalt accounted for about 21% of the DRC’s exports, according to the Central Bank of Congo. However, ongoing economic diversification and waning global demand for cobalt could lessen the metal’s importance to the Congolese economy even before it loses its production leadership.
The electric vehicle market—the primary driver of cobalt demand—is showing signs of slowdown. Additionally, energy storage projects increasingly favor lithium-iron-phosphate (LFP) batteries over traditional cobalt- or nickel-based batteries. Martin Jackson, a raw materials consultant at CRU, notes a “monumental drop in the intensity of nickel and cobalt use in battery demand.”
Kinshasa’s response to these shifts remains to be seen. The government is currently focusing on strengthening the country’s position in downstream segments of the value chain, such as refining and battery materials production, as potential buffers against the anticipated shocks.
This article was initially published in French by Aurel Sèdjro Houenou (Ecofin Agency)
Edited in English by Ola Schad Akinocho
China’s CMOC and Switzerland’s Glencore hold divergent views on the next steps following the suspension of cobalt exports from the Democratic Republic of Congo (DRC), which accounted for 76% of the world’s primary supply in 2024. According to Reuters, CMOC is pushing for a swift lifting of the embargo, while traders affiliated with Glencore argue that the market must regain stability before Congolese volumes return.
The matter was discussed last week during the Cobalt Congress in Singapore, in a meeting attended by the Congolese Minister of Mines, Kizito Pakabomba. At the meeting, Kenny Ives, vice-president of CMOC, advocated lifting the ban to replenish dwindling cobalt stocks for Chinese customers. He warned that prolonged shortages could prompt some carmakers to switch to cobalt-free lithium-ion batteries.
Conversely, Glencore traders contend that producers like the DRC must exercise better supply control, as oversupply was the primary reason behind Kinshasa’s decision to impose the embargo.
The contrasting positions underscore the strategic tensions between the world’s two largest cobalt producers, CMOC and Glencore. However, they both kept producing despite the DRC ban. Regarding the latter, it should expire on June 22, 2025, but Congolese authorities have not decided if it will be extended.
President Félix Tshisekedi has suggested this possibility, and his government is also considering introducing export quotas—an option Glencore traders say they are prepared to accept.
Meanwhile, the market has responded favorably to the embargo, with cobalt prices rising over 50% since February. On the London Metal Exchange (LME), cobalt currently trades above $33,000 per tonne, up from $21,000 at the end of February.
This article was initially published in French by Aurel Sèdjro Houenou (Ecofin Agency)
Edited in English by Ola Schad Akinocho
Ivanhoe Mines has stopped activities at the Kakula underground mine, located at its Kamoa-Kakula copper complex in the Democratic Republic of Congo (DRC). The firm decided the halt on May 18 but officially announced it on May 20.
Operations were halted after seismic activity was recorded in the eastern section of the mine. There were no casualties, and all personnel were evacuated. The Phase 1 and 2 concentrators still run, at reduced capacity, processing ore from surface stockpiles. As of April 30, these stocks stood at 3.8 million tonnes, at an average grade of 3.2% copper. The Phase 3 concentrator and Kamoa underground mine continue to operate normally.
Geotechnical experts are inspecting the underground infrastructure. The western zone of Kakula has already been declared safe, while the eastern zone remains under evaluation.
Despite the disruption, Ivanhoe has not revised its production targets for the year; it still eyes an output of 520,000–580,000 tons of copper in 2025, for the whole complex. However, the impact of this suspension will depend on its duration. For now, it is unknown when operations will resume.
This article was initially published in French by Emiliano Tossou (Ecofin Agency)
Edited in English by Ola Schad Akinocho
Global demand for cobalt should grow faster than supply in the coming years, shifting the market from a surplus in 2024 to a deficit by the early 2030s. The Cobalt Institute disclosed the forecast in its annual report published on May 14, 2025.
The source, Cobalt Market Report 2024, forecasts an average annual growth in global demand of 7% by the decade’s end, reaching 400,000 tonnes by the early 2030s. This growth will be driven primarily by the rapid expansion of the electric battery sector.
Meanwhile, global supply is expected to grow at an average annual rate of only 5% between now and 2030. The Democratic Republic of Congo (DRC), which accounted for 76% of primary supply in 2024, will see its share fall to 65%, while Indonesia’s share is expected to rise from 12% to 22% due to a rapid increase in production.
In the short term, market trends will largely depend on the strategy adopted by the DRC, particularly following the four-month ban on cobalt exports imposed in February 2025 to boost prices. This measure could be extended, but Kinshasa has not clarified its intentions. On March 14, the government announced plans to set export quotas and to cooperate with Indonesia to manage oversupply and better control prices. However, there is currently no information on how these decisions will be implemented.
Early this year, cobalt prices rebounded, spurred by the DRC’s export ban and an anticipated smaller surplus in the coming years. These conditions create a favorable backdrop for price recovery.
In 2024, global demand for cobalt rose by 14% to 222,000 tonnes. The electric battery segment was the main driver, accounting for 76% of total consumption and 94% of annual growth. Electric vehicles alone accounted for 43% of demand, with sales up 26%.
Demand for computers and mobile devices (phones, tablets, computers) also rose 12%. The rise of artificial intelligence, with its need for intensive computing, fueled an increase in battery capacity.
A surplus of 32,000 tonnes in 2024
Demand in the superalloys and military applications segments also grew, supported by rising defense spending.
But for the third consecutive year, supply growth outpaced demand. In 2024, global primary production reached 254,000 tonnes (+22% compared to 2023), driven by the ramp-up of Congolese mines operated by the Chinese group CMOC.
With 30,000 tonnes mined (+82% in one year), Indonesia established itself as the world’s second-largest producer. The market thus recorded a surplus of 32,000 tonnes in 2024—almost 15% of total demand—compared with 25,000 tonnes in 2023.
Founded in 1982, the Cobalt Institute brings together the main players in the cobalt value chain—including producers, users, recyclers, and traders—who represent around 80% of the global market.
This article was initially published in French by Walid Kéfi (Ecofin Agency)
Edited in English by Ola Schad Akinocho
Ivanhoe Mines has announced updated resource estimates for its Western Forelands exploration project in the Democratic Republic of Congo (DRC). The company, which holds between 45% and 100% of the permits covering this area, reports that the Makoko, Makoko West, and Kitoko deposits now total 8.38 million tonnes of copper in so-called "inferred" resources, almost double the volumes estimated in 2023.
These new estimates are based on 86,000 meters of drilling conducted between November 2023 and February 2025. Ivanhoe groups these three deposits under the name "district of Makoko," a 13 km-long area where copper occurs at depth, in geological formations similar to those mined at the nearby Kamoa-Kakula mine.
Overall, 494 million tonnes of ore at an average grade of 1.70% copper have been classified as inferred resources. This classification designates volumes whose presence is deemed probable, but not yet certified due to insufficient data. These resources offer strong potential but require additional drilling campaigns to be confirmed.
The district also includes 27.7 million tonnes of "indicated resources" at 2.79% copper, or 773,000 tonnes of metal. This category offers a more reliable estimate than inferred resources.
This exploration work is part of Ivanhoe's strategy to develop a second copper production center in the DRC. Faced with growing global demand driven by the energy transition, the company has been conducting an extensive prospecting campaign for several years in the Western Forelands region, adjacent to the Kamoa-Kakula mining complex.
The 2025 drilling program, with a budget of $50 million, includes over 100,000 meters of additional drilling. The results will enable a new resource update expected in 2026.
However, the publication of these figures does not mean that Ivanhoe will be opening a new mine in the short term. At this stage, the Makoko district remains an exploration project, still far from the feasibility, environmental study, and financing phases. However, its proximity to the existing Kamoa-Kakula infrastructure could facilitate future production. The company also points out that the area remains open to exploration, meaning that the potential identified could be further expanded in future campaigns.
This article was initially published in French by Louis-Nino Kansoun
Edited in English by Ola Schad Akinocho
Last year, 2% of the cobalt produced in the Democratic Republic of Congo (DRC) came from artisanal mines. The figure, disclosed in the Cobalt Institute’s annual report published on May 14, 2025, is significantly lower than the years before. According to various organizations, in recent years, artisanal mining contributed between 10% and 30% to the country’s overall output.
"In 2018, when cobalt metal prices had reached over $40 per pound, smallholders' share represented around 10% of DRC production. By 2024, with the significant increase in supply in the DRC [and globally], Benchmark estimates that this share has fallen to less than 2% of national production, or around 1% of global production," says the Cobalt Institute.
The report does not provide detailed volumes for artisanal production in recent years, making precise verification difficult. The Congolese Ministry of Mines does not differentiate cobalt production or exports by mining type, unlike other minerals like diamonds, gold, or tin.
The Cobalt Institute report attributes the drop mainly to: the boom in industrial cobalt production and the decline in cobalt prices. However, the Cobalt Institute suggests artisanal mining volumes may rise again in early 2025 following Kinshasa’s February export suspension, which caused cobalt prices to increase by over 50%.
Artisanal and small-scale mining (ASM) faces criticism for poor traceability, child labor, and human rights violations. Dinah McLeod, Executive Director of the Cobalt Institute, emphasizes that the challenge is not to eliminate artisanal mining but to make it fair, safe, and free from abuses, as it remains a vital source of employment for many in the region.
The current decline in artisanal activity, often illegal, underscores the need for rapid formalization. Formalizing the sector would enable stakeholders to better benefit from favorable market conditions expected in the early 2030s, when supply deficits may emerge.
This article was initially published in French by Emiliano Tossou
Edited in English by Ola Schad Akinocho
Asia Minerals Limited (AML) will start exploring for a manganese mine in Luozi, Kongo Central province, on May 21, 2025. The Minister of Mines presented the project during the May 9 Council of Ministers. AML is Japanese.
According to the Council’s minutes, the initiative falls under the Democratic Republic of Congo’s strategy to diversify the mining sector by broadening partnerships, expanding the range of ores mined, extending operational areas, and increasing the production of finished or semi-finished products. If exploration is successful, AML seeks to produce up to two million tonnes of manganese at the discovered asset.
The Minister of Mines requested government support to facilitate administrative procedures, provide institutional backing, and encourage the technical partnerships necessary for the project’s success. He highlighted that the Luozi project could serve as a lever for territorial, sectoral, and economic transformation, aligning with the DR Congo’s new vision for mining governance.
Founded in 1993 in Hong Kong, AML is an international company specializing in the entire manganese value chain, including mining, transformation into ferroalloys, and the production of metals and chemicals. The company has subsidiaries across Asia, Africa, Europe, the Commonwealth of Independent States (CIS), and North America.
AML also holds a majority stake in a ferroalloy smelter in Malaysia with an annual capacity of 220,000 tonnes, and a manganese mine in South Africa capable of producing two million tonnes per year.
This article was initially published in French by Boaz Kabeya (intern)
Edited in English by Ola Schad Akinocho
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The Kibali mine in Haut-Uélé province, Democratic Republic of Congo (DRC), produced 141,000 ounces (4,384.6 kg) of gold in the first quarter of 2025, according to Barrick Mining’s quarterly report published on May 7. The output dropped 16% year-on-year and 20.3% compared to Q4 2024.
Barrick expects an output of 688,000–755,000 ounces this year. However, first-quarter results fall short of the quarterly average needed to meet this goal, estimated at 172,000 to 188,750 ounces. The company points to "higher grades for later in the year, mainly thanks to underground mining," but does not specify if this will be enough to meet annual targets.
In 2024, due to lower gold grades, Kibali delivered 688,000 ounces, 10% less than in 2023. Despite the decline, the mine’s contribution to Barrick’s sales rose by 30% to $316 million. Factoring in Barrick’s 45% stake, Kibali’s total sales are estimated at $702.2 million.
This revenue boost is attributed to the ongoing surge in gold prices. On April 22, the spot price of gold surpassed $3,500 an ounce for the first time, driven by Sino-American trade tensions and disputes between President Donald Trump and the Federal Reserve. JP Morgan, in a note published at the end of April, projected that gold prices could exceed $4,000 an ounce by 2026.
This article was initially published in French by Pierre Mukoko
Edited in English by Ola Schad Akinocho
Since January, tantalite prices have jumped 25%. According to Reuters, the ore currently trades between $100 and $105 per pound on the European spot market, the highest level seen since April 2023.
In February, data provider Argus had already revised its price estimates upward to $80–$88 per pound, up 8% from the previous range of $75 to $81.
The price rally was mainly spurred by lower supplies from the Democratic Republic of Congo (DRC). According to the United States Geological Survey (USGS), the DRC was the world’s leading tantalum producer in 2023, holding more than 41% of the global market. However, output remains volatile due to ongoing instability in several mining regions. This has only worsened since January 2025 with the advance of M23 rebels into key producer towns.
The conflict-induced instability disrupted supply chains, especially as buyers increasingly demand traceable and conflict-free material. “The conflict affecting eastern DRC makes it difficult to obtain legitimate labeled tantalite. [...] You can place an order for material in a province not affected by the conflict, and the rebels take control of the area within two weeks of signing an agreement,” an anonymous trader told Reuters.
Looking ahead, the situation remains uncertain. Stabilizing key production zones could ease supply pressures, but much will depend on the outcome of peace negotiations between Kinshasa, the M23 rebels, and Rwanda, the rebellion’s main supporter.
This article was initially published in French by Aurel Sèdjro Houenou (Ecofin Agency)
Edited in English by Ola Schad Akinocho
KoBold Metals, the U.S.-based mining company backed by heavyweight investors including Bill Gates and Jeff Bezos, is stepping up its campaign to secure rights to the Manono lithium deposit in the Democratic Republic of Congo (DRC), a site widely seen as having “the potential to become a large-scale, long-life lithium mine.” According to a January 2024 estimate, Manono could hold 669 million tonnes of resources grading 1.61% lithium.
On May 6, 2025, KoBold and Australia’s AVZ Minerals issued a joint statement titled Developing Manono for Peace and Prosperity, signed by their respective CEOs, Kurt House and Nigel Ferguson. The companies announced they had “reached consensus on a commercial framework to enable the rapid development of the Manono deposit.”
The statement specifies: “This framework provides for AVZ to cede its commercial interests in the Manono lithium deposit to KoBold, at fair value.” The document further claims this agreement would allow KoBold to “quickly” mobilize more than a billion dollars “to bring Manono’s lithium to Western markets.”
But the Congolese government maintains that AVZ no longer has any rights to Manono, arguing those rights were lost when state-owned Cominière terminated its partnership with AVZ in 2022. AVZ is contesting the move before the International Court of Arbitration of the International Chamber of Commerce, where it has already secured an order for Cominière to pay €39.1 million in penalties for non-compliance with injunctions. However, the tribunal has yet to rule on the core ownership issue.
KoBold’s January offer proposes to resolve the dispute by granting “appropriate compensation” to AVZ in exchange for relinquishing its claims on Manono. The company says it is prepared to develop the southern part of the deposit, while the northern section would remain under the control of the Chinese group Zijin Mining.
Manono Lithium SAS-a joint venture 61% owned by Zijin (via Jinxiang Lithium) and 39% by Cominière-was granted an operating permit in September 2024 for part of the deposit. The company plans to begin lithium production in the first quarter of 2026.
An offer for “peace and prosperity”
So far, Congolese authorities have not commented publicly on KoBold’s offer. The May 6 joint statement suggests no favorable response yet. “AVZ has undertaken to propose to the Congolese government a temporary suspension of the ICSID arbitration proceedings to facilitate discussions,” the document states.
KoBold and AVZ may be trying to pressure Kinshasa by leveraging the current warming of US-DRC relations, considering the May 6 statement, which reads: “AVZ and KoBold are cooperating with all stakeholders, including the US government, the DRC government, and AVZ’s current development partner.”
AVZ and KoBold frame their proposal as a contribution to “peace and prosperity,” promising “thousands of well-paying jobs for the Congolese, over several decades.”
Kinshasa recently offered the Trump administration a mining agreement in exchange for its support toward resolving the ongoing conflict in Eastern DRC. Since then, the issue has been the subject of bilateral discussions, and Washington is actively involved in the resolution process.
“A lasting peace in the eastern Democratic Republic of Congo will open the door to greater U.S. and Western citizen investment, which will create an ecosystem conducive to responsible and reliable supply chains for things like critical minerals,” declared US Secretary of State Marco Rubio on April 25, 2025, in Washington, at the signing of the “declaration of principles” for a peace agreement between the DRC and Rwanda, the main supporter of the M23 rebellion.
This article was initially published in French by Pierre Mukoko
Edited in English by Ola Schad Akinocho
Maxime Prévot, Belgium’s Foreign Affairs Minister, recently visited the Democratic Republic of Congo (DRC). During his stay, the European official told Congolese authorities about Belgian firms' readiness to support the DRC’s mining sector by providing their expertise. The DRC is a former colony of Belgium.
"We have globally recognized expertise through players like Umicore and John Cockerill, which can handle all of these rare critical materials. And so, if the opportunity arises to also be able to be an investment partner, there's no reason for us to rule it out," Prévot told a press conference on April 28, 2025, after meeting with Prime Minister Judith Suminwa Tuluka, and President Félix Antoine Tshisekedi.
Already, there is Umicore, a Belgian company, helping Gécamine, the DRC’s state-owned mining company. In 2024, the two signed a deal under which Umicore refines germanium concentrates from the Big Hill tailings site in Lubumbashi. In October 2024, Gécamine announced its first exports to Belgium, as part of its goal to supply up to 30% of the world's germanium needs.
Belgium is a preferred destination for Congolese diamonds, thanks in particular to the city of Antwerp, a world center for the diamond trade. In 2024, statistics published by the Ministry of Mines show that the DRC exported 4.1 million carats to Belgium, worth $42.03 million. The kingdom thus accounts for 44% of Congolese diamond exports, outstripped only by the United Arab Emirates, which imported 4.9 million carats for $44.9 million.
To offset China’s dominant presence in its mining industry, the DRC has been seeking new investors. Discussions are already underway with the United States, following a "minerals for security" exchange proposal made by Kinshasa. Since then, Washington has been heavily involved in resolving the conflict in eastern DRC.
"Belgium has at no time conceived its mission, through my presence, in a move aimed at exploiting any resource of the DRC. We are obviously observing the motivations of other international players who may sometimes have a more transactional approach to their diplomacy. We are here first and foremost because there is a suffering population and principles of international law to uphold," commented Maxime Prévot.
Within the European Union, Brussels currently appears to be Kinshasa's main ally in the conflict in eastern DRC. In retaliation, Rwanda has suspended diplomatic relations with the kingdom.
This article was initially published in French by Pierre Mukoko
Edited in English by Ola Schad Akinocho