The release of $50 million earmarked for the revival of Société Minière de Bakwanga (MIBA) remains contingent on the completion of several preconditions, including a comprehensive audit of the company. Jean-Charles Okoto, chairman of the company's board of directors, made the statement in an interview with local media.

He said the requirement comes from MIBA's shareholders, namely the Congolese state, which holds an 80% stake, and ASA Resources Group, the minority shareholder with a 20% interest.

The process includes a general audit of the company, an inventory of its assets and the validation of the minimum recovery plan before it can be implemented.

Valued at approximately $70 million, the plan targets production of nearly 2.5 million carats in 2026. It is structured around five priority areas: the certification of mineral reserves, the securing of mining concessions, productive investments, the management of personnel costs, and the establishment of a monitoring and evaluation framework alongside other strategic investments. 

Okoto said the announced funding is already in place. "The $50 million has been secured and is available for MIBA. There are also, according to the latest information, an additional $20 million available, bringing the total funding package to more than $70 million to cover the budget of the minimum recovery plan currently under validation," he said.

The board chairman also indicated that the minority shareholder would need to mobilize additional resources to support the process. Based on its 20% stake, ASA Resources could be called upon to contribute approximately $12.5 million should the shareholders seek to maintain the current capital structure.

The statements come as MIBA's management has already taken steps toward restarting operations. In early May, Director General André Kabanda Kana made a provisional award to South African firm Bond Equipment (PTY) LTD for a contract covering the supply of industrial equipment for MIBA's operations in Mbuji-Mayi, following a call for tenders.

The total value of the contract stands at $57.45 million, inclusive of taxes, divided into five lots, with approximately $2.3 million in additional transport costs. The technical specifications of the equipment were not detailed in the notice reviewed.

At this stage, available documents do not establish whether the contract will be financed directly from the $50 million allocated to the revival effort. The validation of the minimum recovery plan, the general audit and the asset inventory therefore remain key steps before the funds can be disbursed.

Ronsard Luabeya