MINING (63)
Rio Tinto, the Australian mining behemoth, is setting its sights on Africa's lithium reserves as it seeks to bolster its position in the global supply chain for this critical battery metal. Citing sources close to the matter, Bloomberg reported on March 28, 2025, that the company is in preliminary talks with the Democratic Republic of Congo (DRC) regarding the potential development of the southern portion of the Manono lithium deposit.
This move comes on the heels of Rio Tinto's recent $6.7 billion acquisition of Arcadium Lithium, which significantly expanded its lithium portfolio across Argentina, the United States, and Asia.
The company is also advancing its lithium projects, including the Rincon development in Argentina and in Jadar, Serbia.
The Manono deposit, considered one of the world's largest untapped lithium resources, boasts estimated mineral resources of at least 400 million tonnes. Rio Tinto's interest in this African asset marks a strategic pivot, following its 2024 partnership with Rwanda to explore strategic mineral deposits, including lithium.
Rio Tinto is not the only giant eyeing Manono's riches. KoBold Metals, a California-based firm backed by tech luminaries Bill Gates and Jeff Bezos, recently proposed a development plan for the southern section of the deposit.
These overtures come amid ongoing legal disputes involving AVZ Minerals, the current permit holder for the southern portion, and state-owned Cominière over the alleged illegal partitioning of the Manono mining permit.
The northern section of Manono is already under development by Manono Lithium SAS, a joint venture between Cominière and China's Zijin Mining Group.
Rio Tinto's renewed focus on lithium aligns with long-term market projections. Despite recent price declines due to temporary oversupply, analysts anticipate a market reversal driven by the global energy transition. The International Energy Agency (IEA) predicts a lithium deficit exceeding 150,000 tonnes by 2030, underscoring the strategic importance of securing future supply sources.
This article was initially published in French by Aurel Sèdjro Houenou (Ecofin Agency)
Edited in English by Ola Schad Akinocho
DRC Gold Trading SA, the only company allowed to export artisanal gold in the Democratic Republic of Congo (DRC), recently opened a new office in Maniema province. On the opening day, March 21, the company’s head office manager, Amisi Mudjanahery, reassured mining cooperatives, traders, and licensed buyers of the firm’s capacity to purchase all artisanal gold in the region. Mudjanahery emphasized that this capability is backed by a partnership with Rawbank, the DRC’s leading financial institution.
“The company is there to collect all gold from artisanal and small-scale mining. This gold must be traced. Together with Rawbank, DRC Gold Trading SA would like to reassure all its suppliers that it will buy all the gold supplied to it in cash,” he stated.
Mudjanahery did not elaborate on the specifics of the partnership with Rawbank or how the bank intends to help the state-owned company fulfill its mandate.
In 2024, DRC Gold Trading aimed to export 12 tonnes of gold but managed only 1.75 tonnes. The shortfall was attributed to multiple factors, including operational halts during part of the year and uncompetitive prices offered by the company compared to those on the black market. Additionally, banking regulations restricting daily cash transactions have further complicated its operations.
Despite these challenges, optimism remains high among local stakeholders. David Kikuni, provincial president of the Maniema Gold Traders’ Corporation, expressed confidence that the new buying office would curb the exodus of gold production from the region while strengthening traceability and sector governance.
Maniema’s artisanal gold production has historically been hard to track. According to partial data from the Cellule Technique de Coordination et de Planification Minière (CTCPM), artisanal output in the first quarter of 2024 was just 5.77 kilograms. By comparison, the province produced 9.87 kilograms in the first half of 2022, accounting for 10.18% of national production that semester. In its annual report covering 2024, the CTCPM does not mention Maniema.
This article was initially written in French by Ronsard Luabeya (intern)
Edited in English by Ola Schad Akinocho
Since January 1, 2025, individuals or entities found guilty of obstructing transparency and traceability in the Democratic Republic of Congo’s (DRC) mining sector now face a staggering $4.3 million fine. Outlined in Decision No. CAMI/DG/003/2024, the penalty was issued by the Directorate General of the Mining Cadastre (CAMI) on December 16, 2024. It is the most severe enforcement measure under the country’s amended Mining Code. Despite its significance, the decision has received little public attention.
The adjustment stems from Article 375 of the 2018 Mining Code. The code mandates annual revisions of fines in foreign currency. “To maintain their value, these adjustments require input from the Central Bank of Congo and approval by CAMI’s leadership”. Since the revised Mining Code came into effect in 2018, fines for violations have been increased at least four times. The latest hike is particularly striking, multiplying the previous threshold of $429,122 by ten. Earlier fines had already reached $1.23 million in 2021 and $1.07 million in 2022.
The new $4.3 million penalty is part of a broader effort to enforce stricter compliance in the mining sector, which accounts for over 95% of the DRC’s export revenues. While this fine targets violations related to transparency and traceability key provisions aimed at curbing smuggling and illicit trade penalties for at least a dozen other mining offenses have also been doubled, quadrupled, or increased tenfold since the start of 2025.
The measures coincide with heightened government efforts to combat resource plundering by M23 rebels, who recently invaded the DRC, with Rwanda’s help. The rebels currently occupy strategic areas, including Rubaya’s mineral-rich mines and cities like Goma and Bukavu.
Despite these challenges, there are signs of determination from the mining administration to strengthen oversight elsewhere in the country. The recent inauguration of a Mining Registry building in Katanga another key mining region signals an effort to bring regulatory authorities closer to industry players and ensure compliance with the law.
Updated list of fines for violations of mining regulations in the DRC
(Decision CAMI/DG/003/2024 - in force since January 1, 2025)
- Obstruction of transparency and traceability in the mining industry: USD 4,291,222.57 (previously USD 429,122.24)
- Fraud and looting of natural mineral resources: USD 2,145,611.26 (versus USD 1,072,805.65)
- Illicit activities:USD 1,072,805.65 (vs. USD 42,912.25)
- Illicit purchase and sale of mineral substances: USD 128,736.67 (versus USD 42,912.25)
- Theft and concealment of mineral substances: USD 85,824.43 (versus USD 21,456.11)
- Embezzlement of mineral substances: 85 824.43 USD (versus 21 456.11 USD)
- Illicit possession of mineral substances: USD 85,824.43 (compared with USD 8,582.43)
- Illicit transport of mineral substances: USD 85,824.43 (versus USD 8,582.43)
- Facilitation of detour of mineral substances: USD 42,912.25 (vs. USD 21,456.11)
- Violations of human rights: USD 42,912.25 (new offence)
- Violation of health and safety regulations: USD 42,912.25 (versus USD 21,456.11)
- Destruction, degradation or fraudulent/malicious damage: USD 42,912.25 (versus USD 21,456.11)
- Obstructing the activities of the Mining Administration: USD 42,912.25 (versus USD 8,582.43)
- Infringement of ministerial or provincial governor decrees: USD 42,912.25 (compared with USD 4,291.24)
- Insults or violence towards Mining Administration officials: 21,456.11 USD (compared with 4,291.24 USD)
- Refusal to communicate a change of address: 21,456.11 USD (new offence)
- Corruption of public officials: 4,291.24 USD (new offence)
This article was initially published in French by Georges Auréole Bamba
Edited in English by Ola Schad Akinocho
KoBold Metals seeks to acquire part of the Manono lithium project in the Democratic Republic of Congo (DRC). According to multiple sources, in January 2025, KoBold sent a proposal to President Félix Tshisekedi’s chief of staff. The company, which uses artificial intelligence for mining exploration, is financed by Bezos and Gates.
Since 2023, AVZ has been challenging the DRC’s decision to revoke its rights to Manono and divide the permit. The government awarded part of the deposit to China's Zijin Mining. Recently, the International Chamber of Commerce (ICC) ordered Cominière to pay €39.1 million in penalties for failing to comply with injunctions but did not resolve ownership disputes.
KoBold has reportedly proposed a compromise: AVZ would receive compensation for dropping its claims, Zijin would retain control of the northern section of Manono, and KoBold would develop the southern portion. The U.S. company also suggested that minority shares be held directly by the Congolese state rather than Cominière.
None of the involved parties AVZ, Zijin Mining, or Cominière has officially commented on KoBold’s offer. Meanwhile, Suzhou CATH Energy Technologies, AVZ's Chinese partner, has provided a $20 million credit facility to support AVZ in its legal fight in January 2025.
On March 14, AVZ confirmed efforts to secure U.S. support for developing Manono but declined to disclose details about discussions or potential partners.
KoBold’s move reflects broader geopolitical stakes. Reports suggest that
Washington and Kinshasa are discussing a minerals-for-military-support deal. The U.S. aims to secure access to critical minerals like lithium while assisting the DRC in fighting rebel forces in Kivu.
KoBold is no stranger to Africa’s mining sector. The company uses artificial intelligence to search for metals that are critical to the energy transition. In 2022, it gained attention by investing in a Zambian copper deposit. CEO Kurt House has called the DRC “the best place in the world” for sourcing materials essential to energy transition technologies.
Emiliano Tossou
On March 17, 2025, the European Union unveiled new sanctions against some Rwandan officials. The EU accused the officials of being involved in the ongoing war in the Democratic Republic of Congo (DRC) and the illicit exploitation of Congolese mineral resources. The sanctions effectively target the Gasabo Gold Refinery in Kigali and Francis Kamanzi, head of Rwanda's mining regulator.
Mining has become a pillar of the Rwandan economy in recent years. In 2023, the sector contributed nearly 70% of Rwanda’s total exports and 3% of GDP, earning the country $1.1 billion; gold alone contributed $883 million.
With a mineral potential valued at $150 billion, Rwanda attracts major foreign investors. For example, in July 2024, Rwanda announced it had partnered with Rio Tinto, the world's second-largest mining group by market capitalization. This was a deal to explore and exploit 3T (tin, tantalum, and tungsten) and lithium deposits. The same year, in February, even the EU had signed a strategic minerals partnership with Kigali.
Plundering Accusations
Now, however, several independent reports and the Congolese government allege that most of the minerals exported by Rwanda are smuggled from the DRC. The DRC accuses Rwanda of supporting the rebels that recently invaded its eastern regions, and asks Kigali’s international partners to stop cooperating with President Kagame’s country.
"The transit of gold through Rwanda's only gold refinery, Gasabo Gold Refinery, contributes to the illicit export through Rwanda of illegally mined gold. Gasabo Gold Refinery has therefore exploited armed conflict, instability or insecurity in the DRC, in particular through the illicit exploitation or trade of natural resources," reads an official note signed by Kaja Kallas, Vice-President of the European Commission. The document added that Francis Kamanzi, head of Rwanda's mining regulator, was taking advantage of the conflict and instability in the DRC, through illegal trade and mining.
The Congolese government welcomed the EU sanctions. “These sanctions are the first step in the fight against Rwanda's plundering of the DRC's mineral wealth,” the Congolese Ministry of Communication wrote in a statement dated March 17, 2025.
Despite these developments, it remains unclear how the sanctions will impact Rwanda’s mining sector or its attractiveness to investors in 2025. Not all refineries in Rwanda face sanctions and global traceability mechanisms have so far failed to prevent minerals looted by rebels in the DRC from entering international supply chains.
This article was initially published in French by Emiliano Tossou
Edited in English by Ola Schad Akinocho
In a March 19, 2025, interview with Fox News, Congolese President Félix Tshisekedi confirmed his government’s willingness to negotiate a security partnership with the United States in exchange for access to critical minerals.
"We are looking for partnerships and have established some with several countries. We believe that the United States, given its role and influence in the world, is an important partner for us. We are happy to see that with the Trump administration, things are moving forward at a faster pace on both sides," Tshisekedi told the network, which is reportedly close to President Trump.
The Congolese leader did not talk about potential arms shipments or the deployment of U.S. military personnel in the Democratic Republic of Congo (DRC). However, some lobbyists representing Senator Pierre Kanda Kalambayi—Chairman of the Senate's Defense, Security and Border Protection Committee—previously addressed this request to the U.S. Secretary of State Marc Rubio.
President Tshisekedi highlighted the opportunity for sustainable U.S. investment in critical mineral extraction and processing, which he said could create jobs and foster long-term stability.
Asked about how he would guarantee the safety of American investors in his country, Tshisekedi mentioned plans to strengthen the Congolese army’s defense capabilities and expressed hope that U.S.-imposed sanctions and pressure on armed groups could help stabilize conflict zones.
Trump Sends Special Envoy to Kinshasa
A few days before President Tshisikedi’s appearance on Fox, the U.S. had sent a Special Envoy, Ronny Jackson, to the Democratic Republic of Congo (DRC). Jackson, a member of Congress, met with Tshisekedi on March 16.
Jackson came amid escalating tensions in eastern DRC, where M23 rebels, allegedly backed by Rwanda, have seized control of key cities including Goma and Bukavu.
“The DRC’s sovereignty and territorial integrity must be respected by all. We are going to work so that all obstacles on the path to peace are removed, so that peace returns to the DRC ", Jackson said during the meeting, according to DRC Presidency. "Our goal is to ensure that American companies can come, invest, and work in the DRC. And to do that, we need to make sure there's a peacefulenvironment," he added, according to the same source.
Several actors are getting involved in the talks to end the conflict in eastern DRC. Qatar, one of them, facilitated a meeting between Presidents Tshisekedi and Kagame of Rwanda on March 17.
The recent developments unfold against a backdrop of intensifying U.S.-China rivalry, with Beijing controlling nearly 80% of DRC's mines. Washington views China as an economic and geostrategic competitor in the mineral-rich African nation.
Amidst the world’s technological development and geopolitical tensions, the DRC's critical mineral resources, valued at an estimated $24 trillion by the World Bank, have attracted global attention. The country has signed preliminary agreements with various entities, including the European Union, Saudi Arabia, and Japan, potentially complicating U.S. interests in the region.
After visiting the DRC, Ronny Jackson also went to the neighboring Congo-Brazzaville where he met with President Denis Sassou Nguesso. According to the Chinese official press, Nguesso asked Jackson to mediate in the US-China trade rivalry.
This article was initially published in French by Georges Auréole Bamba
Edited in English by Ola Schad Akinocho
Kamoa-Kakula copper mine in the Democratic Republic of Congo (DRC) earned $3.11 billion last year. Ivanhoe Mines, which runs the mine, disclosed the figure in a note released on February 18, 2025.
This performance was attributed to a 5% increase in net copper sales volumes and a 6% rise in the average realized price per tonne compared to the previous year. Despite higher operating costs, the mine generated $1.4 billion in added value, $1.8 billion in operating income, and $777 million in net income in 2024.
Over the same period, the mine sold 397,976 tonnes of payable copper concentrates at an average price of $4.09 per tonne. However, a discrepancy of $470 million exists between calculated sales figures and those reported by the company. Despite inquiries, Kamoa-Kakula has yet to clarify this inconsistency.
In its memo, Ivanhoe highlighted the sales structure for 2025, revealing that buyers CITIC Metal and Gold Mountains have already provided a $500 million sales advance at a fixed annual interest rate of 3.75%, plus the average one-month SOFR rate at the time of finalization. Additionally, sales may be subject to adjustments based on international market conditions.
For the DRC government, transparency in these operations is critical since declared revenues form the basis for calculating taxes and royalties. In 2024, Kamoa-Kakula reported $307.1 million in royalties, production taxes, and other levies. Income taxes for the year are expected to exceed $345 million, while the government’s 20% stake in the project will yield $155.4 million in attributable net income.
Ivanhoe Mines is an indirect shareholder of the Kamoa-Kakula mine, through Kamoa Holding which owns 80% of the project.
This article was initially published in French by Georges Auréole Bamba
Edited in English by Ola Schad Akinocho
Since the Democratic Republic of Congo (DRC) suspended cobalt exports on February 22, 2025, the price of cobalt hydroxide has surged by 84%, reaching $10.5 per pound, according to Fastmarkets data. Cobalt metal prices have also risen sharply, climbing over 43%. This dramatic price increase appears to validate Kinshasa’s strategy of leveraging its dominant position in the market accounting for approximately 75% of global supply to address a persistent surplus that has depressed prices for the past two years.
The suspension has disrupted supply chains, with Telf AG, the cobalt marketing agent for Eurasian Resources Group (ERG), activating force majeure clauses. ERG, the DRC’s third-largest cobalt producer after CMOC and Glencore, has warned customers it may not meet delivery commitments. This uncertainty is already rippling through the battery sector, where several Chinese manufacturers have adjusted costs and suspended some quotations.
Despite the immediate price spike, analysts remain cautious about long-term impacts. According to CRU Group, an estimated 85,000 tonnes of cobalt are stockpiled outside the DRC equivalent to six months of global consumption. These reserves could temper the price surge if the export ban is lifted and a flood of cobalt re-enters the market. To prevent such a scenario, Kinshasa is reportedly considering introducing export quotas to stabilize prices once exports resume.
The coming months will be critical in determining whether the DRC’s move is as smart as the Congolese authorities think. The global cobalt market, it is worth noting, is already marked by structural surpluses and geopolitical tensions.
This article was initially published in French by Emiliano Tossou (Ecofin Agency)
Edited in English by Ola Schad Akinocho
As the M3 rebels and their Rwandan allies keep gaining ground in the region, Alphamin Resources has temporarily halted operations at its Bisie tin mine in Walikale territory, North Kivu province, Democratic Republic of Congo (DRC). The firm announced the shutdown on March 13, 2025.
"On March 9, 2025, these groups occupied the town of Nyabiondo, the capital of the Osso-Banyungu sector, located some 110 kilometers northwest of Goma. On March 12, they continued their advance and took the locality of Kashebere, located 13 kilometers west of Nyabiondo (ed.note: and 172 kilometers from the mining site)," Alphamin Resources indicated.
Given the highly volatile context, Alphamin evacuated operational staff from the mine while retaining a small team to ensure the maintenance and security of the facilities.
The company said it hopes the coming peace talks in Angola on March 18 will be fruitful, enabling a quick resumption of operations. Meanwhile, the suspension has already sent ripples through the global tin market.
Tin prices surged following Alphamin's announcement. On the London Metal Exchange (LME), prices jumped 3.3% to $34,530 per metric ton, peaking at $34,815 the highest since July. Analysts from the International Tin Association (ITA) noted that three-month delivery prices reached nearly $36,000 per tonne, a peak not seen since June 2022.
Alphamin’s decision further strains a market already grappling with supply challenges, including difficulties at Myanmar’s Man Maw mine which barely resumed operations.
Alphamin’s Bisie tin mine is a critical player in global supply chains. Producing over 17,000 tonnes in 2024—6% of global tin output—the mine’s closure exacerbates concerns about shortages. In 2024, DRC and Myanmar accounted for 66% of China’s tin concentrate imports. The ITA highlighted that investment funds are increasingly bullish on tin prices as markets anticipate further upward pressure.
This article was initially published in French by Timothée Manoke (intern)
Edited in English by Ola Schad Akinocho
The Kamoa-Kakula mine produced 86,000 tonnes of copper in January and February 2025. Ivanhoe Mines, which runs the mine, disclosed the figure in a note released on March 3. According to the source, “based on this performance, the total output for 2025 could stand between 520,000 and 580,000 tonnes, in line with annual forecasts.”
While this cumulative production over 59 days is significant, it translates to a daily average of 1,463 tonnes. If this pace continues throughout the year, the mine could yield approximately 534,000 tonnes within the projected range but not reaching its upper limit.
However, Ivanhoe Mines reported an acceleration in production during the last week of February, achieving a daily average of 1,589 tonnes. If this rate is maintained, total output could reach around 572,563 tonnes, nearing the upper forecast limit for 2025.
Kamoa-Kakula delivered 437,061 tonnes of copper in 2024, slightly below the initial forecast of 440,000 to 490,000 tonnes. Last October, the firm scaled down its forecasts due to power supply issues.
Since the beginning of this year, reports regarding the power supply at Kamoa-Kakula have been promising. "Since the beginning of the year, operations in phases 1, 2, and 3 of the Kamoa-Kakula complex have been powered by around 100 MW of hydroelectric electricity generated locally and imported," Ivanhoe Mines stated. “This capacity meets the current energy needs for all three phases of the project,”
The imported power primarily comes from the Cahora Bassa hydroelectric dam in Mozambique and the Kariba dam in Zambia. Ivanhoe Mines noted that these dams are experiencing a gradual improvement in water levels, which should enhance energy availability as southern Africa enters its rainy season.
This article was initially published in French by Boaz Kabeya (intern)
Edited in English by Ola Schad Akinocho
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For the first time in its mining history, copper exports from the Democratic Republic of Congo (DRC) reached an impressive 3.1 million tonnes in 2024, according to a report released by the Congolese Ministry of Mines on March 6.
This marks a 13% increase from the previous year, largely driven by strong performances from the country's largest copper mines. The Chinese group CMOC, which operates the Tenke Fungurume and Kisanfu mining sites, reported a total production of 650,161 tonnes. Ivanhoe Mines, which runs the Kamoa-Kakula copper mine, achieved an annual output of 437,061 tonnes—up 12% from 2023.
This year, copper exports from the DRC could grow even more, fueled by a 3.7% increase in global demand, anticipated by Commodity Insights. Also, according to the British price analysis firm CRU Group, the DRC should produce 8% copper this year, compared to 2024. These developments solidify the DRC's position as the world's second-largest copper producer, a title it snatched from Peru in 2023. Last year, Peru’s copper output stood at 2.73 million tonnes, slumping by 0.7% year-on-year.
However, challenges persist. Congolese authorities have raised concerns that production from the Kamoa-Kakula mine is being sold at below-market prices, which could deprive the state of vital mining revenues. Moreover, the DRC must remain cautious about an economic slowdown in China—its top copper buyer—as this could impact export levels. During the first two months of 2025, imports of Congolese copper into China fell by 7.2%.
This article was initially published in French by Emiliano Tossou (Ecofin Agency)
Edited in English by Ola Schad Akinocho
The majority shareholders of the Kamoa-Kakula copper complex have committed $200 million to modernize and stabilize the power grid in the southern part of the Democratic Republic of Congo (DRC). According to official documents reviewed by Bankable, the modernization project began in late 2024.
The project focuses on boosting the transmission capacity between the Inga II hydroelectric power station and Kolwezi, Lualaba province’s mining hub. Key upgrades include installing a harmonic filter at the Inga converter station and a static compensator at Kolwezi’s substation.
Additional measures involve replacing aging power cables, repairing direct current (DC) infrastructure, and establishing maintenance contracts with SNEL (Société Nationale d’Électricité), the DRC’s state-owned electricity operator. These efforts are being spearheaded by Ivanhoe Mines Energy DRC, under the financing of Kamoa Holding a joint venture between Ivanhoe Mines and Zijin Mining.
Stable power is a critical performance factor for mining operations, particularly for Kamoa-Kakula, which is ramping up its Phase 3 operations. The project plans to commission a third smelter powered primarily by renewable energy, reducing production costs while increasing refined copper output.
178 MW more incoming
However, these benefits depend on the commissioning of Inga II’s fifth turbine, which was installed in 2024 and is expected to add 178 MW of hydropower capacity. Starting in mid-2025, Kamoa-Kakula will receive an initial 70 MW of this capacity, gradually increasing to 178 MW by 2026. Until then, the mine will continue relying on imported electricity and diesel generators.
Kamoa-Kakula is not alone in addressing DRC’s energy challenges. Chinese mining giant CMOC, which operates the Tenke Fungurume and Kinsfu Mining projects, announced plans in 2024 to generate at least 600 MW of solar power to support its operations.
This article was initially published in French by Georges Auréoles Bamba
Edited by Ola Schad Akinocho
The price of cobalt oxide on the Shanghai Metals Exchange rose to €16,640 per tonne (excluding tax) on February 28, 2025, up 1.46% over five days. The dynamic, reviewed by Bankable, was also observed on the London Metal Exchange, where April 2026 cobalt oxide contracts climbed 5%, trading at $22,246.19 per tonne, up from the current $21,153.
This surge follows the Democratic Republic of Congo's (DRC) announcement on February 22 of a four-month suspension of cobalt exports, a move aimed at addressing oversupply and stabilizing prices.
The DRC, which supplies 75% of the world’s cobalt oxide, has triggered market uncertainty with this decision, as buyers anticipate tighter supply amid growing demand. Analysts at the Shanghai Metals Exchange attribute the price acceleration to reactions from cobalt processing industries, which temporarily halted refined cobalt bids to assess raw ore availability. S&P Global had already forecasted a reduction in surplus cobalt stocks for 2025, but the Congolese export suspension has amplified this upward price correction.
No Supply Deficit before 2030?
The recent suspension is part of broader efforts by the Congolese Regulator of Strategic Minerals Markets, ARECOMS, to influence global supply-demand dynamics. The watchdog plans to assess the measure’s impact in three months to determine whether to maintain, adjust, or lift it. Meanwhile, observers anticipate the reaction of major producers like China’s CMOC, whose investments in the Kisanfu mine have contributed significantly to the global oversupply of copper.
The DRC earns a lot from selling its minerals and taxes and royalties from its mining assets. Therefore, higher cobalt prices are critical for meeting the country’s budgetary revenue targets and financing development ambitions.
However, at the end of 2024, some observers had projected that it would take some time for prices to rise sustainably. They said there should be no supply deficit before 2030. Last December, Joel Crane of S&P Global, predicted that while electric vehicle demand will drive an 11% annual increase in cobalt consumption through 2030, supply growth will lag at just 4% annually due to limited new exploration projects in the DRC. “Although the DRC has added 60,000 tonnes of cobalt since 2022, its contribution is expected to gradually decline,” Crane noted. Nick Burroughs, Sales Director at Benchmark Mineral Intelligence, shares this view.
EGC Steps Up
While the impact of the recent forecasts on prices in the market for direct cobalt purchases, especially artisanal mining, this sector could face supply chain-related challenges. Artisanal mining contributes 15-30% of the DRC’s cobalt production.
According to several media outlets, the ARECOMS has recently clarified that even after the export suspension is lifted, artisanal cobalt can only be sold to Entreprise Générale de Cobalt (EGC), a state-owned subsidiary of Gécamines. With this in mind, EGC’s managing director Éric Kalala, quoted by Bloomberg, said the firm plans to purchase artisanal cobalt during the suspension to support miners and strengthen EGC’s role as an exclusive buyer. At the same time, the state-owned entity is committed to fostering a fairer supply chain while boosting its revenues. However, questions remain about whether EGC has the resources and capacity to manage these operations effectively in a market that demands immediacy. Indeed, artisanal miners often want to quickly sell and regularly request advances to finance their activities.
This article was initially published in French by Georges Auréole Bamba
Edited in English by Ola Schad Akinocho
On February 24, 2025, Ivanhoe Mines announced a $50 million investment in exploration activities at its Western Forelands copper project in the Democratic Republic of Congo (DRC). This is about two-thirds of the company's total exploration budget of $75 million for 2025.
This year, Ivanhoe plans to implement an ambitious program that includes 102,000 meters of diamond drilling and 18,000 meters of reverse circulation drilling at Western Forelands. The project will build on last year’s progress, including the expansion of the mineralized zone of the Makoko deposit and the discovery of the Makoko West zone.
The company is also set to update its mineral resource estimate for Makoko in the second quarter of 2025. This update should include initial resource estimates for Makoko West and Kitoko, a high-grade copper zone discovered in 2023.
The first estimate for the deposits that currently comprise Western Forelands Kiala and Makoko revealed that the project contains 21 million tonnes of indicated mineral resources with a copper grade exceeding 3%. Encouraging drilling results position Ivanhoe Mines to potentially develop its second copper mine in the DRC. A few kilometers away, Ivanhoe operates Kamoa-Kakula, the country’s largest copper mine.
While 2025 could be a pivotal year for Western Forelands, significant challenges remain before construction begins. Among others, Ivanhoe must confirm the project's mineral resources and conduct comprehensive studies to assess its economic viability. Only after these steps will the company consider raising funds for eventual mine development.
The positive outlook for copper demand and prices may help attract investors as Ivanhoe advances its exploration efforts in this promising region.
This article was initially published in French by Emiliano Tossou
Edited in English by Ola Schad Akinocho