MINING (112)
Twenty-nine new oil blocks cover 72% of the Kivu-Kinshasa Green Corridor, a protected ecological zone.
The Green Corridor spans 544,270 km², aiming to protect over 100,000 km² of primary forest and promote a green economy.
Environmentalists warn oil exploration threatens the project’s climate goals and international reputation.
The Democratic Republic of Congo (DRC) balances two conflicting ambitions: becoming a major oil producer while solidifying its role as a climate change solution country. A June 20, 2025 map analysis by NGO Earth Insight reveals 29 newly auctioned oil blocks overlap 72% of the Kivu-Kinshasa Green Corridor.
Created on January 15, 2025, the Green Corridor aims to position the DRC as a global leader in combating climate change. The corridor covers 544,270 km²—over a quarter of the nation—and protects more than 100,000 km² of primary forests. Its founding decree mandates that any new economic projects within the corridor align with this green vision. However, oil extraction directly contradicts this goal.
In December 2024, Deputy Prime Minister and Environment Minister Ève Bazaibatold Deutsche Welle that mining permits granted inside the Green Corridor would be revoked. Since 2018, the state oil company Comico holds three blocks in Équateur province, including Busira and Mbandaka, which lie inside the corridor boundaries defined in 2025.
Hydrocarbons Minister Aimé Sakombi Molendo responded to criticism in Jeune Afrique by stating that the auctioned blocks had been “detoxified” to exclude protected zones. The government maintains it will not back down, aiming to balance exploration and production with safeguarding future generations’ interests.
Earth Insight strongly challenges this approach. The NGO argues that auctioning fossil fuel concessions within the Green Corridor undermines its international credibility and breaches commitments to biodiversity and climate action. The stakes are high given the corridor’s dependence on outside funding.
President Félix Tshisekedi estimates the project needs one billion dollars over three to four years to succeed. In January 2025 at the World Economic Forum in Davos, he showcased the Green Corridor and secured pledges from the European Union and Team Europe initiative to mobilize one billion euros in support for the community-based protected area.
Timothée Manoke, intern
Highlights:
• 60 MW solar project underway; target expansion to 120 MW with no timeline yet
• Two PPAs signed with CrossBoundary (Kenya) and Green World (China), each for 30 MW
• Kamoa-Kakula mine to rely solely on green energy by 2026; demand projected at 240 MW
Kamoa Copper plans to gradually scale up solar power capacity at its Kamoa-Kakula copper complex in the Democratic Republic of Congo (DRC), aiming for an installed capacity of 120 MW. Ivanhoe Mines, a key shareholder and the operator of the site, disclosed the information in a press release issued July 8, 2025. No specific timeline for the expansion was provided.
Currently, a 60 MW solar power plant with battery storage is under construction at the site near Kolwezi, Lualaba province. This infrastructure stems from two power purchase agreements signed in late March and early April 2025. Each agreement covers 30 MW and involves CrossBoundary Energy DRC, based in Nairobi, and Green World Energie SARL, headquartered in Beijing. Both companies are responsible for financing, building, and operating their respective units.
CrossBoundary confirmed its contract will run for 17 years, while Green World has not disclosed the terms of its agreement.
Initial site work began in Q2 2025, including geotechnical assessments, land clearing, and procurement of long-lead equipment, such as the battery energy storage system (BESS), a modular electrical station (E-house), and structural assemblies. Commissioning is slated for mid-2026.
By that time, electricity demand at Kamoa-Kakula is expected to reach 240 MW. The operator aims to meet this requirement entirely through renewable sources, including an increased supply of hydroelectricity from the national grid. This will be enabled by the ongoing rehabilitation of turbine 5 at the Inga II dam, which is expected to deliver 178 MW once grid reinforcement is complete in 2026.
With the new capacity, Kamoa-Kakula could stop relying on electricity from Zambia and Mozambique. In April, Ivanhoe reported an increase in hydro imports from 50 MW to 70 MW, with a potential ramp-up to 100 MW.
This article was initially published in French by Pierre Mukoko
Edited in English by Ola Schad Akinocho
Highlights:
• DRC signs strategic deals with KoBold Metals and Solafune to modernize geological data systems
• KoBold to digitize archives and launch exploration campaign over 1,600 km² by the end of July
• Solafune to support AI-based mapping and expert training under new MoU
The Democratic Republic of Congo has signed two preliminary agreements with U.S.-based KoBold Metals and Japan's Solafune Inc. to modernize access to geological data and bolster mineral exploration using artificial intelligence and satellite technology.
KoBold, backed by Bill Gates and Jeff Bezos, will digitize Congo’s geological archives held at the Royal Museum of Central Africa by July 31, 2025. The company also plans to launch large-scale mineral exploration, submitting permit applications covering 1,600 km² by the same date. Under the agreement, all data generated will be made publicly accessible through the National Geological Service of Congo (SGN-C), which will also act as the official platform for data validation and archiving.
Solafune, meanwhile, signed a memorandum of understanding to provide AI-driven support for geological mapping and train Congolese experts. The goal is to increase transparency and improve governance of mineral resources through better subsurface knowledge.
Congolese authorities describe the KoBold deal as a "strategic partnership" aimed at attracting U.S. investment. In 2024, the DRC led African mining exploration with $130.7 million in investment—10% of the continent’s total—according to S&P Global Market Intelligence.
This article was initially published in French by Ronsard Luabeya, intern
Edited in English by Ola Schad Akinocho
Highlights:
• Loncor Gold has received a non-binding, unsolicited proposal from a third-party investor.
• A special committee has been appointed to evaluate the offer.
• The offer comes as gold prices surge, boosting investor interest in the Adumbi project.
Canadian mining firm Loncor Gold announced it has received a non-binding and unsolicited offer from an undisclosed third-party investor regarding a potential transaction. While the nature of the deal—be it an acquisition, merger, or equity stake—remains unclear, a special committee of directors has been formed to assess the proposal.
This development coincides with ongoing exploration work at the Adumbi gold deposit, Loncor’s flagship asset located in the Ngayu greenstone belt in northeastern Democratic Republic of Congo (DRC). The company controls 84.68% of the project, with 10% held by the Congolese state through its mining company Sokimo.
According to a 2021 Preliminary Economic Assessment (PEA), the site could yield approximately 303,000 ounces of gold over 10.3 years, requiring a $392 million initial investment. Loncor indicated that further updates may be released “should circumstances warrant.”
The announcement comes amid a 30% year-to-date rise in global gold prices. The metal trades above $3,000 per ounce, per World Gold Council data. The bullish market environment could help Loncor attract a strong operational partner for Adumbi.
This article was initially published in French by PM (Agence Ecofin).
Edited in English by Ola Schad Akinocho
• Dan Gertler’s testimony details secretive payments and complex asset structures that enabled private — and often foreign — interests to control the DRC’s critical mining resources.
• Gertler admits to providing cash loans directly to the Central Bank and state companies, revealing weak financial oversight during the Kabila era.
• Despite some recent reforms, transparency and governance problems persist, hindering the DRC’s ability to maximize benefits from its vast copper and cobalt reserves.
Israeli businessman Dan Gertler’s testimony has exposed mismanagement in the Democratic Republic of Congo’s mining sector under President Joseph Kabila from 2001 to 2019. His statements are part of an April 2024 arbitration ruling in Israel, tied to a dispute with former partners Moises and Mendi Gertner. Bloomberg reported the contents on July 14, 2025, citing the NGO PPLAAF as the source.
Though Gertler denies any wrongdoing, he has faced U.S. sanctions since 2017 for allegedly amassing wealth through shady mining and oil deals in the DRC. In his testimony, he admitted to paying large sums to Kabila's close ally, Augustin Katumba Mwanke, to obtain permits—bolstering long-standing corruption allegations.
Cash Loans to BCC
Gertler’s testimony also highlights the opaque structuring of interests in gold, iron, and copper mining permits involving himself and Augustin Katumba Mwanke. Several assets were deliberately placed in separate legal entities, in accordance with their arrangements. Gertler claims he held mining stakes worth several hundred million dollars on behalf of Katumba, while remaining unaware of other Congolese stakeholders involved. This layered structure complicated oversight and enabled both private and foreign actors to indirectly influence the control of strategic Congolese mineral resources.
In addition, Gertler acknowledged providing “cash loans” to the Central Bank of Congo (BCC) and the state-run diamond company MIBA. He defended this by citing the absence of a functioning banking system at the time. Nonetheless, these transactions expose a troubling lack of oversight in financial flows within the DRC’s extractive industry.
The arbitration ruling, spanning over 1,200 pages and grounded in more than 10,000 pages of testimony and exhibits, did not aim to assess the legality of the transactions. The arbitrator found no compelling proof of corruption or illicit payments. Still, the disclosures echo long-standing criticisms of governance in the mining sector—use of front men, absence of transparency regarding beneficial owners, murky licensing processes, and informal, loosely regulated financial practices.
EITI Notes Progress
Corruption remains a serious concern in the Democratic Republic of Congo’s extractive industries. Major players like Glencore Plc have faced legal consequences, paying hundreds of millions of dollars in fines and settlements across multiple jurisdictions—including the U.S., U.K., Switzerland, and the DRC—for corrupt practices linked to mining asset acquisitions.
Dan Gertler’s involvement continues to attract scrutiny. Despite agreeing in 2022 to surrender some assets, recent tax proceedings confirm that he still benefits from royalty rights in three large-scale copper and cobalt projects. His ongoing presence highlights the persistence of opaque financial arrangements in the sector.
The DRC has made incremental progress. EITI’s 2024 report notes the country's commitment to beneficial ownership transparency, with public disclosures dating back to 2015—though data gaps remain. The 2018 mining code mandates the publication of contracts and permits, but implementation remains inconsistent. The IMF, in its January 2025 report, acknowledged advances in reform, while urging the DRC to strengthen enforcement and reduce loopholes—particularly the 25% threshold for beneficial ownership, which remains too permissive.
Economic Stakes
Further governance concerns arise from the government's recent decision to require oil exports to use officially approved charterers. While intended to improve control over export logistics, this raises new questions about the accountability and transparency of intermediaries.
The Democratic Republic of Congo relies heavily on its mining sector, making transparency vital for economic growth. In 2024, the country produced 3.3 million metric tonnes of copper—a 12.6% year-on-year increase—ranking it second globally. It remains the world’s top cobalt producer, with 170,000 tonnes extracted and reserves estimated at 6 million tonnes.
Mining accounts for roughly 6% of national GDP and provides 40% of government income. Stronger governance would help the DRC maximize revenues, attract responsible investors, improve wealth distribution, and meet international expectations for ethical supply chains of key minerals like copper and cobalt.
This article was initially published in French by Georges Auréole Bamba
Edited in English by Ange Jason Quenum
• CMOC increased DRC cobalt production to 61,073 tonnes in the first half of 2025, up 13% year-on-year.
• Cobalt exports remain frozen under a government embargo, while copper prices hit record highs.
• Cobalt prices jumped 60% after the embargo but CMOC cannot ship, forcing a stockpile build-up.
China’s CMOC group ramped up cobalt output in the Democratic Republic of Congo (DRC) to 61,073 tonnes in the first half of 2025, a 13% rise over last year. The company shared these results in a financial report on July 14. Production surged 20% in the first quarter, as CMOC mined a total of 30,414 tonnes from its Tenke-Fungurume and Kisanfu sites.
CMOC credited higher mineral prices for the production jump. Cobalt is a by-product of copper, and surging copper prices have driven the mining boom.
Yet the landscape for cobalt is difficult. Since February 24, CMOC has not exported cobalt after the Congolese government imposed an embargo to support prices as the market faces oversupply. On June 30, CMOC halted all cobalt deliveries. Its trading subsidiary, IXM, declared force majeure on cobalt contracts in response to the disruption.
After the embargo started, cobalt prices soared by 60%, hitting a peak of $33,700 per tonne in April. While prices dropped in June, they rebounded following a DRC decision to extend the export ban. Cobalt is still trading above $33,700 per tonne.
CMOC says it still targets annual cobalt production between 100,000 and 120,000 tonnes in 2025. However, the path to resuming exports remains unclear. The export embargo technically ends in September, but the Regulatory Authority for Strategic Mineral Substances Markets (ARECOMS) has warned it might extend, modify, or lift the ban at any time. The agency has not announced a target price for lifting the restriction. The DRC state budget for 2025 is based on a cobalt price of $28,000 per tonne.
Pierre Mukoko with Agence Ecofin
Kamoa Copper, owner of the Kamoa-Kakula copper complex, signed a sales contract with Swiss trader Trafigura to sell 20% of the copper anode output from its smelter. The smelter will begin operations in September 2025. Ivanhoe Mines, a major shareholder in Kamoa Copper, revealed this in its quarterly report on July 8.
The deal, finalized in June, spans three years. Trafigura also provided a $200 million advance loan to Kamoa Copper. The loan carries an interest rate based on the US dollar’s average monthly SOFR rate plus 3.75%. Kamoa Copper will repay this advance with copper anodes equal to the loan amount plus interest.
With this contract, Kamoa Copper secures pre-sales for 100% of its smelter’s production, which is expected to reach 500,000 tonnes of copper anodes per year. Earlier in January, Ivanhoe Mines announced agreements covering 80% of smelter output with Chinese firms CITIC Metal and Gold Mountains International Mining Company, affiliates of Zijin Mining. Zijin Mining also holds stakes in Kamoa Copper and Ivanhoe Mines. That deal included a $500 million advance loan on terms similar to Trafigura’s.
Since starting production in mid-2021, Kamoa Copper has favored pre-sale agreements backed by advance payments. However, the Congolese government, holding a 20% minority stake, has expressed concerns. Alongside Ivanhoe Mines (39.6%), Zijin Mining (39.6%), and Crystal River Global Limited (0.8%), Kamoa Copper operates under Kamoa Holding Limited.
Ivanhoe Mines insists these contracts reflect “competitive and independent commercial terms.” Yet, in December, Congo’s Portfolio Minister Jean-Lucien Bussa criticized Kamoa Copper for selling below market prices. He announced plans for the government to participate in selecting buyers to optimize copper revenues and ensure fair resource valuation. No recent updates have emerged on implementing this measure.
This article was initially published in French by Pierre Mukoko
Edited in English by Ange Jason Quenum
U.S. President Donald Trump announced on July 8 a 50% tariff on all copper imports, a move intended to repatriate copper production and reduce foreign dependence, which he described as a national security risk.
The United States ranks as the world’s second-largest copper importer after China. It mainly imports refined copper. According to the U.S. Department of Commerce, copper imports hit $17 billion in 2024, with $6 billion coming from Chile alone.
The administration has not confirmed an official start date for the tariff but hinted it could take effect as early as August. The announcement immediately sent copper prices soaring on the U.S. market. On the Commodity Exchange (COMEX), futures contracts jumped 13%, marking the largest single-day gain since 1968. Prices then settled just below $5.60 per pound the next day.
Traders reacted to the prospect of costlier copper imports by anticipating shortages. Some signs point to speculative buying, as investors seek to profit from expected price hikes once the tariffs kick in.
Ripple Effects on the DRC
This price surge comes amid strong global demand for copper, a metal essential for electric vehicles (about 80 kg per car), renewable energy, and infrastructure projects. Analysts project a global supply shortfall of 4.5 million tonnes by 2030. This deficit supports prices on international markets, including the London Metal Exchange (LME). Meanwhile, Trump’s push to curb Chinese influence in supply chains adds to trade tensions.
The Democratic Republic of Congo produced roughly 2.5 million tonnes of copper in 2024, about 11% of the world’s supply. The country stands to benefit indirectly from rising prices. Major foreign companies such as CMOC, Zijin Mining, Ivanhoe Mines, and Glencore dominate Congolese copper production. The state usually holds only a minority stake.
Most copper production in the DRC sells through forward contracts, often with entities linked to producers. These agreements fix prices in advance or use past averages, limiting the government’s ability to immediately profit from price spikes. In contrast, mining companies see their stock values rise directly. The Congolese government has expressed interest in joining marketing processes but has made little concrete progress so far.
On the fiscal front, the DRC collects export royalties. However, these taxes often rely on anticipated average prices, which means the government misses out on sudden price jumps.
Medium-Term Prospects
The 2018 Mining Code’s superprofit tax could become a key tool. This 50% tax applies when commodity prices exceed by 25% the economic assumptions in feasibility studies. For example, if a study assumes $4 per pound ($8,818.5 per tonne), the tax applies from $5 per pound ($11,023 per tonne). With U.S. copper prices currently at $5.60 per pound ($12,368 per tonne), this tax is now relevant.
Copper prices rose 38.8% between January and July 2025, from $4.04 to $5.61 per pound, and nearly doubled over five years. Many projects now exceed the superprofit tax threshold. However, estimating the exact fiscal gain remains challenging.
The long-term impact of the U.S. tariff on the DRC depends on how it influences prices and demand. Analysts agree U.S. copper imports will not drop immediately despite the tariffs. The U.S. lacks the mines, smelters, and refineries to meet its needs alone. Projects like Resolution Copper require 7 to 10 years and billions in investment to come online.
The U.S. imports about 45% of its copper needs. Washington may even increase copper purchases to support its reindustrialization plans. Global demand should grow 3 to 5% annually through 2030, driven by the energy transition.
If the DRC boosts production to 3.5 to 4 million tonnes, as planned with expansions like Kamoa-Kakula, the country could earn $30 to $40 billion annually in export revenues by then.
Georges Auréole Bamba
Dowstone Technology, a Chinese company specializing in battery materials, announced on July 3, 2025, its plan to build a new copper smelter in the Democratic Republic of Congo (DRC). The company intends to invest $165 million in the plant, which is expected to produce 30,000 tons of copper cathodes annually. Construction for the facility is projected to take 18 months.
Subject to regulatory approvals from both countries, this project could ultimately strengthen China’s presence in the refined copper sector within the DRC. Several Chinese companies have been investing in local processing of Congolese copper in recent years. Dowstone itself is already active in the country, reporting cathode production units with an annual capacity exceeding 60,000 tons as of late 2024. China Nonferrous Mining Corp (CNMC) also operates the Lualaba Copper Smelter, which opened in 2020 and has a processing capacity of 100,000 tons of copper.
Meanwhile, Chinese groups Zijin Mining and CITIC Metal have signed agreements with Canadian company Ivanhoe Mines to secure 80% of the output from the upcoming Kamoa-Kakula smelter. This facility, set to begin operations in September 2025, will be Africa's largest of its kind with an annual processing capacity of 500,000 tons of copper. Notably, Zijin Mining is already directly involved in the project due to its 39.6% stake in the Kamoa-Kakula mine.
China's Growing Footprint in DRC Copper
China's significant involvement in refined Congolese copper highlights the evolving trade relationship between the two nations. In 2024, Congolese exports of refined copper to China reached 1.48 million tons, marking a 71% annual increase.
As a major hub for refining strategic minerals, China is also a large consumer, relying on key supply sources to meet its demand. The DRC, for its part, is Africa's leading copper producer and ranks second globally.
However, this new project announced by Dowstone comes as Kinshasa looks to diversify its mining partners. According to Marcellin Paluku, Deputy Chief of Staff at the Ministry of Mines, 80% of Congolese mines are operated in partnership with Chinese companies, which he views as a "risk" to the local economy.
The government is therefore seeking other partners, such as the United States and Saudi Arabia, to lessen this reliance. The impact of this strategic shift on future Chinese investments remains uncertain for now.
Aurel Sèdjro Houenou, Ecofin Agency
Maniema province has become the Democratic Republic of Congo’s leading center for legal artisanal gold exports. Since DRC Gold Trading SA opened its Kindu branch on March 25, 2025, the province has exported 447.028 kilograms of gold. That’s 42.3% of all the country’s official artisanal gold exports.
The shift follows DRC Gold Trading SA’s withdrawal from South Kivu. The region once accounted for over 90% of legal artisanal gold exports in 2023 and 2024. But worsening insecurity, including the advance of M23 rebels, forced the company to halt operations there in March. As a result, most South Kivu gold now avoids official channels and fuels informal cross-border trade.
This disruption undermines the company’s February pledge to export at least 5 tons of artisanal gold in 2025, worth about $1.3 billion.
To fill the gap left by South Kivu, DRC Gold Trading SA opened new branches this year in Buta (Bas-Uélé), Bunia (Ituri), and Isiro (Haut-Uélé). Yet early results show exports lag far behind expectations. Nationwide, the company shipped only 1,057.88 kilograms of gold in the first half of 2025, meeting just 21% of its annual target.
This article was initially published in French by Timothée Manoke, intern
Edited in English by Ange Jason Quenum
More...
IXM, the metals trading unit of China Molybdenum (CMOC), declared force majeure on its cobalt supply contracts on June 30. This decision followed the Democratic Republic of Congo’s (DRC) extension by three months of the cobalt export ban, which was initially imposed on February 22, 2025.
IXM explained that the extended export ban makes it both legally and practically impossible for its suppliers—including Tenke Fungurume Mining and CMOC Kisanfu Mining—to export cobalt-based products from the DRC. This situation directly affects IXM’s ability to fulfill its contractual obligations. The company emphasized that despite the increased volatility in the global cobalt supply chain, it remains committed to managing this disruption responsibly while respecting all contractual and regulatory frameworks.
According to S&P Global Ratings, a European market participant noted that the suspension was inevitable and expressed surprise that it had taken this long to occur. Earlier in March, Telf AG, which markets cobalt for Eurasian Resources Group (ERG), had already declared force majeure to its clients. Glencore, another major player active in the DRC, publicly supported the extension of the export embargo.
IXM’s announcement is likely to unsettle markets amid growing uncertainty about global cobalt supplies. The suspension of exports particularly impacts Chinese refiners, who depend heavily on cobalt hydroxide imports from the DRC.
Behind this export ban, the Congolese government seeks to capture more value from cobalt, a strategic mineral currently sold in raw form on global markets. The country’s mining code imposes a special 15% royalty on cobalt due to its strategic importance. Moreover, the government may impose a superprofit tax if the selling price exceeds the projections made in companies’ feasibility studies.
A Risky Strategy
The public Enterprise Générale du Cobalt (EGC) now manages a significant portion of artisanal cobalt mining. This state entity aims to improve revenue collection from a sub-sector that has long operated informally.
Cobalt prices stood at $33,335 per ton on June 30, 2025, according to Trading Economics. This price represents a 61.7% increase since the initial export suspension was announced. However, it remains well below previous peaks of $79,191 in April 2022 and $95,856 in March 2018.
Market observers warn that the DRC’s hardline approach could discourage mining companies from investing or continuing operations in the country. On a global scale, the export ban could accelerate the development of alternative cobalt projects in countries such as Indonesia, Australia, and Canada.
In 2024, the DRC accounted for 73.6% of the world’s cobalt supply. However, S&P Global Market Intelligence projects that this share could decline to 57% by 2035 due to the gradual depletion of ore reserves and Indonesia’s expanding refining capacity using high-pressure acid leaching (HPAL) technology.
Facing these uncertainties, manufacturers of batteries and electric vehicles—who rely heavily on Congolese cobalt—are accelerating their diversification efforts. These efforts include securing long-term supply contracts with other countries, investing in battery recycling technologies, and developing cobalt-free energy storage solutions. Producers of consumer electronics are pursuing similar strategies.
Georges Auréole Bamba
Asia Mineral, a Japanese mining company, has moved to expand its footprint in the Democratic Republic of Congo. On June 28, 2025, it signed a memorandum of understanding (MoU) with Congolese firm Kerith Resources to form a joint venture named Kivuvu Kongo Mines. The new company will mine and process manganese in Kongo Central province.
The deal was signed during the DRC-Japan Economic Forum in Tokyo under the theme “Investing in the DRC.” Prime Minister Judith Suminwa Tuluka led the Congolese delegation, joined by several government officials.
According to Actualité.cd, Felly Samuna, president of the Kongo Central Chamber of Commerce and Industry, confirmed the joint venture will be officially established in the province within two weeks. Asia Mineral will hold 60% of the venture, and Kerith Resources, a Congolese partner with limited public profile, will hold the remaining 40%.
Uncertain Reserves, Clear Intentions
Kivuvu Kongo Mines plans to tap into manganese reserves in Kongo Central. However, officials have not confirmed the site’s full potential. Asia Mineral began the exploration phase in Luozi territory in May.
At a Tokyo press conference, Foreign Trade Minister Julien Paluku said the project’s initial investment stands at $50 million. He said the company aims to produce 2 million tonnes of manganese annually.
The project could generate 2,500 direct jobs and stimulate local industries, including logistics, industrial subcontracting, and services.
For the Congolese government, the venture supports its broader strategy to diversify the mining sector. Officials aim to attract more partners, explore new minerals, expand mining areas, and promote local processing to increase the value of extracted resources.
This article was initially published in French by Ronsard Luabeya (intern)
Edited in English by Ange Jason Quenum
The Congolese state has secured a 10% stake in Buenassa Resources SA, the subsidiary developing the Democratic Republic of Congo’s first copper and cobalt refinery. Minister of State Portfolio Jean-Lucien Bussa and Buenassa Resources CEO Eddy Kioni signed the memorandum of understanding on June 25.
Buenassa stated that this 10% stake is a golden share. While minority, it gives the government veto rights over strategic decisions affecting national interests, such as employment, taxes, local content, environmental issues, and the company’s overall strategy. To formalize this, Buenassa Resources changed its legal status from a limited liability company to a public limited company with a board of directors that now includes state representatives.
This agreement, described as a “strong signal to partners and investors,” opens the door for fundraising. Internal sources said Buenassa aims to raise $7 million to $8 million for the project’s feasibility study. The Congolese government has already contributed $3.5 million through the Industry Promotion Fund (FPI) to finance the initial scoping study.
The scoping study estimates the first phase of the project will cost $600 million. The refinery, expected to start operations by the end of 2027, should initially produce 30,000 tonnes of copper cathodes and 5,000 tonnes of cobalt sulfate each year. Ultimately, Buenassa plans to increase production to 120,000 tonnes of copper and 20,000 tonnes of cobalt annually.
The 12-month feasibility study will detail the project’s technical and economic plan, including the plant’s supply model. Officials are considering two options: using the state’s share of mining output or cobalt quotas reserved for local processing. The government reiterated during the Council of Ministers meeting on March 14, 2025, its commitment to better regulate cobalt exports and encourage domestic processing.
Buenassa’s management plans to start the feasibility study by September. However, they still need to secure a final site. They have identified a potential plot in Lualaba province, but the location remains unconfirmed.
Pierre Mukoko, Intern
Local communities in the Democratic Republic of Congo (DRC) were deprived of $198 million between 2018 and 2023. This shortfall resulted from underreporting, partial payment, or non-payment of the mandatory minimum allocation of 0.3% of turnover by mining companies. A report from the Court of Auditors revealed these findings, highlighting issues in the management of funds intended for community development projects in mining areas.
Published in June 2025, the audit specifically found discrepancies between revenues mining companies reported to the DOTS, the entities managing the allocation, and figures declared to the Directorate General of Taxes (DGI). This deliberate underreporting led to a $154.7 million deficit over the audited period.
Additionally, some companies made only partial payments, accumulating an outstanding balance of over $40.4 million. Others made no payments at all, creating an additional shortfall of $2.8 million.
Major companies implicated in the report include Kamoa Copper (Ivanhoe Mines and Zijin Mining), Kamoto Copper Company (Glencore), Sicomines (Crec-Sinohydro-Zhejiang), and Tenke Fungurume Mining (CMOC).
The Court of Auditors recommends that the Supervisory Committee order the affected companies to regularize their payments or face sanctions, potentially including the suspension of operations for gross misconduct. However, the report expressed regret over the lack of action by successive Ministers of Mines. It also called for establishing a systematic verification mechanism for turnover figures between the DGI and the DOTS.
This article was written in French by Boaz Kabeya (intern),
Edited in English by Mouka Mezonlin