MINING (204)
The Democratic Republic of Congo (DRC) has entered a new phase in the management of its infrastructure-for-minerals cooperation program with a group of Chinese companies. The Regulatory Agency for the Monitoring and Coordination of Collaboration Agreements (APCSC) announced on March 5, 2026, the signing of contracts to launch a technical and financial audit of the program.
The audit will examine the implementation of the project from its launch in April 2008 to the signing of its most recent amendment in March 2024. The Chinese consortium involved includes China Railway, Sinohydro and Zhejiang Huayou.
To implement the project, the parties created the Sino-Congolese Mines joint venture, known as Sicomines (SCM). The Chinese consortium holds a 68% stake, while the state-owned mining company Gécamines owns 32%. Sicomines is responsible for developing and mining copper and cobalt at the PE 9681 and PE 9682 permits in Mutshatsha, in Lualaba province, to finance infrastructure projects. Authorities also plan to certify the mineral resources associated with these permits.
The technical and financial audit has been awarded to the ATF-PCSC/Mayer Brown consortium, while SRK Consulting will carry out the certification mission. Little information is available about ATF-PCSC. Mayer Brown is an international law firm advising on infrastructure projects, particularly in the energy and natural resources sectors. SRK Consulting describes itself as an independent international consultancy specializing in mining, geology, water and environmental services.
According to the APCSC, the audit will examine how mobilized resources were used, assess the implementation of contractual commitments, and determine whether the project has been carried out in accordance with the cooperation agreement and its amendments. The review will cover several areas, including mining, finance, technical and infrastructure components, legal and contractual issues, as well as environmental and sustainability aspects. The agency said the findings should provide a detailed assessment of the project's implementation and offer recommendations to improve governance and performance.
$1.5 billion for infrastructure
The Sino-Congolese program has faced criticism on several fronts since its launch in 2008, including concerns over the transparency of loans, mining and infrastructure investments, and the revenues generated by Sicomines. Critics have also pointed to the absence of competitive bidding and the risk of inflated construction costs. The March 2024 amendment provided for a technical and financial audit to clarify these issues.
The amendment states that, at the time it was signed, $1.5 billion had already been borrowed for infrastructure, including principal and interest. This figure includes $300 million that had previously remained undisbursed before being made available after the amendment, as well as “all costs or expenses accepted by the parties.” According to a progress report presented in September 2025 by the Congolese Agency for Great Works (ACGT), only $1.277 billion is actually expected to be allocated to infrastructure projects.
However, the amount and purpose of other costs or expenses remain unclear. In a report published in January 2026, the U.S. research center AidData revealed that Sicomines granted loans totaling $82 million to Gécamines, though the interest rates were not specified. The cost of debt contracted from Eximbank China is known to fluctuate, as the interest rate is indexed to international market rates plus 1%. The debt is to be repaid over 25 years, including a 10-year grace period.
Information on completed infrastructure projects and their costs remains limited. In its July 2024 report, the International Monetary Fund (IMF) said that only $888 million in infrastructure loans had been disbursed by 2022, but data on project execution were scarce. IMF staff said they did not know how projects were selected or whether their implementation aligned with initial cost projections.
$9 billion in debt
While the agreement originally planned for a $3.2 billion loan to finance mining investments, AidData reports that Sicomines contracted $7.61 billion in debt between 2008 and 2020 to develop the mine. The first Eximbank China loan, granted in 2008 for $2.13 billion, carries a fixed interest rate of 6.1%, a 25-year maturity and a six-year grace period. The second loan, granted in 2013 for $2.61 billion, has a floating interest rate indexed to international market rates plus 3%, with a 25-year maturity and a 10-year grace period.
The first shareholder loan from the Chinese consortium in 2008 amounted to $1.07 billion and is interest-free. The second, valued at $1.77 billion, carries a floating interest rate indexed to international market rates plus 2.7%.
Over the period covered by the audit, the Sicomines joint venture reportedly contracted nearly $9 billion in total debt to finance infrastructure and develop its copper-cobalt mine. Under the cooperation agreement signed between the DRC and the Chinese companies, mining revenues must first be used to repay these loans, with the remaining funds then distributed as dividends.
The Sicomines mine began production in 2015 and reached full capacity in 2024, exporting 246,000 tonnes of copper. However, AidData reports defaults on loans used to develop the mine, although it did not provide a comprehensive assessment. Regarding the debt allocated to infrastructure, which must be repaid first, the research center said Sicomines had repaid $441.1 million by the end of 2020. As of December 31, 2021, the remaining balance on that loan stood at $658.78 million.
The audit results are expected to clarify the project's actual debt level and the share of revenues already used for repayment. These elements directly affect key provisions of the 2024 amendment, including the distribution of Sicomines’ capital and the payment of royalties and dividends. The amendment stipulates that the shareholding structure will remain unchanged and that royalties paid to Gécamines will be capped at 1.2% of turnover until all loans linked to the cooperation project, including principal and interest, are fully repaid.
The amendment also makes any new decisions regarding the project’s development conditional on the results of the technical and financial audit, the full certification of mineral resources, and the approval of an updated feasibility study.
Pierre Mukoko & Boaz Kabeya
The industrial transformation of the Rubaya coltan mine in Masisi territory, North Kivu, would require an investment of between $50 million and $150 million. Reuters reported that this estimate appears in an initial list of 25 assets offered to American investors as part of a strategic critical minerals partnership signed between the Democratic Republic of Congo (DRC) and the United States on Dec. 4.
The document says the investments would accelerate commercial-scale production. A rapid return on investment is expected due to strong global demand for tantalum, a strategic metal extracted from coltan.
Congolese authorities say the Rubaya mine is of particular interest to Washington, reflecting U.S. efforts to secure Western supply chains for critical materials used in electronics, energy and defense industries. The site is widely described as one of the world’s most important coltan deposits.
It accounts for roughly 15% of global coltan production, with tantalum grades ranging between 20% and 40%.
Under the agreement between Kinshasa and Washington, American companies have a right of first offer on the selected assets. Even before the agreement was signed, Western groups had already expressed interest in the site.
Bloomberg reported that Swiss trader Mercuria Energy Group and investment firm TechMet are considering plans to develop and modernize the tantalum deposit near Rubaya. TechMet is backed by the U.S. International Development Finance Corporation (DFC).
The Financial Times has also reported interest from Texan businessman Gentry Beach through his company America First Global. Beach is described as being close to Donald Trump.
Zone under occupation
Despite its strategic importance, mining at the site remains largely artisanal and informal. These conditions frequently lead to deadly accidents.
In a statement published on March 4, 2026, the Congolese Ministry of Mines reported that a landslide occurred on March 3 at the Rubaya mining sites following heavy rains. Authorities said the provisional death toll exceeded 200 people, including around 70 children. Many injured were evacuated to health facilities in Goma.
Similar casualty figures had already been reported after landslides at the mine in late January.
In this context, industrializing the site is seen as a way to improve safety and reduce human risks by gradually replacing artisanal mining with more regulated operations. However, the project depends on improvements in the security situation.
Since April 2024, the Rubaya area has been under the control of the AFC/M23 rebel movement, which is supported by Rwanda. United Nations experts say some minerals extracted in the region are smuggled into Rwanda. The armed group reportedly earns around $800,000 per month by taxing mining activities.
“The development of sites located in occupied zones depends on the withdrawal of Rwandan troops, as provided for in the DRC-Rwanda peace agreement concluded in June 2025,” Daniel Mukoko Samba told Jeune Afrique in February.
Mukoko Samba is the Congolese vice-prime minister in charge of the economy and a signatory to the strategic agreement with the United States.
Aware of the situation, Washington has increased pressure on Kigali. The U.S. Treasury announced a new series of sanctions on March 2, 2026 targeting the Rwanda Defence Force (RDF) and four senior military officials.
In 2025, the United States had already sanctioned the armed group PARECO-FF, the Cooperative of Mining Artisans of Congo (CDMC), and the Chinese companies East Rise Corporation and Star Dragon Corporation for alleged involvement in the illegal trade of minerals from the Rubaya sites.
Dispute over the permit
“We are not the perpetrators, but the primary victims,” the CDMC said in response. The company also accused certain Congolese officials of leading a coordinated effort to undermine its ownership of the Rubaya mining permit with support from opaque diplomatic and financial channels.
Congolese mining registries indicate that the state-owned company Société Aurifère du Kivu et du Maniema (SAKIMA) holds the permit covering the Rubaya area. However, these rights are contested by the CDMC.
The company argues that the concession belongs to its subsidiary Congo Fair Mining (CFM), a joint venture formed with SAKIMA in which the state firm holds a 30% stake.
This claim is supported by rulings issued on April 30 and September 4, 2025 by the Council of State, the country’s highest administrative court.
The joint venture creating CFM was signed in 2020 between SAKIMA and the CDMC. It provided for the transfer of the Rubaya exploitation permit from the public enterprise to CFM. The transfer agreement was reportedly signed on March 11, 2021, leading to the registration of the permit transfer in the Mining Registry on May 20, 2022.
Mining Minister Louis Watum Kabamba told Bloomberg in October 2025 that he planned to bring the parties together to discuss the dispute. It remains unclear whether the meeting has taken place.
However, Kinshasa has already included the Rubaya coltan deposit among the strategic mining assets offered to American investors. The government now faces two key challenges: securing the site and resolving legal disputes to enable industrial development.
Pierre Mukoko & Timothée Manoke
Prime Minister Judith Suminwa Tuluka received officials from the Congolese Battery Council (CCB) and the International Trade Centre (ITC) on Feb. 24, 2026. The meeting focused on a strategic partnership to develop local value chains for battery minerals, according to an official statement issued afterward.
The initiative seeks technical support from the ITC and access to its international network to advance local processing by identifying public-private partnerships and target markets. Officials describe the project as cross-cutting, mobilizing the energy, mining, industry, infrastructure and trade sectors.
Against that backdrop, Kinshasa is seeking to narrow the gap between its mineral resources and end markets. The involvement of the ITC, a U.N. agency specializing in trade support and the integration of developing countries into global value chains, suggests an approach focused on market access, standards and international partnerships, at a time when the battery strategy has yet to translate into finalized industrial investments.
Interministerial Coordination Challenges
In March 2025, then-Industry and SME Development Minister Louis Watum Kabamba launched construction at the Musompo Special Economic Zone (SEZ) in Lualaba province. The zone is intended to host activities ranging from precursor materials to battery production, with a possible extension into assembly. It covers more than 900 hectares. Construction costs are estimated at over $200 million, and roughly $2 billion in private investment has been targeted, with projections of 25,000 direct jobs and 60,000 indirect jobs.
Progress has been slow. In November 2025, at the Makutano forum, the chief executive of Arise IIP, a developer involved in several SEZs in the Democratic Republic of Congo including Musompo, expressed concern about a slowdown in the project. “The project seems to have slowed following the minister’s departure from the Industry Ministry in August,” said Romain Deniel.
Deniel noted that establishing a special economic zone “requires the involvement of four, five, sometimes six ministries” and therefore demands “significant coordination.” He added that beyond the administrative framework, the battery value chain is a “very strategic” segment that also requires the buy-in of existing operators, given the project’s potential to affect the structure of the value chain.
The ITC Lever
Taken together, these developments highlight a central issue: local processing depends not only on political will or technical studies, but on the state’s ability to sustain stable interministerial coordination across mining, energy, industry, finance and infrastructure, while navigating a mining sector already structured around export chains and dominant players. The trade-offs extend beyond tax incentives to energy and infrastructure access, local content requirements, supply conditions and the role of incumbent operators in the future industrial model.
In that context, the announced cooperation with the ITC represents a complementary lever. While industrial projects are still building momentum, Kinshasa is seeking to secure another critical link, namely market access and partnerships. The ITC could help clarify export channels, standards and traceability requirements, identify industrial or financial partners, and structure value chains aligned with international market expectations. The challenge for the DRC is to prevent the battery strategy from remaining limited to industrial zone announcements and to translate it into concrete commercial and industrial projects.
One major question remains unanswered: the operational substance of the partnership. The official statement refers to technical support and access to the ITC’s international network, but provides no timeline, deliverables, volumes or target industrial segments, whether refining, precursors, components or assembly.
Pierre Mukoko & Boaz Kabeya
Xcalibur Multiphysics Group is preparing to roll out the second phase of an airborne geophysical and geological mapping program in the Democratic Republic of Congo (DRC), one month after signing a second contract worth $297.8 million with the Ministry of Mines.
Mines Minister Louis Watum Kabamba chaired the first steering committee meeting on February 23, 2025, attended by company representatives. Discussions covered technical guidelines, the implementation timeline and operational requirements, including equipment mobilization and administrative compliance. No further details were disclosed.
The steering committee will oversee the program’s implementation, ensure compliance with financial procedures and recruit an independent consultant to supervise quality control. Authorities also announced a public awareness campaign.
According to the ministry, Phase B aims to modernize the country’s geological mapping, strengthen governance of geoscientific data, reduce exploration risk and build local technical capacity.
The three-year program will cover the provinces of Kasai, Kwango, Kongo Central and Katanga, spanning more than 700,000 square kilometers. It will increase survey density in areas identified during Phase A and conduct detailed investigations of detected anomalies. Magnetic and radiometric surveys will be carried out across the remaining territory, while gravity surveys will focus on the Central Basin to assess oil and gas potential. Detailed geological and geochemical mapping is also planned.
Six to eight aircraft planned
The project includes a capacity-building component, the full implementation of a Geographic Information System (GIS) to manage and analyze data, and the construction of a laboratory for chemical, petrographic and metallogenic analysis.
Operationally, Xcalibur plans to fly more than 2.7 million linear kilometers. Flight lines will be spaced 250 meters apart to generate high-resolution data across geologically diverse zones. The company intends to progressively deploy six to eight aircraft for the program.
During the dry season, one aircraft equipped with the Tempest electromagnetic system will operate full-time to collect more than 300,000 linear kilometers of data, with lines spaced 2.5 kilometers apart.
All airborne and ground data will be integrated into XENAI, Xcalibur Smart Mapping’s artificial intelligence platform. The company says the system provides secure access to multilayered geoscientific datasets and enables advanced analysis using machine learning.
The data processing is expected to produce integrated interpretation and prospectivity reports, identify priority geological targets and provide a factual basis for national planning and investment promotion. The Geological Service and the Congolese government will retain ownership of the data and determine how it is used and shared.
Ronsard Luabeya
Anhui Foreign Economic Construction Ltd Congo Corp (SACIM) has completed its first public sale of 288,000 carats of industrial diamonds in Antwerp, Belgium, the Consulate General of the Democratic Republic of Congo in the city said.
The sale was held from Feb. 16 to Feb. 20, 2026, with technical support from Belgian firm Samir Gems, active in the diamond and jewelry trade, and the Antwerp World Diamond Centre (AWDC). A total of 67 international companies took part, with leading buyers from China, India, the United States and Italy.
The transaction marks the return of Congolese industrial diamonds to the Antwerp market after more than a decade, the Consulate said. However, the interruption did not affect all exports. Official statistics show Belgium among the importers of Congolese industrial diamonds in 2024 and 2025, with 3.96 million and 1.7 million carats respectively.
Following the sale, Sacim, Samir Gems and the AWDC agreed on an annual schedule of public sales and a framework for technical and institutional support aimed at strengthening the long-term presence of Congolese diamonds in Antwerp.
The sale comes eight months after the liberalization of diamond trading by Congolese producers. In June 2025, then-Minister of Mines Kizito Pakabomba repealed a 2022 decree that regulated mineral sales through the Center for Expertise, Evaluation and Certification of Precious and Semi-Precious Mineral Substances (CEEC). The framework limited producers to a restricted list of buyers, a system that could influence prices. As a major player in the sector, Sacim was among the companies most affected.
The terms of the Antwerp sale were not disclosed. Official 2025 mining statistics nonetheless show an improvement in Sacim’s average sales price. In 2024, when the sector’s average price stood at $9.63 per carat, Sacim recorded $11.38. In 2025, the company maintained an average price of $11 while the sector average fell to $7.4 per carat. Natural diamond prices have been declining for several years.
According to official data, exports by Sacim, jointly owned by China’s Anhui Foreign Economic Construction Corporation (AFECC) and the Congolese state, were halved, falling from 2,887,100.25 carats in 2024 to 1,151,865.58 carats in 2025. The company accounted for 13.5% of national output, producing just over 1.1 million carats.
Ronsard Luabeya
Tshopo province, in north-central Democratic Republic of Congo, has recorded its first official exports of artisanal gold, according to 2025 mining statistics released on Feb. 3.
The data, described as “provisional and partial,” show that Tshopo exported 125.26 kilograms of gold over five months. The figures may reflect the launch of DRC Gold Trading’s operations in the province. The state-owned company, which channels and exports Congolese artisanal gold, now lists Kisangani, the provincial capital, among its operational locations, though it has not disclosed when the branch opened.
Governor Paulin Lendongolia Lebabonga announced plans for the office as early as June 2025, saying it would help tighten oversight of gold trading, curb fraud and secure revenue for the province. Provincial authorities said transactions should go through licensed trading houses and be integrated into the formal banking system.
Mining Data
The move comes amid wider regulatory problems in the province’s mining sector. In January 2025, the provincial government suspended mining activities to compel companies to register with the authorities. Of 142 companies identified as operating in the province, the provincial mines minister said only one was compliant at the time, with the others accused of operating outside legal requirements.
Actualité.cd reported in February 2025 that civil society groups across several territories had flagged the presence of foreign nationals operating illegally and partnering with local cooperatives.
According to the Ministry of Mines, Tshopo has four active artisanal gold cooperatives, two of which are officially listed as “in production.” Despite being listed as active, the province had not appeared in national mining statistics before 2025.
Some buying houses reported monthly volumes of around 10 grams, figures considered too low to cover their operating costs. Provincial authorities suspect that part of the gold output is bypassing formal channels and being smuggled to Uganda, a country frequently cited as a transit hub in regional gold trafficking networks.
Timothée Manoke
Two years after tensions that led to a settlement agreement with the Democratic Republic of Congo's private-sector subcontracting regulator, Kibali Gold Mine is once again under scrutiny. In a decision signed on Feb. 17, 2026, Director General Miguel Kashal of the Autorité de régulation de la sous-traitance dans le secteur privé (ARSP) ordered the cancellation of several subcontracting agreements between Kibali, the DRC's top gold producer, and three service providers: KMS SAU, Boart Longyear SAU and TAI Services SAS. Kibali operates the Kibali gold mine in Haut-Uélé province.
The ARSP contends that KMS SAU and Boart Longyear SAU are not majority Congolese-owned companies and therefore do not meet the eligibility requirements set out in Article 6 of the Feb. 8, 2017 subcontracting law. Little information is publicly available on KMS, but Boart Longyear is an Australian mining group specializing in exploration and production drilling, as well as geotechnical services and drilling equipment and technologies.
According to the regulator, Boart Longyear, which operates in Australia, Africa and the Americas, was granted a waiver in September 2024. However, the ARSP said the conditions attached to that waiver, notably those related to technology transfer, were not complied with.
The situation regarding TAI Services SAS is different. The ARSP argues that the contract for the purchasing center positioned the company as a "commercial intermediary" between Kibali and Congolese contractors, a situation that sparked tensions among local communities in Watsa territory, where the mine is located. The decision states that such an arrangement, including the collection of a percentage-based commission on contracts awarded to local subcontractors, "runs counter to local content requirements." The regulator added that the contractual relationship must be direct between the principal company and the eligible subcontractor.
Earlier dispute
The Feb. 17 decision follows an earlier episode in January 2024, when the ARSP threatened to shut the mine and announced legal proceedings against a subcontracting company, TCFF, which it accused of capturing the bulk of contracts and collecting commissions. A settlement agreement between the ARSP and Kibali was ultimately signed after those discussions.
At the time, the regulator said more than 390 contracts had been opened to eligible subcontractors and highlighted a restructuring of the contractual framework. Mine operator Barrick Mining said in a statement published on March 1, 2024, that it was working "with the ARSP on a series of local content initiatives." That collaboration did not result in full compliance with the law, as the latest decision indicates.
The violations cited in the latest ruling are nonetheless less serious than those raised in 2024. At that time, Kibali was accused of setting up a front company to carry out subcontracting work linked to its own production activities. "We conclude unequivocally that TCFF is none other than Kibali Gold in disguise," Kashal said then. The 2026 decision does not allege a systemic scheme to capture subcontracting contracts but instead cites a limited number of instances of non-compliance.
A strategic mine
The Feb. 17 decision is based on findings from an inspection mission conducted in November 2025. During that visit, Kibali Gold's director general committed to implementing the recommendations. "We have an inspection mission currently at Kibali (...). Where improvements are needed, we will work with the ARSP and the provincial authorities to address them, and where progress has already been made, we will look at how to build on it," Cyrille Mutombo said.
To prevent any abrupt disruption to operations, the ARSP has provided for a transition period to allow new tenders to be launched in compliance with the law.
As the only industrial enterprise in Haut-Uélé province, Kibali is a key driver of economic activity for both the province and the country. In July 2025, Barrick said in a press release that $3.1 billion had been paid to local contractors and partners since 2009. The group said it supports more than 700 Congolese companies and noted that Kibali's tenders are published jointly with the ARSP. Barrick had already stated in March 2024 that 95% of the mine's more than 6,500 employees were Congolese nationals.
Kibali is also a key earnings contributor for its shareholders: Barrick Mining holds 45%, AngloGold Ashanti 45% and state-owned Sokimo 10%. The mine posted revenue of $2.3 billion in 2025, up 40% from 2024. That growth lifted Kibali's contribution to Barrick's results by 67%, from $316 million in 2024 to $527 million in 2025, despite a 13% increase in costs.
Pierre Mukoko & Timothée Manoke
Belgium, the Democratic Republic of Congo and U.S. company KoBold Metals are at odds over access to colonial-era geological records held at the Royal Museum for Central Africa (AfricaMuseum) in Tervuren. Belgian authorities are refusing to allow KoBold to digitize the archival collection under the terms agreed in Kinshasa, according to several Belgian media reports. The archives are considered strategically significant for mineral exploration.
A deal signed between the DRC and KoBold in Kinshasa on July 17, 2025, explicitly aims to provide free public access to historical geoscientific data via the National Geological Service of Congo (SGNC). The agreement also stipulated that KoBold would deploy a team to the DRC's geological archives held at the Royal Museum for Central Africa to begin digitizing documents before July 31, 2025.
Seven months later, that digitization has yet to begin. Belgian authorities have blocked KoBold's team from accessing the archives, arguing that federal public archives cannot be entrusted to a foreign private company that has no direct contractual relationship with the Belgian state. "We cannot delegate full responsibility for managing our archives to a private company," outside the Belgian and European legal framework, AfricaMuseum Director Bart Ouvry said.
Belgium has also pointed to an existing digitization program already underway, funded by the European Union. The project provides for gradual digitization of the archives over several years, with copies to be transferred in stages to Congolese authorities. Museum officials said the program would span four to five years, with completion expected around 2031. The data would then be made accessible under a framework agreed between the relevant institutions, including the SGNC.
Control of geological data
The Tervuren archives are described as a vast collection of maps, reports and technical surveys covering nearly 500 linear meters of documents. For KoBold, which specializes in artificial intelligence-assisted exploration, the historical data represents essential raw material for the "large-scale mineral exploration" program outlined in its agreement with the DRC. Rapid access to the historical records would reduce geological risk and help guide investment decisions.
The agreement ties this effort to a broader strategy of American exploration and investment in the DRC. It cites a desire to "attract more investment from the American private sector, particularly in the critical minerals sector," and refers to "secure supply chains to the United States" in the context of regional initiatives such as the Lobito Corridor. That approach was reinforced by a strategic partnership concluded between Kinshasa and Washington last December.
Belgium has officially cited the public status of the archives and the absence of a direct contractual framework with the Belgian state. By promoting the existing European program and declining to allow KoBold direct access, Belgium has effectively retained control over the pace and conditions under which data described as strategically significant is made available.
In a context of intensifying international competition over critical minerals, the dispute over the colonial archives goes beyond a straightforward administrative matter. It underscores a broader shift: control of geological data has become central to the power dynamics surrounding the DRC's critical resources.
Pierre Mukoko & Boaz Kabeya
Kamoa-Kakula copper mine in the Democratic Republic of Congo generated revenue of $3.28 billion in 2025, up 5% from $3.11 billion in 2024, according to figures published by operator Ivanhoe Mines on Feb. 18, 2026.
The revenue increase came despite lower production and sales following a seismic event in May 2025. Kamoa-Kakula sold 351,674 tonnes of copper in 2025, down 11.4% from 396,972 tonnes in 2024. Production declined by a similar percentage, falling to 388,841 tonnes from 437,061 tonnes.
Higher copper prices helped offset the decline. The average realized price rose to $4.40 per pound, or roughly $9,700 per tonne, in 2025, compared with $4.09 per pound the previous year, an increase of 7.6%.
On the operational side, Kamoa-Kakula reported EBITDA of $1.45 billion in 2025, representing a margin of 44%, down from $1.81 billion and a 58% margin in 2024.
Profit down
Rising costs weighed on profitability. The cost of sales increased to $2.82 per pound in 2025 from $1.71 per pound in 2024, equivalent to roughly $6,220 per tonne versus $3,770 per tonne. That increase of more than 65% squeezed margins by narrowing the spread between the selling price and production costs.
Net profit after tax fell 56.6% to $439.7 million from $776.9 million, even as the tax charge declined to $317.7 million in 2025 from $345.5 million in 2024.
For 2026, Kamoa-Kakula has set production guidance of up to 420,000 tonnes, unchanged from 2025. Ivanhoe expects sales to rise by around 30,000 tonnes as the mine draws down unsold inventory. Revenue could increase further, with the company anticipating “copper prices close to record levels.”
Ivanhoe Mines and its Chinese partner Zijin Mining each hold a 39.6% stake in Kamoa-Kakula, while the Congolese state owns 20% and Crystal River holds 0.8% through the Kamoa Copper joint venture.
Pierre Mukoko
Gécamines and Glencore have concluded two agreements within days of each other, significantly expanding the state-owned company's ability to sell copper and cobalt independently.
Both agreements concern Kamoto Copper Company (KCC), a mine 70% owned by the Anglo-Swiss commodities group and 30% by Gécamines.
The first agreement was signed on the sidelines of Mining Indaba, held Feb. 9-12 in Cape Town, and grants Gécamines the right to market its share of KCC's production in proportion to its stake. The second deal, announced Feb. 18, aims to increase output and extend the mine's operating life.
According to Glencore, the second agreement is expected to be finalized in the coming months after lease contracts are registered with the national mining cadastre. It will grant KCC access to additional land. That access is needed to “fully unlock KCC's potential by improving the efficiency of the mine, processing facilities and other key infrastructure,” said Mark Davis, Glencore's chief operating officer for Copper Africa.
The additional land should help KCC reach a long-term copper production target of around 300,000 tonnes per year, up from less than 200,000 tonnes currently, and extend the mine's life into the mid-2040s, Davis said. That trajectory would provide Gécamines with about 90,000 tonnes of copper per year, along with significant cobalt volumes.
Glencore said it is prioritizing copper production as it already has sufficient volumes to meet its 2026 and 2027 export quotas. The company does not expect that position to last beyond two years. “For 2028 and beyond, we assume similar price and payment levels to those of the fourth quarter of 2025, as well as the ability to market substantially all of our cobalt production,” the company said in its 2025 resources and reserves report. At KCC, cobalt output typically exceeds 30,000 tonnes per year and is expected to rise as the mine ramps up.
The two agreements deepen Gécamines’s push into mineral trading, a segment where it had until recently maintained only a limited presence. Prior to the Glencore deals, the state company concluded other agreements this year granting it the right to market its share of output from several mines, including Tenke Fungurume Mining (TFM), which is 80% controlled by China’s CMOC and 20% owned by Gécamines. TFM produces more than 400,000 tonnes of copper and around 25,000 tonnes of cobalt annually.
Gécamines is also in advanced talks with Ivanhoe Mines over a deal that would allow it to market up to 50% of output from the Kipushi zinc mine, despite holding only a 38% stake, compared with 62% for the Canadian company. Production at Kipushi is expected to reach between 240,000 and 290,000 tonnes of zinc concentrate in 2026, strengthening its position in the global market.
Pierre Mukoko
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A Congolese human rights organization has detailed the sanctions imposed on Chinese company Congo Dongfang Mining (CDM) over a pollution incident that affected Lubumbashi, capital of Haut-Katanga province, on Nov. 4, 2025. The Institut de recherche en droits humains (IRDH) disclosed the penalties in a press release dated Feb. 16, 2026, citing a letter from the mines minister dated Jan. 17, 2026.
According to the civil society group, CDM was fined $6.63 million and ordered to pay $6 million in collective compensation. The IRDH described the fine as low but acknowledged that it is consistent with the statutory penalty scale for the violations identified. The Institute said the collective compensation was “grossly inadequate given the scale of the damage.”
On Nov. 4, 2025, large volumes of water from CDM’s retention basin spilled into several areas around its facilities, including the Moïse market, which supplies much of northern Lubumbashi. A document published by the IRDH in January estimated that about 2.5 million cubic meters of acid leachate were released into the environment. Analyses cited in the same document found heavy metal concentrations exceeding international standards by several thousand times, with immediate impacts on local communities. The document recorded “504 documented health cases (skin, digestive and respiratory conditions), 258 damaged agricultural fields, 42 contaminated wells and 29 livestock losses.”
More Than $100 Million Demanded
The total amount sought by affected communities stands at $106.84 million, according to the IRDH. Of that sum, $100 million is claimed over exposure to endocrine disruptors, which have irreversible effects on the hormonal system and may pose serious risks across generations.
“This fund is intended to finance a medical reference center specializing in the diagnosis, treatment and long-term monitoring of mining-related illnesses. The center will also include research and epidemiological surveillance functions,” the IRDH said.
Following the incident, the mines minister suspended CDM’s operations at its Lubumbashi site for an initial period of three months. In a statement published Feb. 13, 2026, the Ministry of Mines said the resumption of activities at the CDM/Joli-Site facility is conditional on several measures, including the effective fulfillment of social obligations toward neighboring communities and the strengthening of monitoring, prevention and early-warning systems to prevent a recurrence.
The IRDH nonetheless said CDM does not appear to be fully meeting its compensation obligations. According to the Institute, the company has limited itself to donations or projects already included in its operating agreement, without clearly separating those contractual commitments from compensation measures linked to the environmental incident.
Timothée Manoke
The $50 million promised by President Félix Tshisekedi in December 2024 to relaunch Société Minière de Bakwanga (MIBA) is available. André Kabanda, the company’s director general, said on Feb. 14, 2026, that disbursement is now contingent on shareholders finalizing discussions on the company’s recapitalization.
MIBA is owned 80% by the Congolese state and 20% by ASA Resource. To maintain that ownership structure following the $50 million injection, the private partner would need to contribute $12.5 million in line with its stake. Ongoing talks are focused on agreeing those terms, among other issues.
A general shareholders’ meeting was held several weeks ago and is expected to be followed by a board meeting this week, Kabanda said. The state’s contribution has already been approved, he added.
A $70 Million Baseline Recovery Plan
The funds are intended to finance a $70 million baseline recovery plan approved by the Council of Ministers in August 2025. The plan targets production of nearly 2.5 million carats in 2026. It is structured around five priorities: certification of mineral reserves, securing title to mining concessions, productive investments, management of personnel costs, and the establishment of a monitoring and evaluation framework.
The recovery plan is based on a broader blueprint developed by the Steering Committee for the Reform of State Portfolio Companies, Copirep, valued at more than $400 million.
On April 8, 2025, MIBA’s director general presented four South African companies, Bond Equipment, Mining Services, Athur Mining and Consulmet, which he said had expressed interest in helping restart operations. The companies were expected to submit bids to supply modern equipment following site visits to MIBA’s infrastructure and mining areas. No update on the process has been provided since then.
Ronsard Luabeya
The 64 artisanal mining zones announced in November 2025 by Mines Minister Louis Watum Kabamba in response to a tragedy at the Kalando site in Lualaba province are not yet operational. Although the identification process has begun, implementation is expected to be phased in over time.
The Mining Cadastre, which manages the country’s mining titles, said it has started identifying the zones in coordination with the National Geological Service of Congo (SGNC). Its director general, Popol Mabolia, said about ten zones have been identified in an initial phase. These still need to be developed before being allocated to cooperatives and artisanal miners.
“It’s a process that is underway, and we will get there. But we cannot have 64 zones ready overnight,” Mabolia told reporters at the Mining Indaba conference, which ended on Feb. 12, 2026, in Cape Town. “We have already identified those that can be fast-tracked, so miners can be redirected from one site to another.”
Until the zones become operational, the shortage of designated areas continues to fuel tensions in mining regions. Several industrial concessions remain vulnerable to incursions by artisanal miners, even as the ministry’s reform aims to ease pressure on industrial sites and channel diggers toward legally regulated areas.
Some companies are moving ahead with their own formalization efforts. Eurasian Resources Group (ERG) has signed a memorandum of understanding with the General Cobalt Enterprise (EGC) to organize artisanal mining in Lualaba. According to the Federation of Congolese Enterprises, ERG has recorded nearly $3 billion in losses due to disruptions at its sites.
Ronsard Luabeya
Power requirements for Asia Minerals Limited’s manganese project in Luozi, Kongo Central province, are projected to exceed 300 megawatts (MW), company officials said on November 26 at the Makutano Forum.
Fely Samuna, managing director of Kerith Resources, the Congolese partner of the Japanese multinational, said the total demand would comprise around 120 MW for mining operations and nearly 200 MW for in-country processing, in line with the government’s push to boost value addition and local employment.
Demand is not expected before just over three years. “Exploration will take three years, and mine development will start after that,” Samuna said, asking whether the country would be able to meet the project’s power needs.
Aimé Molendo Sakombi, Minister of Hydraulic Resources and Electricity, said the project area includes hydroelectric sites capable of supplying the operations, notably the Mpioka site on the Inkisi River. Jean-Pierre Mukadi Kalombo, coordinator of the Energy Ministry’s Project Coordination and Management Unit, said Mpioka has an estimated capacity of about 6,000 MW.
He said the site could help supply Kinshasa, including as the city expands, as well as meet rising demand from the mining sector. Feasibility studies are scheduled to begin next year to provide the government with the technical data required for the next phase of the project.
Samuna also questioned the competitiveness of electricity tariffs in the Democratic Republic of Congo. He noted that the group’s Malaysian smelter, Pertama Ferroalloys, commissioned in 2016, operates under a power purchase agreement at roughly $0.04 per kilowatt-hour. He asked whether lower tariffs could be offered in the DRC to ensure the competitiveness of local operations and encourage on-site processing.
Bob Mabiala Mvumbi, managing director of the Agency for the Development and Promotion of the Grand Inga Project (ADPI), said discussions on a future PPA were possible. “You will set a price and we will discuss it,” he said, adding that ADPI is working to secure firm demand for Inga 3, whose installed capacity is projected at between 3,000 MW and 11,000 MW.
However, the economics remain challenging. The National Electricity Company (SNEL) says the average tariff of $0.17 per kilowatt-hour is below cost and is seeking an increase. By comparison, mini-grid operators charge between $0.25 and $0.70 per kilowatt-hour.
Timothée Manoke