MINING (225)
Glencore and the Orion Critical Mineral Consortium (Orion CMC) are signaling plans for closer coordination in the Democratic Republic of Congo (DRC) that go beyond the recently announced capital deal. Orion CMC was established in October 2025 to help supply critical minerals to the United States and its allies.
In a joint statement released Feb. 3, 2026, the two parties said they will also explore opportunities to expand and extend the life of the Mutanda Mining (Mumi) and Kamoto Copper Company (KCC) copper and cobalt mines. These assets are currently valued at about $9 billion, including debt.
Details have not been disclosed at this stage. Potential investments could aim to accelerate production or extend the mining concessions. In its 2025 resources and reserves report published Jan. 29, the Anglo-Swiss group put ore reserves at 107 million tonnes for MUMI and 137 million tonnes for KCC.
The mines are estimated to operate for 22 years in the case of MUMI, until 2047, and 18 years for KCC, until 2043. Current permits expire in 2037 and 2039, respectively. The review is reportedly being conducted alongside the Congolese government and the state-owned company Gécamines, a long-standing partner within KCC.
The statement also mentioned the study of potential acquisitions of additional mining projects and assets in the DRC and more broadly across the African Copperbelt. The wording suggests the possibility of a joint development platform, although no target assets, timelines, or investment budgets have been specified so far.
Proposed stake sale
The announcement follows a non-binding memorandum of understanding on Orion CMC’s proposed purchase of 40% of Glencore’s interests in MUMI and KCC. Glencore currently holds 95% of MUMI, with the state holding 5%, and 70% of KCC, with Gécamines holding 30%.
If completed, the transaction would bring in a third major shareholder. Orion CMC, a consortium led by Orion Resource Partners and backed by the U.S. International Development Finance Corporation (DFC), would hold 38% of MUMI and 28% of KCC. Glencore’s stakes would fall to 57% and 42%, respectively.
The statement said Glencore, as the majority shareholder of both mines, would retain operational control. Orion CMC would have limited governance rights, including the appointment of non-executive directors.
The consortium would also be responsible for marketing its share of output to designated buyers. This would take place within the framework of the strategic partnership on critical minerals signed between the United States and the DRC on Dec. 4 in Washington.
The arrangement reflects a clear division of roles. Glencore remains the industrial operator in the DRC, while Orion CMC provides capital, sales channels, and U.S. institutional backing, particularly through the DFC. On this basis, the two groups are discussing possible joint action, with each party operating on a distinct but coordinated segment of the value chain.
Institutional interest
According to Glencore’s 2025 production report, the Mutanda and KCC mines provided the group with 247.8 thousand tonnes of copper metal and 33.5 thousand tonnes of cobalt in 2025. Based on a 40% share of Glencore’s interests, the maximum portion likely to be marketed by Orion CMC would be about 100 thousand tonnes of copper and 13.4 thousand tonnes of cobalt. However, exports of cobalt remain constrained by quotas introduced by the Congolese government in October 2025.
In light of the strategic agreement between the DRC and the United States on critical minerals, the partnership also carries institutional value for Glencore. The group has operated in the DRC in an often tense environment marked by tax disputes and governance controversies. The entry of a U.S.-backed partner reshapes the dynamics.
On one hand, it brings American political and institutional support into strategic assets, which may help rebalance relations with the Congolese state. On the other, the presence of the DFC implies stricter requirements for compliance, transparency, and traceability. These factors could strengthen the credibility of the arrangement with tax and regulatory authorities.
Unknowns
The separation of roles, with Glencore handling operations and Orion CMC marketing its share, may also improve the clarity of sales flows. This is relevant in a context where transfer pricing and mining taxation remain sensitive issues in the DRC.
Despite these broad plans, the statement remains cautious. Terms such as “will examine” and “will consider” indicate that the parties are still at an early, exploratory stage. The transaction remains subject to audits, final contractual agreements, and regulatory approvals.
No public information yet details specific financial commitments regarding employment, local subcontracting, or an investment program. Similarly, any potential consequences of this cooperation for preliminary discussions between Glencore and Rio Tinto have not been documented at this stage.
Pierre Mukoko
The Congolese government has instructed all mining companies operating in the Democratic Republic of Congo (DRC) to provide evidence of financial guarantees for environmental rehabilitation by Feb. 16, 2026.
The directive was set out in a Ministry of Mines letter dated Jan. 30 and applies to all active mining and quarrying projects licensed up to Dec. 31, 2025.
The ministry said affected companies must submit approved environmental management plans and documents confirming that the required financial guarantees have been put in place, in line with the Mining Code and its implementing regulations.
Under Congolese law, holders of mining or quarrying rights must establish a financial guarantee before operations begin. The security is intended to cover the costs of site rehabilitation and closure and is calculated based on the project’s environmental management plan as approved by authorities.
The guarantee must remain available for the state to draw on if an operator fails to meet its obligations.
Mining legislation allows the security to take the form of a bank guarantee, cash deposit, insurance policy or any other mechanism considered equivalent and accepted by regulators. It must be maintained throughout the life of the project and revised as work progresses and environmental impacts evolve.
Low compliance reported
The ministry’s move follows reports of weak compliance noted by government officials and development partners. During a workshop held in July 2025 in Lubumbashi on financial guarantees for environmental rehabilitation, participants highlighted a wide gap between legal requirements and their enforcement by operators.
Of 93 mining companies reviewed, only 10 had provided information on the establishment of such guarantees, pointing to limited compliance with a requirement central to the country’s environmental protection framework.
The Lubumbashi discussions also warned that the absence of effective financial guarantees leaves the environment and local communities exposed to long-term risks.
Jennyfer Imperator, deputy head of mission at the Netherlands embassy, who attended the workshop, said such guarantees ensure damage can still be repaired after operators leave, offering affected communities a safeguard.
Environmental rehabilitation is part of a broader pattern of shortcomings in mining companies’ social and financial obligations.
A report by the Court of Auditors published in June 2025 found that between 2018 and 2023, local communities missed out on nearly $198 million because of non-payment, partial payment or under-reporting of the mandatory minimum contribution of 0.3% of turnover intended to fund community projects.
The companies cited included Kamoa Copper (Ivanhoe Mines and Zijin Mining), Kamoto Copper Company (Glencore), Sicomines (Crec-Sinohydro-Zhejiang), and Tenke Fungurume Mining (CMOC). The Court of Auditors recommended corrective measures and sanctions that could include the suspension of operations, and noted a lack of effective action by oversight bodies during the period under review.
Boaz Kabeya
Buenassa has put forward a $1.5 billion offer to acquire Chemaf, a copper and cobalt producer in the Democratic Republic of Congo. The company presents the bid as the upstream component of a broader $3.5 billion industrial roadmap unveiled on January 29, just days ahead of the U.S.-organized Washington summit on critical minerals scheduled for February 4.
Buenassa said the $1.5 billion would be used to stabilize the asset and restructure its debt. The stated goal is to complete the Etoile II and Mutoshi industrial units to meet existing obligations and secure a reliable supply of ore for its planned refinery.
The second pillar of the roadmap centers on refinery construction. Buenassa has allocated $700 million to the first phase and now $1.3 billion to the second phase, revised down from an initial estimate of $2 billion. While the company did not explain the reasons for the revision, it maintained its production targets. Phase one is expected to deliver 30,000 tons of copper, in LME-grade cathodes, and 5,000 tons of cobalt, in sulfate and high-purity metal, per year. Phase two would lift output to 120,000 tons of copper and 20,000 tons of cobalt annually.
Buenassa Chief Executive Officer Eddy Kioni presented vertical integration as a response to market instability. He said it offers the most effective way to offset supply and price volatility that has historically discouraged Western investment. He added that the proposed structure is designed to ensure full transparency and prevent financial or risk-related conflicts between assets.
Employment, subcontracting
Buenassa Resources, the subsidiary leading the industrial project, said the plan would provide clarity for more than 3,000 direct Chemaf employees and thousands of subcontractors, according to its board chairman, former prime minister Samy Badibanga. He also said the refining complex could create around 5,000 jobs. By anchoring the project within the DRC’s industrial base, he said, the company aims to secure a sustainable future for workers and the surrounding region.
Buenassa highlighted a structure it says would improve the project’s bankability, supported by the Congolese state, which holds a 10% stake in Buenassa Resources, and by several partners. The company said it is working with consulting firm Roland Berger on an acquisition audit and debt rescheduling.
On the engineering side, Buenassa said a consortium made up of UK-based Bara Consulting and South Africa’s MET63 would act as owner’s engineer for the refinery, while also contributing to the management of upstream operations.
On financing and institutional engagement, the company cited intensified discussions with U.S. institutions, including the U.S. International Development Finance Corporation. It also named Rawbank and Nigeria’s United Bank for Africa as banking partners. Buenassa said it is seeking a partnership with a major industrial group from the Gulf and a large U.S. trading house to strengthen its commercial capacity.
Washington summit
Buenassa explicitly framed its announcement around the Washington critical minerals summit, which President Félix Tshisekedi and members of his government are expected to attend. The Financial Times, citing sources close to the matter, reported that the sale of Chemaf, described as an early test of the DRC–U.S. strategic partnership signed on December 4, could reach a turning point during the event.
Against this backdrop, rival bidders are intensifying their efforts. Africa Intelligence reported that Virtus Minerals recently signed a share purchase agreement with Zedra Skye Trustees, presented as representing nearly 95% of Chemaf shareholders. The U.S. company is said to have offered to take over Chemaf’s debts, estimated at more than $900 million. It is also considering outsourcing operations to India’s Lloyds Metals and Energy, described by the publication as having limited experience in copper-cobalt projects, particularly in Africa.
Securing financing remains a central issue. On this front, Virtus Minerals is said to have approached New York-based investment fund Orion Resource Partners and Anglo-Swiss trading group Glencore. As with Buenassa, however, Africa Intelligence reported that no binding agreement had been signed so far.
Even with a share purchase agreement in place, Virtus Minerals would still need approval from the Congolese government to complete the acquisition. International media reports say the company, founded by former U.S. security officials, benefits from support from the Trump administration. In Kinshasa, however, its offer has raised concerns. Beyond financing questions, it is seen as offering limited safeguards for local interests.
A delicate arbitration
Buenassa, for its part, says it is seeking to balance U.S. and Congolese interests. In addition to pledging to preserve jobs and subcontracting arrangements, the Congolese company presents its project as aligned with the government’s objective of processing minerals locally to capture more value.
Buenassa also positions itself as the operational arm of the DRC–U.S. critical minerals partnership. It has committed to reserving its production for the U.S. market in order to help build a secure supply chain outside Chinese influence. The company also said it is open to the formation of a DRC–U.S. consortium, involving players such as Gécamines and Buenassa, which it presents as the most realistic option given the financial, operational, and security challenges facing the sites.
The strategic agreement signed on December 4 grants U.S. companies a right of first offer on critical minerals deposits. It also states that if no U.S. bid is selected after nine months, projects may be opened to allied partners, including Congolese firms. Kinshasa must now arbitrate the Chemaf case without weakening its relationship with Washington, which it also sees as a key partner amid persistent security challenges in the east of the country.
Pierre Mukoko
The Democratic Republic of Congo (DRC) Ministry of Mines and the Xcalibur group signed a second contract on Jan. 29 in Kinshasa for airborne geophysical and geological mapping of the national territory. Minister of Mines Louis Watum Kabamba and Xcalibur CEO Andres Blanco Grasa, who is based in Spain, signed the document after several months of anticipation.
The Ministry of Mines said last December that the selection was not a direct award but a continuation of the initial program, explaining the choice of the same provider. The ministry also said phase B takes into account the results of phase A. Officials added that they preferred signing a new contract rather than amending the existing one in order to comply with public procurement law and its implementing regulations.
The DRC signed a contract with Xcalibur in 2017 for national airborne geophysical and geological mapping. It was subsequently adjusted through amendments in 2019 and 2022. Documents published by the Ministry of Mines show the program is structured around two distinct components: a phase A described as a priority and a phase B described as optional.
According to Article 19 of the second amendment, the total cost of phase A, covered under the first contract, is set at $60,961,973. The cost of phase B is fixed at $297,873,516, bringing the overall budget to $358.8 million. This second phase, valued at nearly five times the first contract, was to be carried out later under a separate financing agreement and subject to a no-objection from the General Directorate for Control of Public Procurement (DGCMP). It is to be implemented taking into account results obtained during phase A.
The Minister of Mines said the first phase is finished. He said last November during the Makutano 2025 forum that they have submitted a report and collected data. He specified that the contract does not require Xcalibur to identify deposits. Instead, the company defines certain geological districts and formations, after which exploration work will begin.
According to the contract, phase A of the project was to cover mainly the Kasai, Equateur and Katanga blocks. It notably provided for remote sensing and interpretation of satellite images, and airborne geophysical surveys involving magnetic and radiometric data at resolutions allowing a regional-scale view of subsurface structures. It also included targeted gravity and electromagnetic surveys, initial geological and geochemical mapping of priority areas, the development of an open geological information system (GIS), and initial training for national technical staff.
Phase B provides for a densification of geophysical surveys in areas identified by phase A, as well as more detailed investigations of detected anomalies. It also includes magnetic and radiometric surveys across the rest of the country, standard gravity surveys in the central basin for gas and oil, and detailed geological and geochemical mapping at more actionable scales. The phase further includes advanced strengthening of national capacities and the full implementation of the GIS to support economic use and institutional management of the data. The program also includes the construction of a laboratory for chemical, petrographic and metallogenic analysis.
A boost for exploration
Many sector actors believe exploration in the DRC is stalled. Landry Djimpe, managing partner of Innogence Consulting, observed at Makutano 2025 that all current large mines without exception rely on geological clues identified during the colonial era.
The national airborne geophysical and geological mapping program is presented as an initial response to this problem. According to the Ministry of Mines, its objective is to provide the DRC with reliable and certified scientific data across the entire territory to better understand the country’s subsoil potential. It also aims to strengthen planning and transparency in the mining sector, attract responsible investment, and safeguard national economic sovereignty.
A central challenge remains ensuring rigorous monitoring of implementation so that this investment translates into better knowledge of the national subsoil and sustainable development of the country’s mineral resources. This challenge is further emphasized by the fact that Xcalibur holds no subsidiary in the DRC. The entities that signed the base contract and the various amendments are based in Mauritius, South Africa and Spain.
Pierre Mukoko
Artisanal mineral processing units in the copper-cobalt sector face an uncertain future after compliance inspections launched by the Ministry of Mines in late December 2025. The continuation of their activities, following a moratorium granted by the authorities, is now conditional on correcting the irregularities identified by an ad hoc Commission and communicated to each operator, as well as on the payment of the penalties imposed.
According to a Ministry of Mines statement dated Jan. 28, 2026, the Commission identified thirteen entities in Lualaba, including one that failed to appear. In Haut-Katanga, twenty-seven units were identified. Nineteen appeared before the Commission, four are no longer operational, three are undergoing administrative regularization before starting operations, and one did not attend the proceedings.
Several irregularities and cases of non-compliance were observed. The report cites breaches of shareholding requirements, with Congolese participation below 50%, as well as the unauthorized holding of multiple permits or approvals, notably mining exploitation licenses and processing authorizations. It also notes the absence of contracts with approved cooperatives, the lack of proof of training for Congolese employees, shortcomings in the submission of mandatory reports, and serious weaknesses in traceability and transparency.
This process is part of a decision to impose a general suspension of mining and commercial activities by processing entities, taken on Dec. 19, 2025, across the entire national territory. The measure aims to bring a sector already identified as largely non-compliant with the Mining Code and Regulations into line, notably based on the findings of the National Commission for the Fight Against Mining Fraud.
Internal checks announced
To assess the situation on the ground, an ad hoc Commission was established on Dec. 26, 2025, to carry out inspections of administrative, legal and technical compliance, as well as the traceability of processing units. It focused on the provinces of Lualaba and Haut-Katanga, where most of the activity takes place.
Following the inspection missions, Minister of Mines Louis Watum Kabamba announced, on Jan. 5 and Jan. 22, 2026, a partial and temporary lifting of the suspension for processing entities located in the provinces of Lualaba and Haut-Katanga respectively. This was subject to strict compliance with the administrative, technical and traceability requirements communicated to them. The measure was presented as transitional, allowing the operators concerned to regularize their situation.
Initially excluded from this partial and temporary lifting, Luilu Resources, operating in Lualaba province, was ultimately declared eligible after appearing before the Commission.
In its statement of Jan. 28, 2026, the ministry said the maintenance or definitive lifting of the suspension would remain strictly conditional on the effective regularization of each unit. Any continued violation of laws and regulations exposes operators to sanctions provided under current mining legislation.
The ministry also announced internal inspections within its services throughout the Republic. These are intended to establish responsibilities and, where applicable, identify any direct or indirect complicity linked to failure to comply with the moratorium and the repeated violations observed.
Boaz Kabeya
New applications for mining and research quarry rights in the Democratic Republic of Congo will be accepted again starting Feb. 2, 2026. The Mining Registry announced the information following periodic cleanup work on the cadastral database, which had led to the temporary suspension of application registrations.
This resumption ends a suspension in effect since Dec. 17, 2025. On that date, authorities decided to interrupt the receipt of new applications until further notice to conduct a cleanup of the mining cadastral database. The objective was to improve its reliability and management.
The suspension measure did not affect already existing rights. During this period, applications for the transformation and renewal of mining rights continued to be processed by the administration. The registration of transfers, leasing agreements, options, and other related acts also continued.
According to the report published in August 2025, similar work conducted previously allowed the Congolese state to recover 594 mining and quarry titles, representing 37,253 mining squares. It also allowed for the regularization of 210 mining rights placed in a prolonged state of force majeure. This resulted in their reclassification as active rights and the restoration of corresponding fiscal, social, and technical obligations.
Boaz Kabeya
Alphamin Resources Corp said tin production at its Bisie mine in North Kivu rose 7% year on year to 18,576 tonnes in the fiscal year ended Dec. 31, 2025.
Output was broadly in line with the company’s revised guidance of 18,000 to 18,500 tonnes, after operations were temporarily suspended in March 2025 for security reasons.
EBITDA rose 25% to $341.4 million in 2025 from $274.0 million in 2024, Alphamin said, citing higher volumes, the impact of extensions at Mpama South and a higher average selling price.
The company said current tin prices and stable output should support cash flow and could allow for higher dividends. It said it paid $123 million in dividends in 2025, or C$0.11 per share, compared with C$0.09 in 2024. It expects to decide on its next dividend in April 2026 after publishing audited accounts.
Tin prices were expected to rise about 10% in 2025 to $33,000 per tonne from $30,066 in 2024, according to World Bank projections. Tin hit a record high of around $53,460 per tonne on Jan. 14, market data showed, amid supply concerns including in Indonesia and Myanmar.
Targets 20,000 tonnes in 2026
In Indonesia, authorities announced an operation to shut about 1,000 illegal mining sites in Bangka Belitung, a move likely to tighten supply from informal channels. Indonesia accounts for roughly one-sixth of global tin mine production, according to international statistics.
In Myanmar, the Man Maw mine remains central to regional supply. Authorities in the Wa region have signalled a possible restart, but administrative delays and operational uncertainty have kept the market volatile.
While demand from electronics, soldering, packaging and chemicals, as well as electrification-related uses, continues to support prices, some analysts have pointed to the growing influence of financial factors. The International Tin Association (ITA) has warned that the market can become vulnerable to corrections when fund positioning is elevated, even when supply is disrupted.
For 2026, Alphamin targets production of about 20,000 tonnes, in line with its targeted annualised rate. The company said achieving that goal depends on uninterrupted operations, and noted a resurgence of security incidents in North Kivu. The mine is located away from the worst-affected areas, but the risk remains high and a deterioration could disrupt activity.
PM, with Ecofin Agency
Buenassa is seeking financial backing to acquire a strategic domestic mining asset that is up for sale in the Katanga region, Chairman and Chief Executive Eddy Kioni said on Monday.
The announcement followed a meeting with Michael Kayembe, the new chief executive of United Bank for Africa (UBA) in the Democratic Republic of Congo. A source close to the Congolese company said the asset in question is mining firm Chemaf.
Bloomberg reported that Buenassa formally expressed interest in the copper and cobalt producer last November. The company’s future is being closely watched because of its assets and its role in the competition for critical minerals in the DRC.
Kioni said the acquisition would allow Buenassa to speed up its move toward vertical integration, from extraction to refining, trading and strategic stockpiling. He said it would secure feedstock for the refinery for more than 20 years.
He added that the plan would reduce operational risk and transform Buenassa from a greenfield industrial project into a major mining operator. The goal is to move from a planned project to a company producing mining assets capable of supplying a refinery and building an integrated value-chain model.
That approach sets Buenassa apart from several rival bids that are structured more around financial and commercial control of Chemaf. By comparison, state miner Gecamines, another Congolese contender, has proposed acquiring the company with a view to reselling it while retaining a maximum stake of 25%, Bloomberg reported.
Through its subsidiary Gecamines Trading, the state miner would market production corresponding to its stake to the United States, in line with a commitment the DRC made under a strategic agreement signed with Washington last December.
Industrial Goals
Buenassa says its bid is driven by industrial objectives, aimed at securing raw material for a refining project in the DRC rather than capturing output for export. That would align the project with the Congolese government’s push for local mineral processing.
Details of Buenassa’s offer remain unknown. Gecamines is reportedly considering an initial outlay of just under $1 million, an audit of the company and a plan to settle its liabilities, which media reports estimate at $900 million. Part of that debt is held by Trafigura, which arranged a $600 million loan in 2022 to finance development of the Mutoshi mine in Kolwezi.
Securing an extraction asset appears crucial for Buenassa. It would make the project easier to finance by providing collateral that could underpin borrowing for the refinery’s construction.
So far, the company has secured a $3.5 million public grant from the Industry Promotion Fund (FPI), though only part of it has reportedly been disbursed. The funding enabled completion of a scoping study.
The study puts the cost of the project’s first phase at $700 million, according to a document seen by Bankable. At that stage, the plant is expected to produce 30,000 tonnes of copper cathodes and 5,000 tonnes of cobalt sulphate a year.
The second phase is estimated to cost $2 billion. At that stage, output would rise to 120,000 tonnes of copper and 20,000 tonnes of cobalt a year. Those figures have yet to be refined.
Challenging Outlook
The revised timeline now forecasts a pre-feasibility study in early 2026 and a feasibility study in the second quarter of 2027. Financial close is projected for the third quarter of 2027, and production is not expected before 2029, compared with 2027 previously.
To finance the strategy, Buenassa is pitching a multi-layered approach combining African commercial banks, regional development finance institutions, local financial institutions, international strategic partners led by the United States, and the Congolese state. Since June 2025, the state has held a 10% stake in the Buenassa Ressources project company.
The meeting with UBA focused on building a financing structure capable of supporting both the refinery’s construction and the acquisition of an extraction asset.
Winning control of Chemaf may prove difficult. Guy-Robert Lukama, chairman of the Gecamines board, told Reuters in late 2024 that the state miner would not let it go to a rival bidder. Gecamines is in a strong position because it holds the permit on which Chemaf is developing the Mutoshi project.
The state is the sole shareholder of Gecamines and holds a 10% stake in Buenassa and 5% in Chemaf. It must decide while weighing its mining policy priorities.
Pierre Mukoko
The Democratic Republic of Congo plans to tighten controls on mining exports to boost revenue collection. In a report published in January 2026, the International Monetary Fund said authorities want a more reliable assessment of export volumes, mineral content and moisture levels, which are critical for valuation and tax calculations.
The report highlights the revenue impact of inadequate oversight. “Studies show that our country loses nearly half of its potential mining revenue due to insufficient controls on volumes and the content of valuable metals,” authorities cited in the report said. To address these weaknesses, authorities said they want to increase mining revenue collection by limiting direct contact in the control process.
One measure involves deploying technical tools by March 2026 to strengthen physical inspections of export shipments, including truck weighing scales and computerized, non-intrusive quality control systems.
The reform also includes stronger analytical capacity. The IMF said authorities aim to secure approval from the Ministry of Mines by January 2026 to bring into operation a mineral analysis laboratory contracted by the tax authority (DGI).
The goal is to build technical capacity to support inspections and strengthen compliance more broadly. The report also points to efforts to improve the assessment of export characteristics, including moisture and mineral content, which affect declared values and tax obligations.
Beyond mining, the IMF report highlights the broader challenge of modernizing financial administrations and controls. It notes that tax audits currently deliver less than 15 percent of their potential revenue, as authorities seek to improve data cross-checking through automation and digitization.
Overall, the IMF said the approach combines stronger physical and analytical controls on mining exports with a shift toward more automated systems, with the aim of improving enforcement and securing revenue.
Boaz Kabeya
Australian miner AVZ Minerals said on Jan. 15, 2026 it had received the full amount of funding pledged last year by its partner Suzhou CATH Energy Technologies.
The Chinese firm provided a $20 million facility to AVZ, which says it holds rights to the Manono lithium project in Tanganyika province in the Democratic Republic of Congo.
AVZ said when the facility was announced in January 2025 that the funds would cover working capital needs and activities over the following 12 months, including costs linked to its dispute with the Congolese state over the project. The disbursement signals CATH is continuing to back AVZ.
Under the January 2025 agreement, CATH would gain several rights if AVZ succeeds in its claim to the Manono deposit. These include the option to buy 100% of the project’s lithium output for five years, or until AVZ recovers expenses financed under the deal. CATH would also have the right to acquire a 30.5% indirect stake in the project. The outcome remains uncertain.
Manono is the largest lithium deposit identified so far in the DRC. AVZ carried out exploration there for several years through a joint venture with state-owned Cominiere. Cominiere later ended the partnership and in 2023 teamed up with China’s Zijin Mining to develop the same project.
AVZ has launched multiple international legal actions to challenge the loss of its stake, but no final ruling has been issued.
A new player has also emerged: KoBold Metals. As ties between Kinshasa and Washington have warmed amid plans for new U.S. investment in the Congolese mining sector, the California-based startup signed an agreement in principle with the Congolese government last July for mineral exploration in the country.
KoBold has since obtained seven exploration licences, four of them in the Manono area.
Under the agreement in principle, KoBold is expected to help resolve the dispute between AVZ and the Congolese state. Two months earlier, KoBold and AVZ said they had reached a framework agreement under which AVZ would sell its commercial interests in Manono at what the companies described as a fair value.
AVZ, which had paused arbitration proceedings against the DRC to create what it called a “climate conducive to discussions” aimed at an amicable settlement, has since resumed the case.
Zijin Mining, which obtained an operating permit in September 2024 for the area claimed by AVZ, has said it expects to start production in 2026. It has provided few updates on the mine’s construction.
PM, with Ecofin Agency
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The Kipushi zinc mine in the Democratic Republic of Congo nearly quadrupled output in 2025, producing 203,168 tonnes of concentrate, up from 50,307 tonnes in 2024, Ivanhoe Mines said in its annual operating results published on Jan. 15, 2026. The mine is co-owned by Ivanhoe Mines (62%) and state miner Gécamines (38%).
The result was in line with Ivanhoe’s target of 180,000 to 240,000 tonnes.
The rise was driven by engineering work launched in September 2024 to boost throughput at the Kipushi concentrator by 20%. The optimisation programme was completed in early August 2025, helping lift output sharply in the second half of the year.
The mine delivered 57,200 tonnes in the third quarter and 61,444 tonnes in the fourth quarter, well above the 42,736 tonnes and 41,788 tonnes produced in the first and second quarters of 2025, respectively. Ivanhoe said recent output levels would rank Kipushi as the world’s fifth-largest zinc mine.
For 2026, Ivanhoe targets output of 240,000 to 290,000 tonnes. A key challenge will be maintaining stable operations, as the site faces an unreliable power supply from the Congolese grid. To mitigate the risk, the company said it expanded backup generator capacity in the fourth quarter of 2025.
Emiliano Tossou, with Ecofin Agency
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
State-owned enterprise DRC Gold Trading said it will continue its nationwide expansion after an annual performance review held on Jan. 9, 2025. The company plans to open a branch in Mbujimayi shortly and another in Kinshasa by the end of March 2026.
The strategy targets the establishment of 10 operational sites nationwide, with the aim of reaching annual artisanal gold volumes of 15 to 18 tonnes and generating more than $2 billion in export revenues.
DRC Gold Trading currently operates five branches, including one in Bukavu that has been inactive since AFC/M23 rebels seized the city in March 2025. Hitting the upper target of 18 tonnes will be challenging, given that the company has exported about 10 tonnes of artisanal gold since beginning operations in early 2023.
Another challenge is uncertainty over the contribution of the Bukavu branch this year. That branch alone accounted for more than 90% of legal artisanal gold exports between 2023 and 2024, with a monthly average of over 420 kg sourced from South Kivu in 2023.
The state-owned company has, however, opened a branch in Kindu, in Maniema province, partially offsetting the loss of revenue from South Kivu. With a monthly average of around 114 kg of artisanal gold exported, Maniema has become the country’s leading artisanal gold exporting province. By the end of the third quarter of 2025, it accounted for 34% of national artisanal gold exports, totaling 683.67 kg, according to data from the Mining Technical Coordination and Planning Unit.
Timothée Manoke
Gécamines plans to sell part of the copper output from Tenke Fungurume Mining (TFM) to the United States through its new trading subsidiary, Gécamines Trading. TFM is 80% controlled by China’s CMOC.
The Congolese state miner said it has decided, for the first time, to exercise its contractual right to buy the share of production linked to its 20% stake in the mine and resell it to U.S. buyers. It put the volume at 100,000 tonnes for 2026.
“This first marketing operation represents an expansion of the competitive bidding system for output from Gécamines’ partnerships, a system introduced in 2023 and successfully implemented since then,” Guy-Robert Lukama, chairman of Gécamines’ board, said in a statement.
Gécamines said the decision to market the production share from its joint ventures is intended to address transfer-pricing practices used by some operators. Under such practices, output is sold at below-market prices to related entities, reducing dividends paid to Gécamines and mining revenues for the state.
The company said the strategy should lead to better pricing of Congolese minerals, higher tax revenues and a broader base of buyers, strengthening the country’s commercial independence.
“We welcome this first operation, which follows more than a year of work to strengthen the Democratic Republic of Congo’s position in global raw materials markets and to assert the state’s sovereignty over its mineral resources,” said Placide Nkala Basadilua, Gécamines’ chief executive, in the statement.
In the longer term, the state-owned company aims to secure sales rights of up to 500,000 tonnes of copper and 40,000 tonnes of cobalt, underlining its ambition to re-establish itself as a global player in critical minerals.
Strategic agreement
Before exercising its purchase right, Gécamines said it carried out a market consultation in late 2025. Several U.S. buyers agreed to purchase the 100,000 tonnes of copper at the end of the process under terms the company described as favourable.
Copper prices surged in 2025, rising 44% to a record $12,960 per tonne on the London Metal Exchange. Analysts expect momentum to remain strong in 2026.
The transaction also allows the DRC to implement commitments under a strategic agreement signed with the United States in Washington on Dec. 4, 2025. Under the agreement, “the DRC and its public enterprises will use their marketing rights linked to participation and contracts to provide offtake access to American and allied persons.”
The mechanism requires Gécamines, or any other state-owned company, to offer its marketable volumes to U.S. companies before other buyers, provided commercial terms are comparable and aligned with international prices.
The deal is being carried out by Gécamines Trading, a joint venture with Geneva-based Mercuria Energy Trading. The venture markets copper, cobalt and other critical minerals, including germanium and gallium, produced in the DRC.
The project is backed by the U.S. International Development Finance Corp (DFC). The agency said it has issued a letter of intent for an equity investment in the joint venture, aimed at securing U.S. supply chains for strategic minerals.
Pierre Mukoko