MINING (189)
DRC Gold Trading S.A., a state-owned company specializing in the purchase, trading and export of artisanal gold, announced on Feb. 10, 2026 that it has opened a branch in Lubumbashi, marking its entry into Haut-Katanga province.
The move aims to bring artisanal gold production from the province into official channels. A few days after opening the Lubumbashi office, the company collected and exported its first batch of more than 20 kilograms of artisanal gold from Haut-Katanga through formal traceability procedures. At the 2025 average gold price, the shipment is worth more than $2 million.
Haut-Katanga, long dominated by copper and cobalt production, has also seen artisanal gold mining activity in the town of Kilolo, in Kipushi territory. However, this output has not been reflected in official export statistics, with most production reportedly leaving the country through illicit channels.
A 2024 United Nations report described artisanal gold mining in the area as extensive, pointing to significant production circulating outside formal supply chains. The opening of a purchasing office is intended to integrate this output into a regulated traceability and export framework.
In the same statement, DRC Gold Trading said it had also opened a second purchasing office in Haut-Uele province, in the mining town of Durba, after initially establishing operations there in 2025. During the first half of 2025, the company exported 12,511 kilograms of gold from that branch.
The Durba office has strong supply potential. According to a Dec. 8, 2025 report by the International Peace Information Service (IPIS), researchers identified nearly 5,500 artisanal miners operating across 18 gold sites around Durba.
The expansion into Haut-Katanga and Haut-Uele forms part of the company’s plan to operate ten sites nationwide, targeting annual volumes of 15 to 18 tonnes of artisanal gold and more than $2.6 billion in export revenue. Two additional branches are planned for 2026 in Kinshasa and Mbuji-Mayi.
According to the World Gold Council, the average annual gold price rose 44% to $110,280 per kilogram in 2025, driven by strong demand and a geopolitical and financial environment supportive of the precious metal. The upward trend is expected to continue in 2026. Gold traded above $160,000 per kilogram in January, while Deutsche Bank, UBS and JP Morgan project prices could exceed $190,000 per kilogram by year-end.
Timothée Manoke
Eurasian Resources Group (ERG) has signed a memorandum of understanding with the state-owned cobalt company Entreprise générale du cobalt (EGC) to formalise and better manage artisanal mining in Lualaba province, where its concessions have repeatedly been entered by informal miners.
The agreement was signed on February 10, 2026, on the sidelines of the Mining Indaba, a major African industry event held in Cape Town. Mines Minister Louis Watum Kabamba presided over the ceremony.
The deal launches a pilot project aimed at structuring artisanal mining within a defined framework. It provides for the creation of a regulated artisanal mining zone on an ERG concession, measures to improve safety and working conditions, and the introduction of traceability systems aligned with OECD due diligence standards. The initiative also seeks to ease tensions between industrial operators and artisanal miners, safeguard the rights and investments of both parties, and bring artisanal mining into a recognised legal framework benefiting local communities.
ERG said the initiative is not intended to feed its industrial output and that none of its production will come from artisanal sources. Instead, the company presented the move as support for formalisation efforts amid mounting pressure from informal mining on its concessions.
The agreement comes as industry players have warned about the scale of incursions onto mining sites. According to the Federation of Businesses of the Congo(FEC), such intrusions have caused losses estimated at nearly $3 billion for ERG. Since 2024, site invasions have been reported on concessions operated by several of the group’s subsidiaries, including Congolaise des mines et de développement (COMIDE) and Boss Mining. In a 2025 statement, Boss Mining said more than 200 trucks were entering its sites daily, carrying copper and cobalt shipments valued at around $1.8 million.
The Ministry of Mines described the agreement as a joint effort to balance the economic, social and environmental challenges facing the Congolese mining sector.
Under pressure from growing artisanal activity within industrial concessions, the mines minister announced in November 2025 the designation of 64 artisanal mining zones (ZEA). He said the decrees establishing the zones had been signed and that implementation would proceed in coordination with EGC. Since then, however, little detail has been provided on progress.
Ronsard Luabeya
The Butembo copper project, located in the insecure eastern Democratic Republic of Congo, has been acquired by African Discovery Group (AFDG). The U.S.-traded company said it signed a definitive share purchase agreement with Grabin Mining SAS, which holds the permit covering the project.
AFDG said the deal was structured as a reverse takeover, a mechanism that allows a listed company to bring an unlisted asset onto the market, typically by issuing shares to the asset’s owners. The company said shares were issued to the permit holders and that the mining interest is now owned by the U.S.-domiciled entity.
In effect, the Butembo project now sits within the structure of the U.S.-listed issuer, with the former asset holders becoming shareholders. The transaction remains subject to regulatory approval, including in the DRC.
A company listed on a lightly regulated market
AFDG trades on the U.S. OTC market, a less regulated segment than major exchanges such as the NYSE or Nasdaq. Public filings show the company has shifted strategy in the past before pivoting toward metals.
The group also announced a name change and now operates as Copper Intelligence. It describes itself as the first independent DRC-focused company listed in the United States and positions itself as a vehicle dedicated to acquiring and exploring copper assets in the country.
The new management team is led by Andrew Groves, presented as the founder of several African mining companies, including Camec, African Platinum and Central African Gold, all reportedly sold. The team also includes Aldo Cesano, who cites 40 years of experience in mining and logistics development in the DRC, Zimbabwe and southern Africa.
An asset described as prospective
Copper Intelligence describes Butembo as a near-surface exploration target with a low strip ratio. The project lies about 50 kilometers from the Ugandan border, near the Kilembe mine, which has verified reserves of around 4 million tonnes. The company highlights high-grade samples of up to 18% copper and says it has access to rail infrastructure.
However, there is no evidence of a mineral resource estimate compliant with international reporting standards, nor of a declared mineral reserve. The statement does not outline a detailed technical program, such as drilling plans, timelines or budget, required to assess the project at an industrial scale.
Bringing Butembo under a U.S.-listed structure could improve visibility and potentially ease access to funding for exploration. It also increases exposure to reporting requirements and investor scrutiny, even if OTC standards are lighter than those of major exchanges.
“We are delighted to hold this status as a dedicated US company operating in Africa, aggregating assets in the DRC's highest grade copper deposits in the world,” Copper Intelligence President Andrew Groves said.
The key challenge will now be technical: converting a prospective asset into a defined and financeable project supported by independent data capable of underpinning an economic assessment.
Pierre Mukoko & Ronsard Luabeya
Commodities trader Mercuria announced on Feb. 9, 2026, "the completion of its first copper and cobalt transaction" with Entreprise Générale du Cobalt (EGC). The statement did not specify whether the deal involved a direct purchase, an offtake contract, or a marketing mandate.
The announcement indicated simply that the transaction involves its first export shipment of copper and cobalt, without disclosing volumes. "The copper cathodes are intended for shipment to either the United States of America, the United Arab Emirates or Saudi Arabia," the statement said, positioning the operation as an extension of the joint venture between Gécamines, EGC's sole shareholder, and Mercuria, announced in late 2025 and dedicated to trading critical minerals.
In November 2019, EGC was mandated to develop a responsible artisanal cobalt value chain in the Democratic Republic of Congo (DRC) by organizing and regulating artisanal and small-scale mining. In this capacity, the company holds a monopoly on the purchase, processing, refining, sale, and export of cobalt extracted by artisanal miners or artisanal mining companies in the country.
Strengthened by Export Quotas
This position was also strengthened by the cobalt export quota policy that took effect in the DRC on Oct. 16. Under this policy, EGC was allocated the fifth-largest export quota: 1,775 metric tons for 2025, and 5,640 metric tons for 2026 and 2027, subject to possible adjustments based on global market developments by the end of 2026 or prospects for local processing of cobalt hydroxide into higher-value products. Problems with the new export system in 2025 led to the rollover of that year's quotas into 2026. In total, EGC could export up to 7,415 metric tons of cobalt in 2026.
On Nov. 13 in Kolwezi, EGC presented its first production of 1,000 metric tons of artisanal cobalt, described as structured, ethical, and traceable. The copper cathodes mentioned in the transaction announced by Mercuria were reportedly produced from copper residues recovered after processing artisanal cobalt.
Also on Feb. 9, 2026, EGC and Trafigura, another commodities trader, announced they had agreed to "the first delivery of copper and cobalt to global markets via the Lobito Atlantic Railway (LAR)," without specifying either the quantity or the date. According to Franck Rogozin, Trafigura's head of metals and minerals for Africa, the aim is to "collaborate with EGC to facilitate the transport of copper and cobalt from responsible sources to global markets via the most efficient transport route from the DRC's Copperbelt."
Implementing the Partnership with the United States
Alongside Vecturis and Mota-Engil, Trafigura is a member of the LAR consortium, which has held since July 2022 a 30-year concession to operate and modernize the Angolan section of the Lobito corridor, 1,300 kilometers between the deep-water port of Lobito on Angola's Atlantic coast and the DRC border at Luau. In theory, this is the shortest route for exporting mining products from Kolwezi. But the roughly 450-kilometer Kolwezi-Luau line is in poor condition.
According to EGC's director general, Eric Kalala, the first copper shipment will go to U.S.-based customers, marking a tangible step in implementing the strategic partnership signed on Dec. 4 between Washington and Kinshasa in the critical minerals sector.
Under that agreement, Congolese state-owned companies must prioritize the U.S. market for their mining exports. The agreement also stipulates that over the next five years, 50% of copper, 30% of cobalt, and 90% of zinc marketed by these companies will transit through the Lobito corridor.
EGC and Trafigura have had a commercial agreement in place since 2020. The partnership provides financing to EGC to fulfill its mandate, in exchange for a portion of its cobalt hydroxide production. The companies have not disclosed the terms of the agreement. But in June 2022, in an open letter to the prime minister, a group of civil society organizations claimed the partnership involved financing of around $80 million for 50% of production, without further details.
Pierre Mukoko & Ronsard Luabeya
Rio Tinto formally ended discussions with Glencore on Feb. 5, 2026 over a potential merger or other combination after the parties failed to reach an agreement. The Anglo-Swiss group confirmed the decision shortly afterwards. Under the UK Takeover Code, Rio Tinto is now restricted from making a new offer in the near term, except under limited circumstances.
Glencore said it is now focusing on executing its 2026 priorities, including meeting operational targets, de-risking its portfolio and pursuing organic growth.
Democratic Republic of Congo
In the Democratic Republic of Congo (DRC), where Glencore controls the Mutanda Mining (Mumi) and Kamoto Copper Company (KCC) copper and cobalt mines, this strategic focus has increased the relevance of a proposed partnership with the Orion Critical Mineral Consortium (Orion CMC). Based on details disclosed so far, the proposed transaction aligns with Glencore’s 2026 priorities and would involve neither a change of control nor operational disruption. Instead, it would provide a capital injection and risk-sharing to support the development of existing assets and potentially fund new acquisitions.
The Orion option is outlined in a non-binding memorandum of understanding announced on Feb. 3, 2026. It envisages the acquisition by the U.S.-backed consortium of 40% of Glencore’s interests in Mumi and KCC, based on a combined enterprise value of about $9 billion, including debt.
Capital structure
Under the proposed capital reconfiguration, Glencore would remain the majority shareholder, with a 57% stake in Mumi and 42% in KCC, alongside Orion CMC with 38% and 28%, the Congolese state with 5% of Mumi, and state miner Gécamines with 30% of KCC.
The framework would allow Orion CMC to appoint non-executive directors and to direct the sale of its share of production to designated buyers, in line with the strategic partnership between the United States and the DRC. Glencore would retain operational control of the mines.
The transaction remains subject to due diligence, the signing of binding documentation and the receipt of regulatory approvals. Completion would also depend on governance arrangements and approvals from Congolese shareholders. Glencore and Orion said they intend to work with the government and Gécamines.
Pierre Mukoko
The United States officially launched Project Vault on Feb. 2, 2026. The $12 billion initiative aims to build a strategic stockpile of critical minerals to secure supply chains for industrial and civilian needs.
The program is backed by $1.67 billion in private capital and $10 billion in loans from the Export-Import Bank of the United States.
While full details have not been disclosed, the initiative is intended to shield U.S. industry from supply disruptions amid trade tensions with China. Until November 2025, Beijing had suspended exports of critical minerals such as germanium and gallium to the United States. The materials are essential for semiconductors, solar panels, lasers and night-vision equipment.
These minerals are produced in the Democratic Republic of Congo, notably at the Kipushi mine. The operation is jointly owned by Ivanhoe Mines, which holds a 62% stake, and state-owned miner Gécamines, which owns 38%.
Canadian firm Ivanhoe Mines, partly backed by Chinese capital, said its executive co-chairman Robert Friedland attended the Project Vault launch at the White House alongside Donald Trump.
The company added it is in advanced talks with Gécamines and commodities trader Mercuria to have Gécamines Trading, a dedicated mineral trading subsidiary, direct part of Kipushi’s zinc concentrate output to the United States. The concentrate also contains germanium and gallium.
That portion is currently allocated to Mercuria under an offtake agreement signed in July 2025. The three-year contract covers one-third of the mine’s total production and includes a $20 million loan to Kipushi at a 6% interest rate. The funds are intended to ease bottlenecks and expand concentrator capacity.
Strategic partnership
The remaining two-thirds of production is already committed to CITIC Metal and Trafigura under separate agreements reached in July 2024 and running through 2029.
However, Ivanhoe said in its statement that “Gécamines could be responsible for marketing up to 50% of the concentrate production from the Kipushi mine,” without providing further details. Under this scenario, Gécamines Trading, a joint venture between Gécamines and Mercuria, could become a key channel for exporting Kipushi minerals to the United States.
For 2026, Kipushi’s output is expected to reach between 240,000 and 290,000 tonnes of zinc concentrate, confirming its position as a major player in the global market. The opportunity offered to Gécamines by Project Vault appears significant, as several analyses indicate China controls a large share of active mining assets in the DRC. This has prompted Washington to closely track volumes linked to state holdings.
“The DRC and its state-owned enterprises will use their marketing rights under participation and contract arrangements to provide offtake access to U.S. and allied buyers,” according to the strategic agreement signed on Dec. 4 between Kinshasa and Washington.
As part of its implementation, Gécamines Trading plans to direct around 100,000 tonnes of copper from the Tenke Fungurume Mining (TFM) operation to the United States in 2026. This reflects the share tied to its 20% stake in TFM, a mine controlled 80% by Chinese group CMOC.
Timothée Manoke
Glencore and the Orion Critical Mineral Consortium (Orion CMC) are signaling plans for closer coordination in the Democratic Republic of Congo (DRC) that go beyond the recently announced capital deal. Orion CMC was established in October 2025 to help supply critical minerals to the United States and its allies.
In a joint statement released Feb. 3, 2026, the two parties said they will also explore opportunities to expand and extend the life of the Mutanda Mining (Mumi) and Kamoto Copper Company (KCC) copper and cobalt mines. These assets are currently valued at about $9 billion, including debt.
Details have not been disclosed at this stage. Potential investments could aim to accelerate production or extend the mining concessions. In its 2025 resources and reserves report published Jan. 29, the Anglo-Swiss group put ore reserves at 107 million tonnes for MUMI and 137 million tonnes for KCC.
The mines are estimated to operate for 22 years in the case of MUMI, until 2047, and 18 years for KCC, until 2043. Current permits expire in 2037 and 2039, respectively. The review is reportedly being conducted alongside the Congolese government and the state-owned company Gécamines, a long-standing partner within KCC.
The statement also mentioned the study of potential acquisitions of additional mining projects and assets in the DRC and more broadly across the African Copperbelt. The wording suggests the possibility of a joint development platform, although no target assets, timelines, or investment budgets have been specified so far.
Proposed stake sale
The announcement follows a non-binding memorandum of understanding on Orion CMC’s proposed purchase of 40% of Glencore’s interests in MUMI and KCC. Glencore currently holds 95% of MUMI, with the state holding 5%, and 70% of KCC, with Gécamines holding 30%.
If completed, the transaction would bring in a third major shareholder. Orion CMC, a consortium led by Orion Resource Partners and backed by the U.S. International Development Finance Corporation (DFC), would hold 38% of MUMI and 28% of KCC. Glencore’s stakes would fall to 57% and 42%, respectively.
The statement said Glencore, as the majority shareholder of both mines, would retain operational control. Orion CMC would have limited governance rights, including the appointment of non-executive directors.
The consortium would also be responsible for marketing its share of output to designated buyers. This would take place within the framework of the strategic partnership on critical minerals signed between the United States and the DRC on Dec. 4 in Washington.
The arrangement reflects a clear division of roles. Glencore remains the industrial operator in the DRC, while Orion CMC provides capital, sales channels, and U.S. institutional backing, particularly through the DFC. On this basis, the two groups are discussing possible joint action, with each party operating on a distinct but coordinated segment of the value chain.
Institutional interest
According to Glencore’s 2025 production report, the Mutanda and KCC mines provided the group with 247.8 thousand tonnes of copper metal and 33.5 thousand tonnes of cobalt in 2025. Based on a 40% share of Glencore’s interests, the maximum portion likely to be marketed by Orion CMC would be about 100 thousand tonnes of copper and 13.4 thousand tonnes of cobalt. However, exports of cobalt remain constrained by quotas introduced by the Congolese government in October 2025.
In light of the strategic agreement between the DRC and the United States on critical minerals, the partnership also carries institutional value for Glencore. The group has operated in the DRC in an often tense environment marked by tax disputes and governance controversies. The entry of a U.S.-backed partner reshapes the dynamics.
On one hand, it brings American political and institutional support into strategic assets, which may help rebalance relations with the Congolese state. On the other, the presence of the DFC implies stricter requirements for compliance, transparency, and traceability. These factors could strengthen the credibility of the arrangement with tax and regulatory authorities.
Unknowns
The separation of roles, with Glencore handling operations and Orion CMC marketing its share, may also improve the clarity of sales flows. This is relevant in a context where transfer pricing and mining taxation remain sensitive issues in the DRC.
Despite these broad plans, the statement remains cautious. Terms such as “will examine” and “will consider” indicate that the parties are still at an early, exploratory stage. The transaction remains subject to audits, final contractual agreements, and regulatory approvals.
No public information yet details specific financial commitments regarding employment, local subcontracting, or an investment program. Similarly, any potential consequences of this cooperation for preliminary discussions between Glencore and Rio Tinto have not been documented at this stage.
Pierre Mukoko
The Congolese government has instructed all mining companies operating in the Democratic Republic of Congo (DRC) to provide evidence of financial guarantees for environmental rehabilitation by Feb. 16, 2026.
The directive was set out in a Ministry of Mines letter dated Jan. 30 and applies to all active mining and quarrying projects licensed up to Dec. 31, 2025.
The ministry said affected companies must submit approved environmental management plans and documents confirming that the required financial guarantees have been put in place, in line with the Mining Code and its implementing regulations.
Under Congolese law, holders of mining or quarrying rights must establish a financial guarantee before operations begin. The security is intended to cover the costs of site rehabilitation and closure and is calculated based on the project’s environmental management plan as approved by authorities.
The guarantee must remain available for the state to draw on if an operator fails to meet its obligations.
Mining legislation allows the security to take the form of a bank guarantee, cash deposit, insurance policy or any other mechanism considered equivalent and accepted by regulators. It must be maintained throughout the life of the project and revised as work progresses and environmental impacts evolve.
Low compliance reported
The ministry’s move follows reports of weak compliance noted by government officials and development partners. During a workshop held in July 2025 in Lubumbashi on financial guarantees for environmental rehabilitation, participants highlighted a wide gap between legal requirements and their enforcement by operators.
Of 93 mining companies reviewed, only 10 had provided information on the establishment of such guarantees, pointing to limited compliance with a requirement central to the country’s environmental protection framework.
The Lubumbashi discussions also warned that the absence of effective financial guarantees leaves the environment and local communities exposed to long-term risks.
Jennyfer Imperator, deputy head of mission at the Netherlands embassy, who attended the workshop, said such guarantees ensure damage can still be repaired after operators leave, offering affected communities a safeguard.
Environmental rehabilitation is part of a broader pattern of shortcomings in mining companies’ social and financial obligations.
A report by the Court of Auditors published in June 2025 found that between 2018 and 2023, local communities missed out on nearly $198 million because of non-payment, partial payment or under-reporting of the mandatory minimum contribution of 0.3% of turnover intended to fund community projects.
The companies cited included Kamoa Copper (Ivanhoe Mines and Zijin Mining), Kamoto Copper Company (Glencore), Sicomines (Crec-Sinohydro-Zhejiang), and Tenke Fungurume Mining (CMOC). The Court of Auditors recommended corrective measures and sanctions that could include the suspension of operations, and noted a lack of effective action by oversight bodies during the period under review.
Boaz Kabeya
Buenassa has put forward a $1.5 billion offer to acquire Chemaf, a copper and cobalt producer in the Democratic Republic of Congo. The company presents the bid as the upstream component of a broader $3.5 billion industrial roadmap unveiled on January 29, just days ahead of the U.S.-organized Washington summit on critical minerals scheduled for February 4.
Buenassa said the $1.5 billion would be used to stabilize the asset and restructure its debt. The stated goal is to complete the Etoile II and Mutoshi industrial units to meet existing obligations and secure a reliable supply of ore for its planned refinery.
The second pillar of the roadmap centers on refinery construction. Buenassa has allocated $700 million to the first phase and now $1.3 billion to the second phase, revised down from an initial estimate of $2 billion. While the company did not explain the reasons for the revision, it maintained its production targets. Phase one is expected to deliver 30,000 tons of copper, in LME-grade cathodes, and 5,000 tons of cobalt, in sulfate and high-purity metal, per year. Phase two would lift output to 120,000 tons of copper and 20,000 tons of cobalt annually.
Buenassa Chief Executive Officer Eddy Kioni presented vertical integration as a response to market instability. He said it offers the most effective way to offset supply and price volatility that has historically discouraged Western investment. He added that the proposed structure is designed to ensure full transparency and prevent financial or risk-related conflicts between assets.
Employment, subcontracting
Buenassa Resources, the subsidiary leading the industrial project, said the plan would provide clarity for more than 3,000 direct Chemaf employees and thousands of subcontractors, according to its board chairman, former prime minister Samy Badibanga. He also said the refining complex could create around 5,000 jobs. By anchoring the project within the DRC’s industrial base, he said, the company aims to secure a sustainable future for workers and the surrounding region.
Buenassa highlighted a structure it says would improve the project’s bankability, supported by the Congolese state, which holds a 10% stake in Buenassa Resources, and by several partners. The company said it is working with consulting firm Roland Berger on an acquisition audit and debt rescheduling.
On the engineering side, Buenassa said a consortium made up of UK-based Bara Consulting and South Africa’s MET63 would act as owner’s engineer for the refinery, while also contributing to the management of upstream operations.
On financing and institutional engagement, the company cited intensified discussions with U.S. institutions, including the U.S. International Development Finance Corporation. It also named Rawbank and Nigeria’s United Bank for Africa as banking partners. Buenassa said it is seeking a partnership with a major industrial group from the Gulf and a large U.S. trading house to strengthen its commercial capacity.
Washington summit
Buenassa explicitly framed its announcement around the Washington critical minerals summit, which President Félix Tshisekedi and members of his government are expected to attend. The Financial Times, citing sources close to the matter, reported that the sale of Chemaf, described as an early test of the DRC–U.S. strategic partnership signed on December 4, could reach a turning point during the event.
Against this backdrop, rival bidders are intensifying their efforts. Africa Intelligence reported that Virtus Minerals recently signed a share purchase agreement with Zedra Skye Trustees, presented as representing nearly 95% of Chemaf shareholders. The U.S. company is said to have offered to take over Chemaf’s debts, estimated at more than $900 million. It is also considering outsourcing operations to India’s Lloyds Metals and Energy, described by the publication as having limited experience in copper-cobalt projects, particularly in Africa.
Securing financing remains a central issue. On this front, Virtus Minerals is said to have approached New York-based investment fund Orion Resource Partners and Anglo-Swiss trading group Glencore. As with Buenassa, however, Africa Intelligence reported that no binding agreement had been signed so far.
Even with a share purchase agreement in place, Virtus Minerals would still need approval from the Congolese government to complete the acquisition. International media reports say the company, founded by former U.S. security officials, benefits from support from the Trump administration. In Kinshasa, however, its offer has raised concerns. Beyond financing questions, it is seen as offering limited safeguards for local interests.
A delicate arbitration
Buenassa, for its part, says it is seeking to balance U.S. and Congolese interests. In addition to pledging to preserve jobs and subcontracting arrangements, the Congolese company presents its project as aligned with the government’s objective of processing minerals locally to capture more value.
Buenassa also positions itself as the operational arm of the DRC–U.S. critical minerals partnership. It has committed to reserving its production for the U.S. market in order to help build a secure supply chain outside Chinese influence. The company also said it is open to the formation of a DRC–U.S. consortium, involving players such as Gécamines and Buenassa, which it presents as the most realistic option given the financial, operational, and security challenges facing the sites.
The strategic agreement signed on December 4 grants U.S. companies a right of first offer on critical minerals deposits. It also states that if no U.S. bid is selected after nine months, projects may be opened to allied partners, including Congolese firms. Kinshasa must now arbitrate the Chemaf case without weakening its relationship with Washington, which it also sees as a key partner amid persistent security challenges in the east of the country.
Pierre Mukoko
The Democratic Republic of Congo (DRC) Ministry of Mines and the Xcalibur group signed a second contract on Jan. 29 in Kinshasa for airborne geophysical and geological mapping of the national territory. Minister of Mines Louis Watum Kabamba and Xcalibur CEO Andres Blanco Grasa, who is based in Spain, signed the document after several months of anticipation.
The Ministry of Mines said last December that the selection was not a direct award but a continuation of the initial program, explaining the choice of the same provider. The ministry also said phase B takes into account the results of phase A. Officials added that they preferred signing a new contract rather than amending the existing one in order to comply with public procurement law and its implementing regulations.
The DRC signed a contract with Xcalibur in 2017 for national airborne geophysical and geological mapping. It was subsequently adjusted through amendments in 2019 and 2022. Documents published by the Ministry of Mines show the program is structured around two distinct components: a phase A described as a priority and a phase B described as optional.
According to Article 19 of the second amendment, the total cost of phase A, covered under the first contract, is set at $60,961,973. The cost of phase B is fixed at $297,873,516, bringing the overall budget to $358.8 million. This second phase, valued at nearly five times the first contract, was to be carried out later under a separate financing agreement and subject to a no-objection from the General Directorate for Control of Public Procurement (DGCMP). It is to be implemented taking into account results obtained during phase A.
The Minister of Mines said the first phase is finished. He said last November during the Makutano 2025 forum that they have submitted a report and collected data. He specified that the contract does not require Xcalibur to identify deposits. Instead, the company defines certain geological districts and formations, after which exploration work will begin.
According to the contract, phase A of the project was to cover mainly the Kasai, Equateur and Katanga blocks. It notably provided for remote sensing and interpretation of satellite images, and airborne geophysical surveys involving magnetic and radiometric data at resolutions allowing a regional-scale view of subsurface structures. It also included targeted gravity and electromagnetic surveys, initial geological and geochemical mapping of priority areas, the development of an open geological information system (GIS), and initial training for national technical staff.
Phase B provides for a densification of geophysical surveys in areas identified by phase A, as well as more detailed investigations of detected anomalies. It also includes magnetic and radiometric surveys across the rest of the country, standard gravity surveys in the central basin for gas and oil, and detailed geological and geochemical mapping at more actionable scales. The phase further includes advanced strengthening of national capacities and the full implementation of the GIS to support economic use and institutional management of the data. The program also includes the construction of a laboratory for chemical, petrographic and metallogenic analysis.
A boost for exploration
Many sector actors believe exploration in the DRC is stalled. Landry Djimpe, managing partner of Innogence Consulting, observed at Makutano 2025 that all current large mines without exception rely on geological clues identified during the colonial era.
The national airborne geophysical and geological mapping program is presented as an initial response to this problem. According to the Ministry of Mines, its objective is to provide the DRC with reliable and certified scientific data across the entire territory to better understand the country’s subsoil potential. It also aims to strengthen planning and transparency in the mining sector, attract responsible investment, and safeguard national economic sovereignty.
A central challenge remains ensuring rigorous monitoring of implementation so that this investment translates into better knowledge of the national subsoil and sustainable development of the country’s mineral resources. This challenge is further emphasized by the fact that Xcalibur holds no subsidiary in the DRC. The entities that signed the base contract and the various amendments are based in Mauritius, South Africa and Spain.
Pierre Mukoko
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Artisanal mineral processing units in the copper-cobalt sector face an uncertain future after compliance inspections launched by the Ministry of Mines in late December 2025. The continuation of their activities, following a moratorium granted by the authorities, is now conditional on correcting the irregularities identified by an ad hoc Commission and communicated to each operator, as well as on the payment of the penalties imposed.
According to a Ministry of Mines statement dated Jan. 28, 2026, the Commission identified thirteen entities in Lualaba, including one that failed to appear. In Haut-Katanga, twenty-seven units were identified. Nineteen appeared before the Commission, four are no longer operational, three are undergoing administrative regularization before starting operations, and one did not attend the proceedings.
Several irregularities and cases of non-compliance were observed. The report cites breaches of shareholding requirements, with Congolese participation below 50%, as well as the unauthorized holding of multiple permits or approvals, notably mining exploitation licenses and processing authorizations. It also notes the absence of contracts with approved cooperatives, the lack of proof of training for Congolese employees, shortcomings in the submission of mandatory reports, and serious weaknesses in traceability and transparency.
This process is part of a decision to impose a general suspension of mining and commercial activities by processing entities, taken on Dec. 19, 2025, across the entire national territory. The measure aims to bring a sector already identified as largely non-compliant with the Mining Code and Regulations into line, notably based on the findings of the National Commission for the Fight Against Mining Fraud.
Internal checks announced
To assess the situation on the ground, an ad hoc Commission was established on Dec. 26, 2025, to carry out inspections of administrative, legal and technical compliance, as well as the traceability of processing units. It focused on the provinces of Lualaba and Haut-Katanga, where most of the activity takes place.
Following the inspection missions, Minister of Mines Louis Watum Kabamba announced, on Jan. 5 and Jan. 22, 2026, a partial and temporary lifting of the suspension for processing entities located in the provinces of Lualaba and Haut-Katanga respectively. This was subject to strict compliance with the administrative, technical and traceability requirements communicated to them. The measure was presented as transitional, allowing the operators concerned to regularize their situation.
Initially excluded from this partial and temporary lifting, Luilu Resources, operating in Lualaba province, was ultimately declared eligible after appearing before the Commission.
In its statement of Jan. 28, 2026, the ministry said the maintenance or definitive lifting of the suspension would remain strictly conditional on the effective regularization of each unit. Any continued violation of laws and regulations exposes operators to sanctions provided under current mining legislation.
The ministry also announced internal inspections within its services throughout the Republic. These are intended to establish responsibilities and, where applicable, identify any direct or indirect complicity linked to failure to comply with the moratorium and the repeated violations observed.
Boaz Kabeya
New applications for mining and research quarry rights in the Democratic Republic of Congo will be accepted again starting Feb. 2, 2026. The Mining Registry announced the information following periodic cleanup work on the cadastral database, which had led to the temporary suspension of application registrations.
This resumption ends a suspension in effect since Dec. 17, 2025. On that date, authorities decided to interrupt the receipt of new applications until further notice to conduct a cleanup of the mining cadastral database. The objective was to improve its reliability and management.
The suspension measure did not affect already existing rights. During this period, applications for the transformation and renewal of mining rights continued to be processed by the administration. The registration of transfers, leasing agreements, options, and other related acts also continued.
According to the report published in August 2025, similar work conducted previously allowed the Congolese state to recover 594 mining and quarry titles, representing 37,253 mining squares. It also allowed for the regularization of 210 mining rights placed in a prolonged state of force majeure. This resulted in their reclassification as active rights and the restoration of corresponding fiscal, social, and technical obligations.
Boaz Kabeya
Alphamin Resources Corp said tin production at its Bisie mine in North Kivu rose 7% year on year to 18,576 tonnes in the fiscal year ended Dec. 31, 2025.
Output was broadly in line with the company’s revised guidance of 18,000 to 18,500 tonnes, after operations were temporarily suspended in March 2025 for security reasons.
EBITDA rose 25% to $341.4 million in 2025 from $274.0 million in 2024, Alphamin said, citing higher volumes, the impact of extensions at Mpama South and a higher average selling price.
The company said current tin prices and stable output should support cash flow and could allow for higher dividends. It said it paid $123 million in dividends in 2025, or C$0.11 per share, compared with C$0.09 in 2024. It expects to decide on its next dividend in April 2026 after publishing audited accounts.
Tin prices were expected to rise about 10% in 2025 to $33,000 per tonne from $30,066 in 2024, according to World Bank projections. Tin hit a record high of around $53,460 per tonne on Jan. 14, market data showed, amid supply concerns including in Indonesia and Myanmar.
Targets 20,000 tonnes in 2026
In Indonesia, authorities announced an operation to shut about 1,000 illegal mining sites in Bangka Belitung, a move likely to tighten supply from informal channels. Indonesia accounts for roughly one-sixth of global tin mine production, according to international statistics.
In Myanmar, the Man Maw mine remains central to regional supply. Authorities in the Wa region have signalled a possible restart, but administrative delays and operational uncertainty have kept the market volatile.
While demand from electronics, soldering, packaging and chemicals, as well as electrification-related uses, continues to support prices, some analysts have pointed to the growing influence of financial factors. The International Tin Association (ITA) has warned that the market can become vulnerable to corrections when fund positioning is elevated, even when supply is disrupted.
For 2026, Alphamin targets production of about 20,000 tonnes, in line with its targeted annualised rate. The company said achieving that goal depends on uninterrupted operations, and noted a resurgence of security incidents in North Kivu. The mine is located away from the worst-affected areas, but the risk remains high and a deterioration could disrupt activity.
PM, with Ecofin Agency
Buenassa is seeking financial backing to acquire a strategic domestic mining asset that is up for sale in the Katanga region, Chairman and Chief Executive Eddy Kioni said on Monday.
The announcement followed a meeting with Michael Kayembe, the new chief executive of United Bank for Africa (UBA) in the Democratic Republic of Congo. A source close to the Congolese company said the asset in question is mining firm Chemaf.
Bloomberg reported that Buenassa formally expressed interest in the copper and cobalt producer last November. The company’s future is being closely watched because of its assets and its role in the competition for critical minerals in the DRC.
Kioni said the acquisition would allow Buenassa to speed up its move toward vertical integration, from extraction to refining, trading and strategic stockpiling. He said it would secure feedstock for the refinery for more than 20 years.
He added that the plan would reduce operational risk and transform Buenassa from a greenfield industrial project into a major mining operator. The goal is to move from a planned project to a company producing mining assets capable of supplying a refinery and building an integrated value-chain model.
That approach sets Buenassa apart from several rival bids that are structured more around financial and commercial control of Chemaf. By comparison, state miner Gecamines, another Congolese contender, has proposed acquiring the company with a view to reselling it while retaining a maximum stake of 25%, Bloomberg reported.
Through its subsidiary Gecamines Trading, the state miner would market production corresponding to its stake to the United States, in line with a commitment the DRC made under a strategic agreement signed with Washington last December.
Industrial Goals
Buenassa says its bid is driven by industrial objectives, aimed at securing raw material for a refining project in the DRC rather than capturing output for export. That would align the project with the Congolese government’s push for local mineral processing.
Details of Buenassa’s offer remain unknown. Gecamines is reportedly considering an initial outlay of just under $1 million, an audit of the company and a plan to settle its liabilities, which media reports estimate at $900 million. Part of that debt is held by Trafigura, which arranged a $600 million loan in 2022 to finance development of the Mutoshi mine in Kolwezi.
Securing an extraction asset appears crucial for Buenassa. It would make the project easier to finance by providing collateral that could underpin borrowing for the refinery’s construction.
So far, the company has secured a $3.5 million public grant from the Industry Promotion Fund (FPI), though only part of it has reportedly been disbursed. The funding enabled completion of a scoping study.
The study puts the cost of the project’s first phase at $700 million, according to a document seen by Bankable. At that stage, the plant is expected to produce 30,000 tonnes of copper cathodes and 5,000 tonnes of cobalt sulphate a year.
The second phase is estimated to cost $2 billion. At that stage, output would rise to 120,000 tonnes of copper and 20,000 tonnes of cobalt a year. Those figures have yet to be refined.
Challenging Outlook
The revised timeline now forecasts a pre-feasibility study in early 2026 and a feasibility study in the second quarter of 2027. Financial close is projected for the third quarter of 2027, and production is not expected before 2029, compared with 2027 previously.
To finance the strategy, Buenassa is pitching a multi-layered approach combining African commercial banks, regional development finance institutions, local financial institutions, international strategic partners led by the United States, and the Congolese state. Since June 2025, the state has held a 10% stake in the Buenassa Ressources project company.
The meeting with UBA focused on building a financing structure capable of supporting both the refinery’s construction and the acquisition of an extraction asset.
Winning control of Chemaf may prove difficult. Guy-Robert Lukama, chairman of the Gecamines board, told Reuters in late 2024 that the state miner would not let it go to a rival bidder. Gecamines is in a strong position because it holds the permit on which Chemaf is developing the Mutoshi project.
The state is the sole shareholder of Gecamines and holds a 10% stake in Buenassa and 5% in Chemaf. It must decide while weighing its mining policy priorities.
Pierre Mukoko