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