MINING (64)
On February 24, 2025, Ivanhoe Mines announced a $50 million investment in exploration activities at its Western Forelands copper project in the Democratic Republic of Congo (DRC). This is about two-thirds of the company's total exploration budget of $75 million for 2025.
This year, Ivanhoe plans to implement an ambitious program that includes 102,000 meters of diamond drilling and 18,000 meters of reverse circulation drilling at Western Forelands. The project will build on last year’s progress, including the expansion of the mineralized zone of the Makoko deposit and the discovery of the Makoko West zone.
The company is also set to update its mineral resource estimate for Makoko in the second quarter of 2025. This update should include initial resource estimates for Makoko West and Kitoko, a high-grade copper zone discovered in 2023.
The first estimate for the deposits that currently comprise Western Forelands Kiala and Makoko revealed that the project contains 21 million tonnes of indicated mineral resources with a copper grade exceeding 3%. Encouraging drilling results position Ivanhoe Mines to potentially develop its second copper mine in the DRC. A few kilometers away, Ivanhoe operates Kamoa-Kakula, the country’s largest copper mine.
While 2025 could be a pivotal year for Western Forelands, significant challenges remain before construction begins. Among others, Ivanhoe must confirm the project's mineral resources and conduct comprehensive studies to assess its economic viability. Only after these steps will the company consider raising funds for eventual mine development.
The positive outlook for copper demand and prices may help attract investors as Ivanhoe advances its exploration efforts in this promising region.
This article was initially published in French by Emiliano Tossou
Edited in English by Ola Schad Akinocho
Mining companies invested $130.7 million in exploration activities in the Democratic Republic of Congo (DRC) in 2024. S&P Global Market Intelligence disclosed the figure in a report issued on February 21, 2025. Over the year reviewed, $1.3 billion was invested in Africa, and the DRC was the leader in mining exploration investment.
The investments in the DRC were predominantly focused on copper, with $71.5 million allocated to this sector. This strong performance propelled the DRC to ninth place globally, just ahead of Zambia, Africa's second-largest copper producer, which attracted $65.5 million in 2024.
In the cobalt sector, exploration spending in the DRC reached $8.3 million, securing the country's position as the second-largest recipient of cobalt exploration funding worldwide, behind Australia, which received $15.2 million.
The report does not provide the amount invested in gold, coltan, tin, and zinc, despite the country having significant reserves. The DR Congo hosts one of the largest gold mines in Africa, the Kibali mine.
The DRC's dominance in copper and cobalt exploration is likely driven by its vast mineral reserves. The country holds approximately 50% of the world's cobalt reserves and accounts for over 70% of global cobalt production. It is also the world's second-largest copper producer, responsible for 65% of newly announced copper reserves globally in 2023. Both metals are crucial for the energy transition, with copper demand projected to reach 50 million tonnes by 2050, up from 32 million tonnes now.
Chinese companies currently dominate the mining sector in the DRC, in the copper and cobalt sub-sectors especially. They control about 80% of the country's mines. To change this dynamic, Kinshasa has been seeking new partnerships with countries like Saudi Arabia and the United States.
This article was initially published in French by Emiliano Tossou
Edited in English by Ola Schad Akinocho
On February 24, 2025, the European Union's Foreign Affairs Council announced a review of its Memorandum of Understanding (MoU) with Rwanda on strategic minerals, signed in February 2024. This decision, communicated by EU High Representative Kaja Kallas, is part of broader efforts to pressure Rwanda to respect the territorial integrity of the Democratic Republic of Congo (DRC).
"Consultations on defense issues with Rwanda have been suspended. There is also a political decision to apply sanctions, depending on developments on the ground. We have asked Rwanda to withdraw its troops from DRC territory. Finally, the memorandum of understanding with Rwanda on critical raw materials will be re-examined," said Kallas, Vice-President of the European Commission.
The move follows a surge in violence in eastern DRC, where M23 rebels and Rwandan troops have been advancing since January, occupying key cities like Goma and Bukavu. On February 24, Congolese Prime Minister Judith Suminwa Tuluka reported that the conflict has claimed over 7,000 lives since the start of the year.
Supply Chains Contaminated
The EU-Rwanda MoU aims to “foster sustainable and resilient value chains for critical raw materials”, and secure the EU’s supply of strategic minerals such as coltan, essential for sustainable development and the energy transition. It also highlights both parties’ commitment to promoting responsible mining practices and building local capacity in Rwanda.
However, UN experts have revealed that Rwanda is mixing minerals from M23-controlled areas with its resources, leading to “the largest contamination of mineral supply chains in the Great Lakes region.” The DR Congo government has criticized this partnership, arguing it facilitates Rwanda’s plundering of Congolese resources.
On February 12, 2025, the DRC declared all mining sites in the Masisi and Kalehe territories "red," prohibiting exploitation in coltan and tin ore areas. The measure concerns 38 mining concessions, notably in the Rubaya and Nyabibwe sectors, rich in coltan and cassiterite (tin ore).
According to data gathered by the Ecofin Agency, Rwanda's coltan exports surpassed those of the DRC in 2023, with Rwanda exporting 2,070 tonnes, a 50% increase, compared to the DRC's 1,918 tonnes.
This article was initially published in French by Ronsard Luabeya (intern)
Edited in English by Ola Schad Akinocho
The projected value of measured copper and copper reserves of the Mutanda mine in the Democratic Republic of Congo (DRC) is $72 billion. Glencore, the Anglo-Swiss multinational commodity trading and mining company, recently disclosed the estimate in its 2024 reserves and resources report.
Based on estimated potential, mineral deposits fall under three classifications: measured reserves, which offer high reliability; indicated reserves, which are reliable but require further confirmation; and inferred reserves, which are less certain.
According to Glencore's latest report, Mutanda boasts measured reserves of 197 million tonnes of ore with a copper grade of 1.94%, yielding a total of 3.8 million tonnes of copper. The cobalt grade in this category is 0.61%, translating to approximately 1.2 million tonnes. By applying the market value of mineral contracts deliverable in one year (February 2026) to these measured reserves, Glencore estimates $41 billion for copper and $31 billion for cobalt, totaling $72 billion.
These projections could change, based on factors like actual resource extraction, complex financial modeling, and the terms of sales contracts over time.
The Mutanda mine is 40 km from Kolwezi, the capital city of Lualaba Province in the southern part of the DRC. Glencore owns 95% of the asset, against 70% of the Kamoto project. The Anglo-Swiss firm has secured two permits valid until 2037 for Mutanda, with the mine's lifespan potentially extending to 20 years pending further investment.
In contrast, the latest report from Kamoto does not mention measured resources but reveals indicated resources that still require further study estimated at 10.4 million tonnes of copper and 1.5 million tonnes of cobalt suggesting a potential mining life of around 15 years.
The figures could spark local stakeholders’ interest, including the Congolese government, which collects taxes and royalties on industrial mines. After smelling opportunity, subcontractors and suppliers linked to Glencore's regional operations could also flock to the project.
This article was initially published in French by Georges Auréole Bamba
Edited in English by Ola Schad Akinocho
The Democratic Republic of Congo (DRC) exported 6,642 tons of zinc between January and September 2024. Over the same period the year before, the country had exported 10.336 tons or 35.74% more, according to the Ministry of Mines.
So far, Congolese authorities have not officially explained what drove the drop. However, the trend could reverse this year, spurred by the ramp-up of the Kipushi mine, operated by Ivanhoe Mines.
Commissioned in July 2024, Kipushi delivered 50,307 tonnes of zinc concentrate during the year, achieving a monthly record of 14,900 tonnes in December, though still shy of its maximum capacity.
The outlook for 2025 is more optimistic. This year, Ivanhoe Mines expects the asset to produce between 180,000 and 240,000 tonnes of zinc concentrate. The burst should significantly boost the DRC’s exports and bolster its mining revenues.
This article was initially published in French by Olivier de Souza
Edited in English by Ola Schad Akinocho
Mining sites in Masisi and Kalehe, respectively in North and South Kivu, have been classified as "red" zones, according to an order signed by Mines Minister Kizito Pakabomba on February 12, 2025. This designation affects 38 mining concessions, particularly in the Rubaya and Nyabibwe sectors, where coltan and tin ore (cassiterite) are extracted.
"The exploitation and illicit trade in minerals organized by the aggressors establish an illegal supply chain," Pakabomba stated. "Considering that these illegal supply chains constitute the main source of financing for this war of aggression, it is necessary for the government of the Democratic Republic of Congo to reconsider the status of certain miners."
Through the move, the Congolese government likely hopes to cut off funding sources for the M23 rebels and their Rwandan supporters. The new decree forbids mining in these "red" zones. This means minerals mined in these areas can no longer be sold legally.
The "red" designation will remain in effect for six months, during which the affected sites may undergo independent audits initiated by the Ministry of Mines or international organizations such as the UN or OECD.
M3 Rebels Gain Territory
Since M3 rebels and their Rwandan allies launched their assault in the eastern Democratic Republic of Congo (DRC) on January 23, the Congolese side has reported over 3,000 casualties (and as many injured). The rebels already took over Goma and Bukavu, the respective capitals of North and South Kivu.
Last December, the United Nations (UN) published a report revealing that M23 rebels have been controlling the DRC’s Rubaya mine since late April 2024. The mine is "the largest coltan mine in the Great Lakes region," accounting for approximately 15% of global coltan production.
According to the UN report, at least 150 tons of coltan were smuggled each month from Rubaya to Rwanda, where it is mixed with local production, “leading to the most significant contamination of mineral supply chains across the Great Lakes region”.
This article was initially published in French by Emiliano Tossou
Edited in English by Ola Schad Akinocho
The Kibali gold mine in the Democratic Republic of Congo (DRC) produced 686,000 ounces in 2024, down from 763,000 ounces in 2023, thus down 10% year-on-year. Barrick Gold, the Canadian from which co-owns the mine, disclosed the figure on February 12, 2025.
Kibali thus fell short of the forecast of its owners for 2024. Indeed, Barrick Gold and its main partner, AngloGold Ashanti, had projected the mine’s output at 711,000 to 800,000 ounces. Barrick’s expectations were based on a 4% increase in the first half of 2024.
However, in H2 2024, the mine’s output dropped by 21% year-on-year. While Barrick has not officially explained this underperformance, AngloGold Ashanti attributed the third-quarter drop to lower gold grades in the processed ore.
This year, Barrick expects its attributable gold production to stand between 310,000 and 340,000 ounces, against 320,000 to 360,000 ounces anticipated in 2024. Bankable estimates that Kibali will produce between 688,000 and 755,000 ounces in 2025, down from its output in 2023.
Barrick and AngloGold each hold a 45% stake in Kibali.
Emiliano Tossou
On January 24, 2025, Ivanhoe Mines, a major mining operator in the Democratic Republic of Congo (DRC), successfully raised $750 million on international markets, exceeding its initial $600 million target. The funds come as Rwanda-backed M23 rebels escalate hostilities in eastern DRC.
The funds are repayable over five years at a 7.875% interest rate. Though steep compared to global benchmarks, this rate undercuts borrowing costs for many Africa-focused firms. Investors could have been deterred by the ongoing security crisis in the East, especially since the recent operation is partly guaranteed by Kipushi Holdings, one of Ivanhoe’s subsidiaries in DRC.
Several factors could explain the successful fundraising, including the strong demand for zinc and copper, which Ivanhoe extracts in DRC. Also, Copper futures on the London Metal Exchange (LME) have climbed steadily, reflecting tightening global supply chains. Another reason is that Ivanhoe and its subsidiaries have a good borrowing track record.
The funds raised will primarily fuel Ivanhoe’s ambitious expansion at its Kamoa-Kakula copper complex, where 2025 investments are projected between $1.42 billion and $1.67 billion. By contrast, the Kipushi zinc mine—now operational after a $185 million overhaul—is forecast to receive only $25 million for capacity upgrades.
This marks Ivanhoe’s latest in a series of strategic financings. In 2023, Rawbank extended an $80 million loan (since repaid), while FirstBank’s Congolese unit provided $50 million due in May 2025. Last summer, Trafigura Asie and CITIC Group (Ivanhoe’s largest shareholder, with a 22% stake) contributed $60 million via prepayment deals tied to future mineral output.
It remains to be seen what will happen to the value of the shares in the recent $750 million loan, listed on several European and American stock exchanges. In early January, Ivanhoe tempered shareholder enthusiasm by announcing lower-than-expected copper production forecasts, while raising its capital expenditure forecasts compared with estimates made three months earlier. Its communication to investors, scheduled for the close of trading on February 19, will hence be closely scrutinized.
This article was initially published in French by Georges Auréole Bamba
Edited in English by Ola Schad Akinocho
The M23 rebel group is consolidating its control over several mining towns in the eastern Democratic Republic of Congo (DRC). After taking over Rubaya in North Kivu, the rebels have also seized Lumbishi, a mining town in South Kivu, according to reports from residents and the territory's administrator. Rubaya hosts an artisanal coltan mine, which accounts for up to 15% of global production. Lumbishi is located in a resource-rich area abundant in coltan, gold, tourmaline, and cassiterite.
"This military advance is accompanied by efforts to establish a parallel civilian administration in M23-controlled areas, as well as an intensification of mining," notes the Washington-based Africa Center for Strategic Studies (ACSS). Several experts, including UN experts, warn that the M3 group is exacerbating the illicit mineral trade in the DRC, further hindering efforts to formalize artisanal mining practices in the country.
Another driver
To ensure responsible artisanal mining of gold in the country, the DRC government set up a company to buy, sell, and export this gold. Formerly Primera Gold, the firm was rebranded as DRC Gold Trading SA after coming under public control. In 2023, it operated solely in South Kivu, collecting up to 5.07 tonnes of gold and boosting the country's artisanal exports by an astonishing 12,000% year-on-year. However, the M23's increasing presence in this province is likely to disrupt the company’s activities.
The DRC’s vast wealth in critical minerals is one of the drivers of the conflict, and, according to a note from the Center for Strategic Studies of Africa published on January 29, it“will need to be addressed if a comprehensive peace is to be achieved”. “Rwanda, in particular, is alleged to be facilitating the illicit mining and trafficking of these minerals. The market value for these minerals is likely to exceed over $1 billion,” the note adds.
Depuis @MiningIndaba à Cape Town, nous dénonçons avec force le pillage de nos ressources minérales par le Rwanda, qui mène une agression inacceptable contre notre pays🇨🇩 @MinMinesRDC pic.twitter.com/hKTlElABiG
— Kizito Pakabomba (@kizpaka) February 2, 2025
Cited by Reuters, Jason Stearns, a political scientist at Simon Fraser University and former UN investigator, highlighted that Rwanda's mineral exports now exceed $1 billion annually—roughly double what they were two years ago—with a significant portion believed to originate from the DRC. The Congolese government firmly asserts Rwanda's involvement in the plundering of its resources. Kisiti Pakabomba, Minister of Mines, reiterated this point at the Mining Indaba forum currently taking place in South Africa.
In February 2024, Rwanda and the European Union signed a memorandum of understanding aimed at ensuring a "sustainable supply of raw materials" for the EU in exchange for funding to develop Rwanda's mining supply chains and infrastructure. This agreement has since been criticized by the DRC and some Members of the European Parliament (MEPs), who view it as complicit with ongoing resource exploitation in the region.
This article was initially published in French by Pierre Mukoko
Edited in English by Ola Schad Akinocho
The Democratic Republic of Congo (DRC) has exported 145,452 tonnes of cobalt in the first nine months of 2024, averaging 48,484 tonnes per quarter. The figures were disclosed by the Congolese Ministry of Mines. Annual exports could reach 193,936 tonnes, surpassing last 2023's record of 152,798 tonnes.
According to the data, CMOC, a Chinese firm, has dominated cobalt exports from the DRC over the period reviewed, thanks to its operations at the Kisanfu and Tenke Fungurume (TFM) mines. CMOC exported 50,021 tonnes from the two mines over the period. Glencore followed with around 32,000 tonnes exported from the MUMI and KCC mines. The Swiss firm became the world’s second-largest cobalt exporter in 2023; it was the first before that year.
The Ministry of Mines has not disclosed the revenues generated from these record sales, making it difficult to determine whether the increase in export volumes has compensated for declining cobalt prices. The cobalt market has been in surplus for the past three years, leading to a significant price drop. On the London Metal Exchange, cobalt prices fell from around $50,000 per tonne in January 2023 to approximately $24,000 per tonne in January 2025.
Cobalt: Price evolution since 2023
This surplus can be partly attributed to increased Congolese cobalt exports linked to CMOC's expanded production capacity over the past two years. CMOC's cobalt production surged more than fivefold since 2022, reaching 114,165 tonnes in 2024. According to the Cobalt Institute, the DRC is expected to account for 48% of global cobalt supply growth by 2030, compared to 37% for Indonesia.
This article was initially published in French by Emiliano Tossou (Ecofin Agency)
Edited in English by Ola Schad Akinocho
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On January 15, 2025, the International Monetary Fund (IMF) Executive Board approved a new program with the Democratic Republic of Congo (DRC), following a service-level agreement reached in November.
The 38-month program has two main components: the Extended Credit Facility (ECF) worth $1.729 billion and the Resilience and Sustainability Facility (RSF) with $1.038 billion. Although these amounts are slightly lower than initially announced, the program’s goals have not changed: enhancing the country's macroeconomic stability, improving governance, and increasing resilience to climate challenges.
The ECF is designed to stabilize the economy, improve governance, and promote inclusive growth. Meanwhile, the RSF will support the DRC’s climate adaptation efforts, helping the country reduce its greenhouse gas emissions by 21% by 2030.
In 2024, the DRC achieved solid economic performance, with GDP growth projected at 6%, a significant drop in inflation, and reduced budget deficits, despite exceptional expenditures related to security and the fight against the Mpox epidemic.
The Central African nation also faced major climate-related disasters, including devastating floods that affected over 300,000 households, destroyed buildings, and killed 300 people. The crisis has exacerbated health risks and affected agricultural production. It called for urgent humanitarian responses and more funds to boost climate resilience.
According to IMF Deputy Managing Director, Kenji Okamura, while the DRC has shown resilience in the face of crises, sustained efforts are crucial to consolidate economic and social gains, combat corruption, and address climate challenges.
The previous IMF program concluded in 2021 helped strengthen foreign exchange reserves and boost growth, but structural and climatic challenges persist.
Under the ECF, the IMF champions reforms to help the DRC increase tax revenue, improve public financial management, and depend less on mining revenues. As for the RSF, it focuses on achieving climate objectives, such as forest preservation and sustainable natural resource management.
Despite risks from ongoing conflicts and health crises, the IMF’s outlook for 2025 remains positive, with growth forecast at 5.1% and inflation projected at 7%.
This article was initially published in French by Charlène N’dimon
Edited in English by Ola Schad Akinocho
The Democratic Republic of Congo (DRC) has exported 2.35 million tonnes of copper in the first nine months of 2024. The figure, featured in a report issued on 30 December 2024 by the Ministry of Mines, is up 17% year-on-year. Based on this performance, the report’s authors estimated that the country’s exports for 2024 could stand at 3 million tonnes, thus setting a new record–at the national and continental levels.
According to the Ecofin Agency, a pan-African economic media, since June 2023, the DRC has exported over 750,000 tonnes of copper, on average, quarterly. The Central African country exported more than 800,000 tonnes in Q3 2024, Ecofin reports.
While the Ministry of Mines only releases sales figures without specifying whether exports include volumes from previous years, data from the Central Bank of Congo indicates little difference between production and sales.
Still, the DRC will remain the world's second-largest copper producer in 2024, ahead of Peru which produced 2.47 million tonnes between January and November, down 1.1% year-on-year. Chile kept its crown, with over 5 million tonnes produced last year.
The increased copper output substantially impacts the local economy, as the mineral accounts for more than two-thirds of Congolese exports and a significant portion of mining revenues, estimated at $5 billion for the 2025 budget.
This article was initially published in French by Emiliano Tossou (Ecofin Agency)
Edited in English by Ola Schad Akinocho
China's dominant presence in the Democratic Republic of Congo’s mining industry poses a “risk” to the African economy. Marcellin Paluku, Deputy Cabinet Director at the Ministry of Mines, made the claim yesterday, January 14, in an interview with Reuters.
“Today, 80% of our mines are with a single partner (China). So it's a risk [...] You never know what might happen. That's why we're now trying to diversify our partnerships, to avoid depending on a single partner,” Paluku declared, on the sidelines of a mining conference in Riyadh.
Further commenting on the DRC’s partnership diversification efforts, Paluku said the Congolese government was eager to negotiate with potential new investors, such as Saudi Arabia, India, and the European Union. However, he did not indicate at what stage these talks were. Regardless, his words match those of Kizito Pakabomba, the DRC’s Mining Minister. In October 2024, Pakabomba said the country sought to “attract better investors, more investors, and diversified investors.” At the time, he had mentioned the United Arab Emirates as a potential partner.
China's influence in the DRC's mining sector is evident in its ownership of major cobalt mines, such as those held by China Molybdenum Company (CMOC), and its significant stake in the Kamoa-Kakula copper mine through Zijin Mining.
The DRC is the world's leading producer of cobalt and the second-largest producer of copper, making it a focal point for international competition due to the strategic importance of these minerals in the energy transition and advanced technologies. The country's mineral wealth extends beyond copper and cobalt. The Congolese soil hosts other key minerals like zinc, 3T ores, diamonds, gold, uranium, and germanium.
This article was initially published in French by Aurel Sèdjro Houenou (Ecofin Agency)
Edited in French by Ola Schad Akinocho
Ivanhoe Mines is considering importing hydropower from Angola to ensure optimal operations at the Kamoa-Kakula copper complex in the Democratic Republic of Congo (DRC). The Canadian company operates the complex and is one of its shareholders (39.6%), alongside Zijin Mining Group (39.6%), Crystal River (0.8%), and the Congolese state (20%).
Ivanhoe claims it could start importing the electricity by 2030, via a 2,000 MW high-voltage transmission line. The facility, yet to be built, would transport power from northern Angola to the Copperbelt in the DRC and Zambia.
The project is being developed by Trafigura and ProMarks, which signed a Memorandum of Understanding with the Angolan government in July 2024 to study the project's technical and economic viability. The developers plan to form a joint venture to develop, finance, build, and run the line.
"The project should be financed through a combination of equity and debt. Planning, approvals and construction would take approximately four years after the final investment decision," Ivanhoe Mines indicated.
According to the Canadian operator, the Kamoa-Kakula complex requires about 240 MW to operate at full capacity (phase I, II, III, and the smelter). However, it currently uses 90 MW of domestic and imported hydroelectricity and has 160 MW of backup capacity from diesel generators. Due to insufficient electricity, the company is considering postponing the launch of the complex’s new copper smelter by three months. The smelter was initially set to start operations in March 2025.
Ivanhoe Mines has been seeking to tackle the issue by increasing its supply capacity, focusing on green electricity, which is cheaper and less polluting. It is also looking for internal and external solutions.
For example, the company counts on the fifth turbine of the 178 MW Inga II hydropower station, which should be commissioned in the second quarter of this year. According to Ivanhoe, “Kamoa-Kakula should initially be allocated an additional 70 MW of hydroelectricity from the grid over this period, with a gradual increase to 178 MW as grid improvement initiatives are completed.”
In the medium term, Ivanhoe Mines plans to boost electricity imports from Angola, which has significant unused hydroelectric power capacity. The African Development Bank (AfDB) notes that Angola currently has 1.5 GW of clean, unused hydroelectric power, expected to reach 3.5 GW by 2027. Besides, Sun Africa is building a 700 MW solar farm in Angola, using funds provided by the Export-Import Bank of the United States (EximBank).
The US plans to partner with Angola's National Electricity Transmission Company to develop cross-border and local transmission lines, further integrating Angola into regional power pools. The lines should also supply power to the Lobito corridor
This article was initially published in French by Aboudi Ottou
Edited in English by Ola Schad Akinocho