MINING (209)
The Democratic Republic of Congo's Ministry of Mines revoked the mining rights of seven companies in late October 2025 as part of its policy to enforce stricter compliance in the sector. The revocations were issued for failure to pay annual surface rights fees.
According to a list published by the Mining Cadastre (CAMI) on Nov. 3, Geocore was the most affected entity, losing two separate mining titles. One of the titles, granted in 2021, covered five mining squares in the Nyunzu and Kongolo territories of Tanganyika province, authorizing the company to conduct exploration and prospecting for gold, cassiterite, coltan, and wolframite.
Another notable firm was Regal Maniema, which had its Research Permit No. 3279 revoked. The company had previously faced the threat of forfeiture for the same reason, following a similar procedure initiated in 2021 over unpaid fees for the 2019 financial year.
These forfeiture decisions are based on Article 289 of the DRC's 2018 Revised Mining Code. The code allows affected companies to appeal the decision before competent authorities within 30 days of notification and publication. If no appeal is filed, the forfeiture is formally registered with the Mining Cadastre and published in the official gazette.
Under the Mining Code, the payment of surface rights is the second main condition for maintaining the validity of a mining title, after providing proof of the effective start of exploration or exploitation work. These rights are due annually, calculated based on the perimeter area and the permit’s validity period. The fees range from $0.03 to $1.14 per hectare, payable in Congolese francs at the current exchange rate.
Timothée Manoke
Mercuria Energy Trading has signed a three-year deal to source copper from Eurasian Resources Group (ERG) operations in the Democratic Republic of Congo (DRC). The agreement, announced in a statement issued on October 30, 2025, includes a pre-financing facility of up to $100 million from Mercuria to ERG.
Details such as the loan’s interest rate, copper volumes, and pricing terms have not been disclosed. Off-take agreements of this kind are often viewed with suspicion by the Congolese government and state mining company Gécamines, which argue their interests are not always protected. Both are recipients of mining tax revenues and minority shareholders in several joint ventures, and have repeatedly demanded the right to market their production share directly.
The deal enables Mercuria to strengthen its supply from the DRC, following agreements reached in late 2024 and March 2025 to secure half of Gécamines’ copper entitlement from the Tenke Fungurume mine. Gécamines holds a 20% stake in TFM, which has annual production exceeding 450,000 tons.
ERG, 40% owned by the Kazakh state, is one of the DRC’s major copper producers. Through its subsidiaries Frontier and Metalkol, it sold 120,176 tons of copper in 2024, according to official data. Production could rise in the coming years, as ERG controls several other projects previously stalled by disputes with the government or Gécamines, including the Swanmines project, now set to resume after a settlement reached in September.
Mercuria said the financing aims to support the development of ERG’s operations in the DRC while strengthening the group’s trading portfolio and financial flexibility.
Founded in Geneva in 2004, Mercuria is one of the world’s leading commodities and energy trading firms. The DRC is “a region of growing strategic relevance,” said Kostas Bintas, the company’s Global Head of Metals and Minerals.
The DRC was the world’s second-largest copper producer in 2024, behind Chile, with output of 3.1 million tons. Demand for the metal continues to surge, fueled by the energy transition and artificial intelligence.
The International Energy Agency (IEA) estimates that global copper supply could fall short by 40% by 2035, a looming deficit that has helped lift prices nearly 20% over the past year, with futures trading around $11,500 a tonne on the London Metal Exchange.
Pierre Mukoko & Ronsard Luabeya
Ivanhoe Mines said its Kamoa-Kakula copper complex in the Democratic Republic of Congo will start receiving 50 megawatts (MW) of power from the Inga II hydropower plant in November. The delivery marks a key step toward securing a stable energy supply for one of the world’s largest copper operations.
The energy will come from Turbine 5 at Inga II, which has a capacity of 178 MW and has been under rehabilitation since 2022 by Ivanhoe Mines Energy, a subsidiary of the company. Power deliveries will be phased: 50 MW in November 2025, 100 MW in the first quarter of 2026 and 150 MW in the first half of 2027, as grid upgrades are completed.
According to Ivanhoe’s third-quarter 2025 report, the mechanical and electrical refurbishment of Turbine 5 was completed during the quarter, marking a major milestone in the company’s energy investment program. The mine will receive increasing power volumes as ongoing grid reinforcement work progresses at the Inga (SCI) and Kolwezi (SCK) substations. These upgrades include installing resistors, harmonic filters and a static compensator to stabilize voltage and improve power quality to Kamoa-Kakula.
The modernization and grid stabilization program, launched in late 2024, is backed by $200 million in financing from Ivanhoe Mines and its joint-venture partner Zijin Mining.
By 2027, the Kamoa-Kakula complex could become self-sufficient in power, eliminating reliance on imported electricity from Zambia and Mozambique. This will be achieved through the combination of Inga II supply and two solar power plants under construction by CrossBoundary Energy DRC and Green World Energie SARL, each designed to deliver 30 MW.
The solar projects were 42 percent and 46 percent complete, respectively, as of the end of the third quarter, with commercial operations now expected in the second quarter of 2026, slightly ahead of schedule. Ivanhoe said long-lead equipment, including battery energy storage systems (BESS), inverters and mounting structures, has already been shipped and unloaded on site.
Timothée Manoke
Kamoa-Kakula, the Democratic Republic of Congo’s largest copper mine, generated $2.4 billion in revenue between January and September 2025, a 6.7 percent increase from the same period last year, according to the third-quarter report released on Oct. 29 by operator Ivanhoe Mines. The mine, one of the world’s biggest copper producers, recorded annual revenue of $3.1 billion in 2024.
The increase came despite a sharp third-quarter decline in sales. Revenue for July to September fell 31 percent year-on-year to $566.3 million from $827.8 million in 2024. Ivanhoe attributed the drop to a seismic event in May that disrupted part of the mine and led to a 38 percent fall in copper output to 71,226 tons from 116,313 tons.
Higher prices partially offset the production loss. The average realized copper price rose to $4.42 per pound, or about $9,700 per tonne, compared with $4.16 per pound a year earlier.
Despite the incident, Kamoa-Kakula expects to maintain full-year revenue of around $3 billion, similar to 2024. Copper output for the first nine months of 2025 totaled 316,393 tons, and Ivanhoe maintained its full-year production forecast of 370,000 to 420,000 tons. That implies output of 53,600 to 103,600 tons in the fourth quarter. Unsold copper inventories stood at roughly 59,000 tons at the end of September, which should help lift fourth-quarter sales.
Operating profitability, however, is set to decline. EBITDA represented 44.3 percent of revenue for the first nine months of 2025, down from 61 percent a year earlier.
Capital spending at Kamoa-Kakula reached $910 million through September, with full-year investment now projected between $1.3 billion and $1.5 billion,about $100 million lower than earlier estimates. Ivanhoe expects to invest between $410 million and $580 million in the final quarter.
Kamoa-Kakula is jointly owned by Canada’s Ivanhoe Mines and China’s Zijin Mining, which each hold 39.6 percent. The Congolese government owns 20 percent and Crystal River holds 0.8 percent.
Pierre Mukoko
Chinese mining giant CMOC Group Ltd reported cobalt sales of 6.2 billion yuan ($850 million) between January and September 2025, down just 7.8% year on year, despite a months-long suspension of exports from the Democratic Republic of Congo (DRC). The ban, in place from February 21 to October 15, affected all of CMOC’s cobalt operations, including its flagship Tenke Fungurume and Kisanfu mines.
The embargo cut cobalt sales volumes by 36% to 51,027 tons, but higher global prices offset much of the impact. CMOC said the average cobalt price rose to $16,730 per tonne, up 44% from a year earlier, helping stabilize revenue.
The company continued to fulfill supply contracts for four months before declaring force majeure on June 30. While CMOC did not specify the source of its shipments during the export halt, analysts believe the group relied on pre-existing stockpiles held outside the DRC, particularly in logistics hubs such as Durban (South Africa) and Walvis Bay (Namibia).
Production data support that assessment. CMOC produced 87,974 tons of cobalt in the first nine months of 2025, averaging under 10,000 tons per month, too little to explain sales levels given the export freeze that began in February.
CMOC’s profitability improved despite the disruption. The company’s gross margin on cobalt rose 27 points to 63.5%, while operating costs fell nearly 47% to just over 2 billion yuan. The company attributed the gain to greater energy efficiency, process optimization, and effective foreign exchange management.
Following the end of the embargo on October 16, the Congolese government introduced an export quota system, capping national cobalt shipments at 18,125 tons for the final quarter of 2025 and 96,600 tons for 2026. CMOC received allocations of 6,500 tons for 2025 and 31,200 tons for 2026.
The new system is expected to keep global cobalt prices elevated, with the metal trading above $45,000 per tonne on the London Metal Exchange, more than double its level when the ban began. However, it also restricts CMOC’s ability to manage its offshore inventories.
Executives at the company have recently described the situation as difficult to sustain, signaling growing pressure on supply flexibility despite the group’s strong margins.
Pierre Mukoko
Chinese mining group CMOC announced it has received board approval to proceed with a $1 billion expansion project at its Kisanfu mine in the Democratic Republic of Congo (DRC), according to the company’s third-quarter financial report published on October 24, 2025.
The development is expected to take two years, with commissioning scheduled for late 2027.
Once operational, the project will boost Kisanfu's copper production capacity by 100,000 tons, bringing the total annual output to more than 250,000 tons. When combined with the Tenke Fungurume mine’s capacity of over 450,000 tons, CMOC’s total copper production in the DRC is set to exceed 700,000 tons per year.
This substantial investment aligns with a favorable market outlook for the red metal. Global copper demand is projected to rise due to the accelerated pace of the energy transition and the boom in artificial intelligence. The International Energy Agency (IEA) estimates that supply from current mining projects will be insufficient to meet future demand, forecasting a copper supply deficit of up to 40% by 2035. This prospect guarantees sustained price appreciation for the metal.
All of CMOC's current copper production originates from the DRC. For the first nine months of 2025, the group reported producing 543,376 tons, marking a 14.1% increase from the same period in 2024. Over the same nine months, sales volume rose 10.5% year-on-year to 510,312 tons.
These sales generated revenue of 38.6 billion yuan (approximately $5.3 billion at the average exchange rate), a 25.6% increase from a year earlier, with an average realized price of $10,409 per ton.
However, these strong commercial results were largely offset by a 21% surge in operational costs, which climbed to 17.7 billion yuan ($2.4 billion). Consequently, the company’s gross profit margin only increased by 1.7%, settling at 20.9 billion yuan ($2.8 billion). This outcome suggests that the corporate tax revenue received by the Congolese state may see little to no increase.
Pierre Mukoko
Chinese miner CMOC Group Ltd produced 87,974 tons of cobalt in the Democratic Republic of Congo (DRC) between January and September 2025, up 3% from the same period a year earlier, the company said in an operational report on Oct. 24.
The combined output from its Kisanfu and Tenke Fungurume mines keeps the company on track to meet its 2025 target of between 100,000 and 120,000 tons, compared with 114,200 tons in 2024.
Most of this year’s production, however, cannot be exported. The DRC , the world’s largest cobalt producer , imposed an export embargo on Feb. 21, 2025, later replaced on Oct. 16 by a quota system that limits CMOC to shipping 6,500 tons in the final quarter of the year.
For 2026, the company will be allowed to export 31,200 tons, based on December 2025’s authorized volume being maintained each month, unless regulations are breached. Over the two-year period, CMOC’s cumulative exports will be capped at 37,700 tons, less than half its output for the first nine months of 2025. Executives have described the situation as “barely tolerable.”
The quota regime is expected to remain in place until at least 2027. A total of 18,125 tons was approved for 2025, and the combined authorized export volume is projected to reach 96,600 tons for 2026 and 2027. The strategic minerals regulator ARECOMS may adjust these quotas depending on market conditions.
Kinshasa hopes the new rules will lift cobalt prices and encourage miners to invest in local refining and value-added production. Unofficial reports suggest the government is targeting a floor price of $60,000 per tonne, about triple the level recorded in February 2025, when the embargo took effect.
Cobalt currently trades at around $45,000 per tonne on the London Metal Exchange. Prices are expected to rise as the DRC, which accounted for nearly 75% of global supply in 2024, curbs exports. Global demand is forecast to increase by 4% in 2025 and 6% in 2026, according to the Cobalt Institute.
Pierre Mukoko
The DRC army's aviation carried out new strikes on the Twangiza Mining gold processing plant in Mwenga territory, South Kivu, during the night of Oct. 22-23, 2025, according to local media reports. The site, located about 40 kilometers southwest of Bukavu, has been occupied by the M23 rebel group since early May 2025, forcing the company to declare force majeure.
Twangiza Mining told Reuters that it has lost over 100 kilograms of gold per month since the takeover, in addition to equipment and material valued at an estimated $5 million. The company did not specify whether the damage was due to theft, destruction, or abandonment. The approximately 500 kilograms of gold lost to date represents about $70 million at current market prices, bringing the total estimated loss to around $75 million.
The strikes overnight into Oct. 23 were the third aerial operation against the facilities held by the rebels. Previous attacks a week earlier had already damaged the electrical infrastructure supplying the plant. Local sources indicate the latest shelling targeted fuel tanks and backup generators, including those already out of service, in a bid to hinder the M23's alleged illegal gold processing activities.
Sources familiar with the operation said the Twangiza Mining plant has a production capacity of over 300 kilograms of gold per month. However, the company has not appeared in official industrial production statistics since 2021. This prolonged absence raises questions now that the firm claims to have lost over 100 kilograms of gold monthly since the site fell under rebel control.
In 2020, Canadian company Banro, which had operated the Twangiza gold mine since 2012, announced it had sold its stake to minority shareholder Baiyin International Investments for a symbolic franc. Local media reported that Baiyin subsequently transferred the site to the Chinese company Ultrawell.
Timothée Manoke
The Democratic Republic of Congo (DRC) has signed a Memorandum of Understanding (MoU) with U.S.-based Hydro-Link LLC to build a 1,150-kilometer transmission line that will import 1.2 gigawatts (GW) of electricity from Angola.
The deal, worth an estimated $1.5 billion, was signed on October 14, 2025, during the DRC-U.S. Economic Forum in Washington by DRC Minister of Hydraulic Resources and Electricity Aimé Molendo Sakombi and Hydro-Link CEO Paul Hinks.
This agreement completes a series of preliminary MoUs required to advance the project. Hydro-Link first signed an initial framework with its partner Mitrelli at the 17th U.S.-Africa Business Summit held by the Corporate Council on Africa in Luanda on June 22, followed by accords with Angola and the DRC.
The transmission line is slated for commissioning in 2029, though several steps remain before construction begins, including licensing and financing. Hydro-Link plans to seek a loan from the U.S. Development Finance Corporation (DFC) to fund about 70% of the cost, with additional support from the U.S. Trade and Development Agency (USTDA) for feasibility studies and U.S. Exim Bank export credits.
In the DRC, the energy shortfall for mining operators is estimated at 1,500 MW, according to the Ministry of Mines. The new line will carry electricity generated mainly at Angola’s Lauca hydropower plant to the Kolwezi mining zone in Haut-Katanga, where major producers such as Glencore and Ivanhoe Mines operate.
The African Development Bank (AfDB) estimates that Angola currently has 1.5 GW of surplus clean hydropower capacity, projected to reach 3.5 GW by 2027. The Hydro-Link initiative is the third project aimed at transmitting this excess power to Congo’s mining centers, alongside efforts by Morocco’s Somagec and a consortium led by Trafigura and ProMarks.
“With the rapid growth of the mining sector, we anticipate a complete transformation of Congo’s energy supply over the next decade,” said Paul Hinks, CEO of Hydro-Link and founder of New York-based Symbion Power.
Kinshasa and Washington are also exploring a “minerals-for-security” partnership intended to encourage U.S. investment in the DRC. Following the MoU signing, Minister Sakombi said, “I welcome this partnership and invite American investors to follow suit.”
Ronsard Luabeya
• Belgium Innovation Company (Belinco) will conduct a three-month gold exploration mission in Luiza, Kasai Central, Democratic Republic of Congo (DRC).
• The company plans to train local teams and may invest further if results confirm significant mineral potential.
• Belinco, active in the DRC for over 15 years, previously partnered with Hazina Investments SAS on feasibility studies for Leta Mbanvu Mining Company in Luiza.
Belgium Innovation Company (Belinco) plans to start a gold exploration mission in Luiza, located in the Kasai Central province of the Democratic Republic of Congo (DRC).
The announcement came from Sahel Tshibangu, head of the Cooperative of Artisanal and Agricultural Miners of Luiza (CEMIAL), who led a company delegation to meet the acting provincial governor, Job Kuyindama, on October 3, 2024.
Tshibangu said the initiative is based on previous geological studies conducted in the area. The three-month mission aims to identify gold reserves and assess other exploitable mineral resources across the Luiza territory.
Representatives of Belinco also plan to strengthen the technical capacity of local teams to support the exploration process. If results prove promising, the company will expand its investment to the production stage, subject to official provincial approval.
Belinco, which has operated in the DRC for over 15 years, specializes in mining exploration and extraction. The company’s headquarters are in Kinshasa, and it is led by mining expert Joseph Olcauz.
In 2023, Belinco partnered with Hazina Investments SAS to conduct research and a feasibility study for Leta Mbanvu Mining Company, which holds mining rights in Luiza.
The upcoming mission marks a new phase of mineral development in Kasai Central, a province increasingly attracting junior and mid-tier mining investors seeking to tap underexplored gold deposits in central DRC.
This article was initially published in French by Ronsard Luabeya
Adapted in English by Ange Jason Quenum
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The Strategic Mineral Substances Markets Regulation and Control Authority (Arecoms) finalized the practical terms for implementing the Democratic Republic of Congo's (DRC) new cobalt export quota policy on October 10, 2025. The policy was first announced on September 20.
The quotas, approved by the Arecoms Board, allocate export volumes for the last quarter of 2025 to 21 companies.
China's CMOC Group, the world's largest cobalt producer, was granted 6,500 tons,4,250 tons for its Kisanfu Mining (KM) subsidiary, and 2,250 tons for Tenke Fungurume Mining (TFM). This total represents nearly 36% of the global volume allocated. Glencore follows with 3,925 tons, split between 2,775 tons for Kamoto Copper Company (KCC) and 1,150 tons for Mutanda Mining (MUMI). Combined, the two foreign giants capture 58% of the available quotas.
This dominance is rooted in the allocation formula. The Arecoms document specifies that "the base quota is distributed pro rata based on the historical quantities exported between January 1, 2022, and December 31, 2024." Exemptions were made for the state-owned Entreprise générale du cobalt (EGC) and the Société du Terril de Lubumbashi (STL), which were allotted 1,175 tons and 300 tons, respectively. During the 2022-2024 period, CMOC and Glencore controlled nearly 60% of total Congolese cobalt exports.
CMOC, whose primary shareholder is Chinese battery maker CATL, has not yet officially responded to the decision. However, the allocation poses a major challenge for the group, which relies heavily on Congolese cobalt to meet surging demand in China. Its metal trading subsidiary, IXM, already declared force majeure on June 30 due to the initial Congolese export embargo imposed in February 2025.
Despite the export suspension, CMOC maintained its operational pace in the DRC, extracting 61,073 tons in the first half of 2025 and projecting a full-year output of 100,000 to 120,000 tons. With only 6,500 tons authorized for the fourth quarter of 2025 and an estimated 31,200 tons for 2026 (based on the December quota being rolled over), the company will only be able to sell a small fraction of its production. Over two years, its total authorized exports would likely be capped at 37,700 tons, falling far short of its annual capacity.
Even if CMOC were to secure the entirety of the 9,600 tons set aside for "strategic quotas" in 2026, a volume reserved for projects deemed "of national importance" and allocated at Arecoms’ sole discretion,the situation would remain critical for the company.
Enforcement and Market Risk
CMOC also risks having its quotas revoked entirely. Sanctions are prescribed against any company that processes mining tailings or concentrates obtained from unauthorized third parties or artisanal miners, sells its quota to another firm, fails to export the allocated volumes, or violates existing laws.
While the export embargo is scheduled to end on October 15, the resumption of shipments could still face delays. To obtain an export certificate, operators are now required to present proof of prepayment of the mining royalty, validation of their available quota, a traceability certificate issued by Arecoms, and an environmental and fiscal compliance certificate.
Since the imposition of the embargo, the price of cobalt has more than doubled. On October 12, 2025, a tonne of cobalt was trading at $42,725 on the London Metal Exchange, compared to just $21,000 at the end of February.
Pierre Mukoko
Congolese mining company Compagnie minière Orient industrielle (Comoi-Sarl) has accused Ding Sheng SARL, a Chinese-owned firm, of illegally operating on three of its gold concessions in Mambasa territory, Ituri province.
In a complaint reported by the ACP news agency, Comoi-Sarl claims that Ding Sheng SARL is operating without authorization on its concessions, in breach of the national Mining Code. In its official complaint to the head of the General Inspectorate of Mines (IGM) in Kinshasa, Comoi-Sarl said it is the sole holder of research permits No. 16133, 16188, and 16325, all properly registered and validated by the mining authorities.
The company has requested that the IGM immediately suspend Ding Sheng SARL’s operations, seize its equipment, and order $10 million in damages for losses incurred.
According to ACP, an inspection team from the provincial mines division in Ituri confirmed the presence of Ding Sheng SARL’s operations on the disputed sites, supporting Comoi-Sarl’s allegations. The case has been referred to local authorities for follow-up, including the head of the Congolese National Police’s economic and financial crimes unit in Ituri, the Mambasa territory administrator, and the local mining office chief.
The incident follows a similar crackdown on Oct. 5, when Chinese nationals were arrested for illegal mining at a Kibali Gold concession in Haut-Uélé. That operation, led by Mines Minister Louis Watum Kabamba, resulted in the seizure of equipment and the immediate closure of the site.
Ronsard Luabeya
Alphamin Resources Ltd said it expects to produce between 18,000 and 18,500 tons of tin in 2025 at its Bisie mine in the Democratic Republic of Congo (DRC). The company raised its April forecast of 17,500 tons, according to an operational update published on October 8.
The operator initially planned to produce 20,000 tons in 2025. However, Alphamin cut its target earlier this year after halting operations in March because of rebel activity in eastern Congo.
The company reported a cumulative output of 13,566 tons in the first nine months of 2025. It expects to add around 5,000 tons in the fourth quarter, which would bring annual production to the new range of 18,000–18,500 tons.
“The Company expects to produce approximately 5,000 tons of contained tin during the final quarter of the financial year which, together with its year-to-date production of 13,566 tons, increases tin production guidance for FY2025 to between 18,000 and 18,500 tons (17,500 tons previously),” the company said in its update.
The Bisie mine produced 5,190 tons of tin in the third quarter, a 26% increase from the second quarter, which had been impacted by the temporary shutdown. The company attributed the rebound to “processing facilities continuing to deliver good results.”
Alphamin reported annual output of 17,324 tons in 2024. The company said final fourth-quarter results will determine whether the revised 2025 target is fully achieved.
Ten illegal gold mining sites have reportedly been identified inside the concessions of Kibali Gold Mines, a subsidiary of Canada’s Barrick Gold, in Haut-Uélé province.
The finding was announced on October 5, 2025, after an inspection led by Mines Minister Louis Watum Kabamba, joined by the provincial governor and security officials.
The Kibali concessions, covering about 1,836 square kilometers in the Moto goldfields of Watsa territory, are among ten permits held by the company. Officials say these areas are regularly invaded by illegal artisanal and semi-industrial miners.
At Barrick Gold’s 50th annual conference in 2023, CEO Mark Bristow had already warned about the rise of illegal mining in parts of Haut-Uélé, citing the involvement of foreign operators, mainly of Asian origin.
During the minister’s visit, several Chinese nationals were caught mining inside one of the concessions. They were carrying out open-pit artisanal and semi-industrial operations using heavy machinery and employing Congolese workers in unsafe conditions, in violation of the Mining Code.
Provincial authorities and security forces dismantled the network. The minister ordered the arrest of those involved, the seizure of equipment, and the closure of the site. He denounced the illegal exploitation of national resources by foreign operators.
The scale of Kibali Gold’s losses is still unclear. However, during a meeting with the Mines Minister on September 18, 2025, industry representatives called encroachment on mining concessions the “most critical problem.” The Federation of Enterprises of Congo (FEC) estimates that the phenomenon has already cost at least one mining company more than $3 billion through illegal extraction.
Ronsard Luabeya