Democratic Republic of Congo Mining Minister Louis Watum Kabamba has unveiled details of a major iron ore project, after a pledge made at the Makutano 2025 forum last November.

He presented the project at the Council of Ministers meeting on Jan. 9. The minutes refer to the initiative as Mines de fer de la grande Orientale (Mifor), describing it as a major strategic shift in the country’s mining strategy, long dominated by copper and cobalt.

The project is based on deposits in the former Orientale province, now divided into Ituri, Haut-Uele, Bas-Uele and Tshopo. The document estimates reserves of between 15 billion and 20 billion tonnes, with an average grade above 60%. It does not say how the estimates were calculated.

According to the minister’s presentation, Mifor would be developed in several phases. The first phase targets output of 50 million tonnes a year, with capacity rising gradually to 300 million tonnes a year. The plan goes beyond extraction, including local processing units and a multimodal logistics corridor combining a heavy-haul railway, river transport and a connection to the deep-water port of Banana.

The initial investment for the first stage is estimated at $28.9 billion. Over 25 years, the minister cited cumulative revenue of $679.3 billion and net cash flow of $308.2 billion, based on conservative market assumptions. For the state, the document refers to significant and wide-ranging benefits, without providing figures.

Iron ore currently trades at around $105 a tonne. However, the start of production at Guinea’s Simandou mine, announced last November, could put downward pressure on prices in the medium term. If the project stays on schedule, Simandou could produce up to 120 million tonnes as early as 2028 and add supply to the market.

At this stage, Mifor has not yet moved into formal negotiations. Without naming specific entities, the report cites interest from international institutional investors with a track record in structuring and financing large-scale projects. The government says this is a positive sign for the project’s bankability and international credibility, while stressing that no binding commitments have been made. The financing structure, partners and implementation timeline have not been announced.

In the near term, the executive has decided to set up a dedicated governance structure. The Council of Ministers approved the creation of an expanded inter-ministerial commission to oversee strategic direction, coordination and the project’s phased development.

Boaz Kabeya