Société Minière de Kilo-Moto (Sokimo) has signed a joint venture agreement with Shari Minerals, the Congolese subsidiary of Horizon Corporation, in a renewed effort to relaunch the Mongbwalu gold concession in Ituri province. The agreement, signed on March 31, 2026, in Kinshasa, aims to develop and operate one of the Democratic Republic of Congo’s most significant historical gold assets.
According to a joint statement, the partnership aims to combine Horizon Corporation’s operational expertise with its financing capacity to advance a project that Sokimo considers strategically important for both the Democratic Republic of Congo and Ituri province.
Sokimo describes Mongbwalu as one of its key mining assets, with the potential to create jobs, support skills development, attract investment, and generate economic benefits for local communities.
The financial terms of the agreement remain undisclosed. The joint statement does not specify the ownership split between Sokimo and Shari Minerals, the planned investment amount, the duration of the agreement, the project development timeline, or the financial, technical, social, and environmental obligations of the parties.
A Sensitive Mining Asset
Mongbwalu is among DR Congo’s most strategically important gold assets. The concession lies within one of Ituri’s oldest and most productive gold districts and is historically associated with Sokimo, formerly known as Okimo, and the so-called Concession 40, which includes the former Adidi, Makala, and Senzere deposits.
Its gold potential has long been recognized, but industrial development has been repeatedly delayed by chronic insecurity, the presence of armed groups, widespread artisanal mining, disputes over access to mining sites, operational setbacks, and changing contractual arrangements.
During the 1990s and 2000s, part of the concession was operated through AngloGold Ashanti Kilo, a joint venture between AngloGold Ashanti and Okimo. Mining activities were heavily disrupted by insecurity and recurring tensions over control of gold-producing areas.
Later, other investors, including Mongbwalu Gold Mines, Fimosa Capital, and Vector Resources, became involved in different stages of the Adidi-Kanga project. Those projects revived plans for industrial mining but also raised questions about coexistence with artisanal miners and the long-term security of the concession.
The partnership with Shari Minerals and Horizon Corporation marks a new phase for the project, although it does not by itself guarantee the resumption of industrial mining. The project must still secure financing, protect mining sites, clarify mining rights, manage relations with local communities, and address the challenges posed by widespread artisanal mining in a region affected by insecurity, population displacement, and illicit gold trading.
A Partner With a Limited Public Profile
The joint statement highlights commitments to job creation, training, community development, and high environmental and social standards. Those commitments will still need to be formalized through official documents, including a community development plan, an investment plan, environmental and social impact studies, a project implementation schedule, and mechanisms to monitor local economic benefits.
Horizon Corporation describes itself as a mining investment company engaged in the development and operation of diversified mining assets across multiple commodities and jurisdictions. On its website, the company says it has operated in Africa since 1984, with expertise in project financing, mine construction, and operations. Its portfolio includes the Manica gold project in Mozambique, which entered production in July 2022, as well as copper-gold-silver assets in the United States and copper projects in Namibia.
According to the joint statement, Shari Minerals is Horizon Corporation’s Congolese subsidiary established to develop and operate gold concessions in the Democratic Republic of Congo, particularly the Mongbwalu project. However, little independently verified public information is available about the company, including its ownership structure, governance, financial statements, or operational track record in the country. As a result, questions remain about its ability to lead an industrial gold project of this scale.
For Sokimo, the partnership comes at a difficult time. Although the state-owned mining company controls several strategic gold assets in Ituri, it continues to face weak industrial output, significant financing needs, and the challenge of rebuilding its industrial mining operations.
Former Chief Executive Pistis Bononge recently said Sokimo produced only 2.46 kilograms of gold between 2022 and 2026. He also outlined a $482.61 million recovery plan aimed at modernizing infrastructure, rehabilitating equipment, and gradually bringing the company’s industrial mining operations back into production.
Ronsard Luabeya
