MINING (222)
International Resources Holding (IRH) is expanding beyond its tin interests in the Democratic Republic of Congo, moving into the copper and cobalt sector in Lualaba province. The UAE-based group, which agreed in 2025 to pay $367 million for a 56% stake in Alphamin Resources — operator of the Bisie tin mine in North Kivu — is now linked to assets in Lualaba.
According to Africa Intelligence, the Emirati group is connected to entities that became partners of state miner Gécamines following mining title transfers in September.
Official documents released in recent weeks show that the Kabulungu project, a copper and cobalt deposit in Lualaba, is now held by Kabulungu Kamilombe Mining (KKM). The joint venture is 40% owned by Gécamines and 60% by Falcon Resources. The records confirm a partial transfer of the asset by Gécamines to Falcon Resources, but make no explicit mention of IRH.
Tailings and waste rock permits
Separate transactions have also involved permits related to mining tailings and waste rock in Lualaba. These assets were transferred to Kongo Mining Company (KMC), a joint venture between Gécamines and Luna Mining. As with the Kabulungu project, public records confirm the transfers and the creation of the entity, but do not establish a direct capital link to IRH.
Africa Intelligence nonetheless reports that both Falcon Resources and Luna Mining are connected to the Emirati group. It also says that KKM and KMC share the same chief executive, Yehezkel Ambar, suggesting operational coordination between the two entities.
In January 2026, 16 memorandums of understanding were signed in Kolwezi between the provincial government and Emirati companies. Authorities said mining was among the sectors covered, though the details of the agreements and the identities of the companies involved have not been disclosed.
These developments come amid a broader push by the United Arab Emirates into African critical minerals. In Zambia, IRH acquired a 51% stake in Mopani Copper Mines for $1.1 billion in 2024. The group is positioning itself across several metals considered strategic for the energy transition, including copper, cobalt, nickel and lithium. IRH’s corporate filings identify it as a subsidiary of 2PointZero, an investment platform within the International Holding Co (IHC) group.
Timothée Manoke
Virtus Minerals has finalized the acquisition of Chemical of Africa (Chemaf) for approximately $30 million. The deal was completed on March 27, according to a Wall Street Journal article published on March 31 and relayed on the U.S. company’s website.
The transaction includes a plan to mobilize nearly $720 million to develop the copper and cobalt producer’s projects. The framework includes an initial $200 million contribution from Virtus and its operating partner, India’s Lloyds Metals. A further $475 million is expected from New York-based investment fund Orion Resource Partners, along with about $75 million from other sources.
While these figures point to a substantial financing package, details remain unclear. Work is set to begin in April, with a target to finalize the financing by early next year. The Wall Street Journal reported that Orion declined to comment, and no information has been disclosed on the additional funding sources. It is also unclear whether these commitments are firm or conditional, or whether they involve debt, equity, or hybrid instruments.
Beyond the takeover, restarting Chemaf’s operations will require additional capital. Up to $300 million may be needed to complete expansion projects at the Mutoshi mine in Kolwezi and the Étoile mine in Lubumbashi. These sites are expected to produce around 75,000 tonnes of copper cathodes and 25,000 tonnes of cobalt hydroxide annually.
These funding needs come on top of existing liabilities, raising questions about the overall financing structure. Chemaf’s debt is estimated at nearly $1 billion, including obligations to local subcontractors and commodities trader Trafigura.
No clarity on subcontractor debt
In 2022, Trafigura arranged a $600 million syndicated loan to finance processing capacity expansion and the mechanization of the Mutoshi mine. Virtus said it had reached an agreement with the trader, without disclosing the terms.
By contrast, there is no clarity on the debt owed to local subcontractors, whose total remains unknown. The Wall Street Journal reported that Virtus declined to comment on any plans to settle this debt.
Asked about financing the restart of Chemaf’s operations, Virtus said in a March 13 press release that Congolese authorities had approved the deal after reviewing the transaction structure, the financial capacity of the consortium, and its plans for Chemaf’s activities.
Virtus also indicated that it intended to deliver on its commitments through investments, job creation, and operational results, according to the same release.
The U.S. government has identified the acquisition of Chemaf’s assets by Virtus and its Indian partner as one of three projects critical to implementing the strategic partnership on critical minerals signed with the Democratic Republic of Congo (DRC) on December 4, 2025. The deal forms part of a broader effort to secure supplies of critical minerals amid Chinese dominance. Copper and cobalt are essential for advanced military systems, the energy transition, and the production of batteries for electric vehicles and electronic devices.
However, in practice, the project’s success will depend on the consortium’s ability to secure the announced financing and stabilize operations at sites weakened by illegal mining activity.
Pierre Mukoko
Two Chinese mining groups that account for a large share of copper and cobalt output in the Democratic Republic of Congo (DRC) are set to help finance the modernization of the TAZARA railway corridor. Backed by Beijing, the project is emerging as a competing export route to the Lobito Corridor, which the United States and the European Union are developing in parallel.
The TAZARA upgrade is valued at more than $1.4 billion, including about $1 billion for rail rehabilitation and $400 million for locomotives and rolling stock. Under the newly disclosed structure, China Civil Engineering Construction Corporation will hold an 80% stake, while CMOC, a Zijin Mining-linked entity, Jiayou International Logistics and COSCO Shipping Holdings will each take 5%, subject to regulatory approval in China.
The participation of mining firms underscores efforts to secure export routes for African minerals as competition between regional corridors intensifies. By backing TAZARA, CMOC and Zijin are reinforcing China’s position along key mineral export routes in southern and central Africa, where major powers are competing for control over copper, cobalt and zinc supply chains.
Through its subsidiaries Tenke Fungurume Mining and Kisanfu, CMOC exported 747,468 metric tons of copper in 2025, according to official Congolese data, accounting for nearly 22% of national exports. Zijin Mining holds an indirect 39.6% stake in Kamoa-Kakula, alongside Ivanhoe Mines at 39.6%, the Congolese state at 20% and Crystal River at 0.8%. The Kamoa complex exported 400,185.59 metric tons of copper in 2025, or about 12% of total exports.
TAZARA as an alternative
Meanwhile, the United States and the European Union are stepping up support for the Lobito Corridor. The project aims to link mining areas in the DRC and Zambia to Angola’s Atlantic port of Lobito through upgraded rail and logistics infrastructure. It is intended to provide a faster, more competitive route for Copperbelt minerals.
According to a November 2025 presentation by Germany’s Federal Institute for Geosciences and Natural Resources, prepared with the Congolese Ministry of Mines, the 1,740-kilometre Lobito Corridor, including 450 km in the DRC and 1,290 km in Angola, is currently the fastest route among major export options. Transit times range from five to eight days, compared with 30 to 32 days to Dar es Salaam, 28 to 34 days to Beira, 29 days to Walvis Bay and 30 to 36 days to Durban.
That advantage could erode as TAZARA is upgraded. The 1,800-kilometre line is widely seen as a viable alternative. The same presentation noted that Lobito is being developed in a competitive regional environment, with several rail extensions and interconnections under consideration, including links with TAZARA.
Limited support for Lobito
For Washington, the project has strategic significance beyond logistics. A December 2025 agreement between the United States and the DRC identifies the Sakania-Lobito route as a key channel for exporting copper, cobalt, zinc and other critical minerals. It requires that, over the next five years, at least 50% of copper, 30% of cobalt and 90% of zinc sold by state-owned mining companies transit through the corridor’s Congolese section.
Despite these advantages, questions remain over the corridor’s long-term viability. The European Centre for Development Policy Management said its success will depend on attracting sufficient volumes beyond geopolitical backing, while the French Institute for International and Strategic Affairs pointed to risks linked to governance, regional coordination and limited commitment from some operators.
So far, Kamoa Copper, which operates the Kamoa-Kakula complex, is among the few major producers to formally commit to the route. A memorandum of understanding signed in February 2024 with Lobito Atlantic Railway covers part of its copper exports. The company shipped its first copper anodes via Lobito in the first quarter of 2026.
“Lobito is still ramping up. This year, we plan to ship between 50,000 and 70,000 metric tons through the corridor, depending on its progress and competitiveness against other routes,” said Olivier Binyingo, chairman of Kamoa Copper, in February.
Pierre Mukoko
The United States has made the proposed transaction between Glencore and the Orion Critical Mineral Consortium a top priority in the Democratic Republic of Congo.
On March 19, 2026, Nick Checker, a senior official at the State Department’s Bureau of African Affairs, said completing the deal was one of three “foundational” projects for implementing the strategic partnership between Washington and Kinshasa.
On Feb. 3, 2026, Glencore said it had signed a non-binding memorandum of understanding with Orion Critical Mineral Consortium (Orion CMC) for the potential acquisition of a 40% stake in Mutanda Mining (MUMI) and Kamoto Copper Company (KCC), two major assets in Lualaba province. Glencore said both companies would remain operated by the group if the transaction is completed.
The two sites account for a significant share of Congo’s copper and cobalt output. According to Glencore, MUMI and KCC together produced about 247,800 metric tons of copper and 33,500 metric tons of contained cobalt in 2025.
Washington sees the deal as a way to strengthen the security of its critical mineral supply chains. The move is part of the strategic partnership signed on Dec. 4, 2025, between the United States and the DRC, focused on copper, cobalt and other minerals deemed essential for industry, batteries and defense.
Launched in October 2025, Orion CMC is led by Orion Resource Partners in partnership with the U.S. International Development Finance Corporation (DFC). The consortium has $1.8 billion in initial investment capacity, backed by Orion, the DFC and ADQ, Abu Dhabi’s sovereign wealth fund.
U.S. officials say completing the deal would both help secure supply chains and signal to private investors the appeal of Congo’s mining sector.
Ronsard Luabeya
The Democratic Republic of Congo exported more than 28.2 metric tons of gold in 2025, little changed from 27.93 tons in 2024, according to data from the Cellule technique de coordination et de planification minière (CTCPM).
Flat export volumes contrasted with a sharp rise in revenue. The value of gold exports reached $2.84 billion in 2025, up from $1.53 billion in 2024, an increase of about 85.6%, driven by higher international gold prices.
The average annual gold price rose 44% to $110,280 per kilogram in 2025, according to the World Gold Council, which cited strong demand and a geopolitical and financial environment supportive of the metal.
Artisanal gold exports rose to 2,834.72 kilograms in 2025 from 1,755.82 kilograms in 2024, an increase of around 61.4%. This came despite the fall of Bukavu to M23 rebels, previously the country’s main artisanal gold export hub.
To compensate, the state-owned gold marketing company set up offices across the country in 2025, helping sustain export flows.
The Kibali Gold Mine, operated by Barrick Mining, also reflects the effect of higher prices. The industrial mine generated an estimated $2.3 billion in revenue in 2025, up 40% year on year, even as production fell 2% to about 673,000 ounces, below its annual target of at least 688,000 ounces.
Barrick attributed the shortfall to lower ore grades and reduced output from its richest underground zones. A fatal incident in the fourth quarter also led to a temporary suspension of some operations, weighing on year-end output.
There is a discrepancy of more than four metric tons between two sets of figures. The CTCPM reported Kibali’s 2025 output at more than 25 metric tons, while Barrick reported 673,333 ounces, or about 21 metric tons.
The CTCPM has acknowledged limits in its data collection. Its figures are based on company declarations and administrative reconciliations, while Barrick’s data are reported under international financial reporting standards, which may partly explain the gap.
Timothée Manoke
Ivanhoe Mines has cut production forecasts again for the Kamoa-Kakula copper complex in southern Democratic Republic of Congo, citing updated results from an independent study.
The company said on March 31, 2026, it now expects output of 290,000 to 330,000 tonnes of copper in 2026, down from a previous target of 380,000 to 420,000 tonnes.
For 2027, forecasts have been lowered to 380,000 to 420,000 tonnes from 500,000 to 540,000 tonnes. The 500,000-tonne annual threshold, initially targeted for 2027, has been pushed back to 2028.
The revision follows a downgrade announced after a seismic event in May 2025. In its full-year results published on Feb. 18, 2026, Ivanhoe had maintained guidance of 380,000 to 420,000 tonnes for 2026 and 500,000 to 540,000 tonnes for 2027, while noting a new mine life plan would incorporate technical parameters adopted since the seismic event and the subsequent recovery plan.
The company attributed the latest cut to a more cautious operating approach. A March 31 report said new mining layouts at Kamoa and Kakula require a longer period of preparatory work to support a more sustainable extraction rate. Development over the next two years will focus primarily on Kakula before new extraction zones are brought online.
Ivanhoe also said underground development has fallen short of expectations due to unfavorable geotechnical and hydrological conditions, prompting the company to cut development targets by about 15%.
“Although conservative base-case assumptions are impacting production levels in 2026 and 2027, we are positioning Kamoa-Kakula to achieve new records from 2028 onwards,” said Marna Cloete, Ivanhoe Mines’ president and chief executive officer.
Higher Costs Expected
The revised outlook also affects cost projections. In February, Ivanhoe forecast direct cash costs of about $4,850 to $5,510 per tonne in 2026 and $4,190 to $5,070 per tonne in 2027. It now expects costs of about $5,730 to $6,610 per tonne in 2026, easing to $4,630 to $5,510 per tonne in 2027. The long-term target is set at about $4,410 per tonne from 2028.
In the near term, lower volumes and higher costs could weigh on revenue. In 2025, Kamoa-Kakula generated $3.28 billion in revenue and $1.45 billion in EBITDA, with a 44% margin, despite production disruptions since May. The site sold 351,674 tonnes of copper at an average price of about $9,700 per tonne.
Direct cash costs rose to about $4,760 per tonne from about $3,640 per tonne in 2024. Ivanhoe attributed the increase to the processing of lower-grade surface stockpiles, lower-quality ore and higher logistics costs per pound transported.
The delay has implications for the global copper market. Kamoa-Kakula had been expected to be one of the main drivers of growth in global supply, with output of more than half a million tonnes previously expected as early as 2027. The delay to 2028 postpones the arrival of significant volumes of high-grade copper on a market already under pressure from electrification and the energy transition.
Ivanhoe highlighted several mitigating factors. The Kamoa-Kakula smelter, commissioned at the end of 2025, is now producing copper anodes at 99.7% purity. The company said the ramp-up of the facility should halve logistics costs, as shipments shift from concentrate grading 35% to 45% to near-pure anodes.
Sulfuric acid sales, a byproduct of the refinery, provide an additional buffer, with the average realized price exceeding $450 per tonne since start-up. The Kamoa-Kakula complex is owned 39.6% by Ivanhoe Mines, 39.6% by Zijin Mining, 20% by the Congolese state and 0.8% by Crystal River, within the Kamoa Copper joint venture.
Pierre Mukoko
Kamoto Copper Company (KCC), a subsidiary of Glencore, is facing a radiological emergency at its T17 tailings site in Kolwezi, in Lualaba province. The alert was triggered by the discovery of radioactive materials in an area affected by artisanal mining.
The issue was discussed at the Council of Ministers on March 27, 2026. In its communiqué, the government cited an urgent health alert linked to risks of irradiation and radioactive contamination at KCC’s Kolwezi site.
President Félix Tshisekedi stressed the need for a swift, coordinated response to the potential consequences, including risks to workers and nearby residents from radiation exposure, as well as contamination of soil, waterways and the food chain, and local socioeconomic disruption. He asked Prime Minister Judith Suminwa to urgently establish an ad hoc commission to oversee the response and support the necessary health, environmental, technical and scientific measures.
The alert comes as Glencore announced in February 2026 that it had finalized an agreement with Gécamines on land access for KCC. The company said the deal aims to expand certain storage capacities, improve resource recovery within existing permits, including in the KOV and T17 areas, and support a long-term copper production target of around 300,000 tonnes per year. It added that the agreement could extend the mine’s operational life into the mid-2040s.
KCC operates a major copper and cobalt complex in Kolwezi, comprising the KOV and Mashamba East open-pit mines, the KTO underground mine, the Kamoto concentrator and the Luilu refinery. However, the term T17 is used inconsistently in company materials, referring both to an area within the mining portfolio and to a distinct site linked to the complex’s operations.
Boaz Kabeya
Tenke Fungurume Mining's "TFM-1" copper cathode brand has been officially registered on the London Metal Exchange (LME), Chinese mining group CMOC said in a March 27, 2026 statement. The accreditation means TFM products "can directly participate in global spot and futures markets for non-ferrous metals" and meet "world-class" standards for quality and production management.
The LME is the world’s main pricing platform for industrial metals. Brand registration allows products to be traded under standardized contracts and access international trading and financing networks. CMOC said the recognition "will enhance the tradability, competitiveness and pricing power" of TFM products on the global market.
The accreditation strengthens CMOC’s integration into global supply chains while reinforcing its position in the Democratic Republic of Congo’s mining sector. Through its subsidiaries TFM and Kisanfu, the group exported 747,468 metric tons of copper in 2025, according to provisional mining statistics—accounting for 22% of the country’s total exports.
In October 2025, CMOC’s board approved a $1.08 billion expansion project at the Kisanfu mine. The program aims to increase annual output by around 100,000 metric tons of copper, with construction expected to take two years and commissioning targeted for late 2027. Once completed, the group is expected to account for more than 30% of national production.
Kinshasa’s demands
The project comes as Kinshasa steps up pressure on major mining groups. At a meeting held March 25, 2026, in Beijing, Mines Minister Louis Watum Kabamba said the sector’s development rests on "three non-negotiable priorities: increasing production, respecting environmental standards and ensuring tangible benefits for the population."
The ministry is requiring CMOC to comply strictly with environmental, social and governance (ESG) standards, with its TFM subsidiary already under regulatory review following pollution allegations. Authorities are also pushing for compliance with Congolese law, particularly on local participation in subsidiary capital, improved living conditions for local communities, support for energy infrastructure, and assistance to artisanal mining zones.
CMOC said LME registration also involves responsible supply chain requirements. The group added that TFM achieved full compliance with the Copper Mark standard in October 2025. That certification, which covers 32 ESG criteria, contributed to meeting the LME’s responsible sourcing audit requirements.
However, LME certification and Copper Mark compliance address only part of Kinshasa’s expectations and do not resolve all concerns surrounding the group’s operations in the DRC.
Pierre Mukoko & Ronsard Luabeya
The Democratic Republic of Congo is moving to tighten oversight of Chinese investment in its mining sector. On March 26, Congolese Mining Minister Louis Watum Kabamba and his Chinese counterpart, Guan Zhi'ou, signed a memorandum of understanding on cooperation in geology and mineral resources in Beijing.
Kinshasa described the agreement as a “structured framework for cooperation” based on ongoing consultation, adherence to Congolese law, investment protection and in-country processing of natural resources.
The move signals a policy shift. Long dominated by largely unconstrained Chinese investment, Congo’s mining sector is now moving toward tighter regulation. The aim is to capture greater domestic value and secure higher economic returns as global demand for critical minerals, including cobalt, copper and lithium, continues to rise.
Between 2000 and 2022, China committed $23.7 billion in loans and grants to the DRC, according to U.S.-based research center AidData, making it the second-largest African recipient of Chinese financing. Loans accounted for 98% of the total. AidData also notes that the DRC is China’s largest bilateral development partner on the continent, well ahead of most traditional donors.
ESG risks
Kinshasa, however, is no longer willing to engage without safeguards. The Sicomines project served as a turning point. The venture, involving Chinese firms including China Railway, Sinohydro and Zhejiang Huayou, was designed to finance infrastructure through mining revenues. A 2023 audit by the Inspectorate General of Finance found that only about one-third of the $4.5 billion allocated to infrastructure had been disbursed, prompting a renegotiation of the agreement originally signed in 2008.
That process led to a fifth amendment signed in March 2024 under President Félix Tshisekedi. The revised deal is expected to channel nearly $5.5 billion in additional infrastructure spending between 2024 and 2040, provided international copper prices remain above $8,000 per metric ton. Disbursements could rise further if prices reach $12,000 per ton. The amendment also provides for a technical and financial audit covering the contract’s implementation since inception, launched in early March 2026.
Congolese authorities say the memorandum aligns with the strategic direction set during high-level talks in 2023 between Presidents Tshisekedi and Xi Jinping. It was signed, however, after the DRC concluded a separate strategic partnership with the United States focused on critical minerals, the Sakania-Lobito corridor, formalizing the artisanal mining sector and expanding local processing capacity. China is no longer the DRC’s only strategic partner for its resources.
Shortcomings in the previous model have also driven the shift. AidData estimates that 36% of China’s infrastructure portfolio in the DRC carries significant exposure to environmental, social and governance risks. More notably, only 5.5% of Chinese-financed infrastructure projects in the country included strong contractual ESG safeguards between 2000 and 2022, well below global levels.
Pierre Mukoko & Ronsard Luabeya
The Congolese subsidiary of Australia’s AVZ Minerals has lost one of its exploration permits in Manono territory, Tanganyika province, according to a list of forfeiture decisions published on March 19, 2026 by the Mining Registry (CAMI).
The permit, PR 4029, is held by AVZ Minerals Congo SARLU and covers 79 mining blocks. It was forfeited due to non-payment of annual surface fees.
Under the current mining code, the holder of a forfeited permit has 30 days from notification to file an appeal. AVZ Minerals has not publicly commented on the forfeiture of PR 4029 or indicated whether it plans to appeal.
PR 4029 is part of the Manono Extension Project, which AVZ has been developing around the main Manono lithium deposit. The project includes two exploration permits, PR 4029 and PR 4030, covering a combined area of about 242.25 square kilometres.
According to AVZ, the permits were intended to identify potential extensions of the deposit, particularly toward the southwest and northeast, based on geological indicators suggesting mineralization may extend beyond the known main zone.
The forfeiture comes amid an ongoing dispute over the Manono project. The two extension permits partly surround the area covered by mining permit PE 15775, awarded to Manono Lithium SAS, a joint venture between China’s Zijin Mining and state-owned Cominière.
AVZ continues to challenge, in proceedings before the International Centre for Settlement of Investment Disputes (ICSID), the loss of its rights over former permit PR 13359, which was later converted into mining permit PE 15775.
Despite the dispute, development of the Manono project by Zijin and Cominière is continuing. The partners are targeting commissioning by end-June 2026, with construction of mining and processing infrastructure ongoing. Investment in this first phase is approaching $1 billion.
Timothée Manoke
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Congolese authorities have declared a radiological emergency at the T17 waste rock zone in Kolwezi, Lualaba province, after radioactive materials were discovered at a site where artisanal miners were operating.
In a statement released on March 23, 2026, Higher Education and Scientific Research Minister Sombo Ayanne Safi Mukuna Marie-Thérèse, acting as the country’s nuclear regulator, warned of a major risk to public health, national security and the environment.
According to multiple media reports, the decision followed uncontrolled artisanal mining activities that exposed radioactive substances, potentially affecting nearby populations and ecosystems. Authorities said the measure aims to contain contamination, secure the site and protect exposed communities.
The government announced the deployment of specialized teams on site, along with experts tasked with assessing risk levels and implementing decontamination, protection and monitoring systems. It stressed the need for a rapid and coordinated response to prevent the situation from deteriorating.
Health risks well documented
Exposure to radioactive materials poses well-documented health risks. Ionizing radiation can penetrate biological tissues, damage DNA and lead to severe health effects, including cellular damage and long-term diseases. Exposure may occur through inhalation of contaminated particles, ingestion or prolonged contact—scenarios common in artisanal mining environments.
The emergency declaration aligns with international risk management standards, particularly those promoted by the International Atomic Energy Agency (IAEA), which emphasize preparedness, detection and rapid response to radiological incidents.
Authorities said they would mobilize the necessary resources, ensure transparency and coordinate response efforts. They also urged the public to strictly follow safety instructions, warning that even localized radioactive contamination can pose serious risks if left uncontrolled.
Boaz Kabeya
In addition to producing 500,000 metric tons per year of 99.7% pure copper anodes, Kamoa Copper’s smelter can generate 700,000 metric tons of sulfuric acid annually, a byproduct that is gaining value in the Congolese Copperbelt amid conflict in the Middle East.
Sulfuric acid is a key input in the leaching process used to extract copper from oxide ores. A significant share of Congolese output, estimated at 3.5 million metric tons in 2025, relies on such deposits, particularly in Lualaba and Haut-Katanga provinces. The availability of this input directly affects production volumes and operating costs.
So far, most of the sulfuric acid used in the region has been produced from imported sulfur. According to Robert Friedland, executive co-chairman of Ivanhoe Mines, which holds a 39.6% stake in Kamoa Copper, up to 80% of the sulfur imported into the Copperbelt passes through the Strait of Hormuz, a corridor now disrupted by the conflict in the Middle East.
“Over the past week, we have begun to observe an increase in the price of acid in the Congolese Copperbelt due to the lack of sulfur exported from the Middle East via the Strait of Hormuz. If supply remains constrained, prices should continue to rise,” Friedland said in a March 23 post on X.
This makes the Kamoa Copper smelter more important. Unlike most operators, the project processes sulfide ore, which does not require sulfuric acid. The refining process also produces it as a byproduct. This allows Kamoa to avoid the constraint and become a key supplier to the rest of the sector.
Additional revenue
According to Friedland, the smelter currently produces 1,600 metric tons per day of high-concentration sulfuric acid, sold for between $470 and $500 per metric ton to mining operations in the Congolese Copperbelt. He described the price as competitive, noting that even before the outbreak of the war in the Middle East, sulfur prices had risen sharply in recent months due to global supply constraints, reaching between $500 and $600 per metric ton in January depending on the region.
The situation is also boosting the project’s profitability. At current price levels, sulfuric acid sales could generate more than $300 million in annual revenue. This additional stream complements copper production, which is expected to reach between 370,000 and 420,000 metric tons in 2026. The smelter also allows Kamoa Copper to nearly halve its logistics costs by exporting copper anodes rather than concentrate, according to company executives.
By contrast, most other operators in the Copperbelt are directly affected by the shock due to their reliance on sulfuric acid. Higher input costs are weighing on margins and widening competitive gaps within the sector.
More broadly, this highlights a structural issue for the Democratic Republic of Congo: securing the industrial inputs needed to develop its mining resources. As the country strengthens its position as a major global producer of copper and cobalt, control over these inputs is becoming critical to its resilience.
Pierre Mukoko
China Minmetals Corporation (CMC), the indirect majority shareholder of MMG, is seeking to acquire new mining permits in the Democratic Republic of Congo (DRC) after a March 24, 2026 meeting in Beijing with Mines Minister Louis Watum Kabamba.
Discussions focused on expanding the group’s operations in the country, the ministry said. China Minmetals also expressed interest in technical collaboration with the National Geological Service to accelerate the identification of new deposits.
During the meeting, the minister outlined the DRC’s strategic priorities, emphasizing geological research, local processing of mineral resources, job creation, and greater Congolese participation in the mining value chain.
The ministry said the meeting supports a model based on productive investment, local value addition, and the sustainable development of the mining sector.
Kinsevere central to CMC’s operations
In the DRC, the group’s main asset is the Kinsevere mine, operated by MMG, located about 30 km north of Lubumbashi in Haut-Katanga. Historically focused on copper production, the site has been expanded to include copper sulfide and cobalt processing.
Approved in March 2022, the project aimed for total investment of $550 million to $600 million, with a target annual output of 80,000 tonnes of copper cathode and 4,000 to 6,000 tonnes of cobalt at full capacity. As part of the project, $300 million in financing was secured in December 2023 from Top Create Resources Limited, an entity linked to CMC.
After mechanical completion of the expansion in September 2024, MMG targeted production of 63,000 to 69,000 tonnes of copper cathode at Kinsevere in 2025. The target was not met. According to MMG, the mine produced 52,791 tonnes of copper in 2025, an 18% increase year-on-year. This increase reflects the gradual ramp-up of the expansion.
Ronsard Luabeya
The Democratic Republic of Congo signed a geological data partnership agreement with the European Union on March 19 in Kinshasa. Congo's mines minister, Louis Watum, and the EU delegation's chargé d'affaires ad interim in the DRC, Fabrice Basile, signed the accord, under which the country will participate in PanAfGeo+ Invest, an EU-funded program aimed at strengthening geological services and subsurface data management across Africa.
In the DRC, the program will consolidate the national geoscientific database, preserve historical archives, carry out geological surveys across several provinces and conduct studies in selected artisanal mining areas. The objective is twofold: to improve knowledge of Congo's subsoil and to better guide investment decisions.
PanAfGeo+ Invest builds on the original PanAfGeo program, which ran from 2016 to 2024 and trained nearly 1,750 African geoscientists. Through the new program, the EU plans to invest 45 million euros across seven African countries between 2026 and 2029 to support technological capacity and geoscience development. The DRC will receive nearly 11 million euros, or roughly a quarter of the total funding.
BRGM's Coordinating Role
For the Bureau de recherches géologiques et minières (BRGM), which coordinates the program, the aim is to support projects aligned with European partners’ priorities. In that context, the EU announced on March 19 an additional 6 million euros to complete the digitization of geological archives held at the Royal Museum for Central Africa in Tervuren, Belgium. The digitization project, which began in 2023, is one of the reasons Brussels has cited for opposing a separate digitization contract the DRC awarded to American company KoBold Metals covering the same archives.
The fate of the KoBold Metals contract remains unclear. "The country’s subsoil is part of its national heritage. All partners who help us better understand this heritage are welcome. We will work with them," mines minister Watum said.
These developments expand the EU’s access to geological data in the DRC, which has become a strategic lever in the international competition for critical minerals. Earlier this year, Spanish company Xcalibur also secured a $298 million contract for airborne geophysical mapping and geological survey work across the DRC.
Boaz Kabeya