News (571)
Ivanhoe Mines has lowered its 2025 copper production forecast for the Kamoa-Kakula project to between 370,000 and 420,000 tonnes, following a seismic incident in May that temporarily halted underground operations at the Kakula mine. The updated estimate was released in a company note dated June 11.
The new projection marks a nearly 30% reduction from the company’s initial guidance of 520,000 to 580,000 tonnes. Even the upper limit of the revised forecast falls short of 2024’s output of 437,061 tonnes—representing a 4% year-on-year decline.
While operations have resumed in the western wing of the Kakula mine, concentrators 1 and 2 are still running at just 50% of their combined processing capacity. Only the Kamoa mine and concentrator 3 remain fully operational.
The revised outlook undercuts Ivanhoe’s previous trajectory for the project, which had seen a 12% production increase in 2024. The company has also withdrawn its 2026 target of reaching 600,000 tonnes, citing the need for a broader operational reassessment.
Ivanhoe said restart efforts are underway in the eastern section of Kakula, but warned that the situation remains unstable. The company emphasized that it is still too early to "predict precisely the potential disruption caused by unexpected new seismic activity, the integrity of underground infrastructure, the ability to accelerate operations, the completion of dewatering work or the time required to access new mining areas".
The Kamoa-Kakula project is jointly owned by Ivanhoe Mines and Zijin Mining (each holding 39.6%), with the Congolese state retaining a 20% stake. The project remains one of the largest copper developments on the continent, but the recent incident has cast uncertainty over its near-term performance.
This article was initially published in French by Pierre Mukoko (Ecofin Agency)
Edited in English by Ola Schad Akinocho
The Democratic Republic of Congo produced 1.74 million carats between January and March 2025—a 26% decline from the 2.35 million carats produced during the same period last year. The drop continues a multi-year downward trend driven by structural issues and global market pressures. It was determined by the Ministry of Mines' Technical Cell for Mining Coordination and Planning (CTCPM).
The source indicates that artisanal mining is still the country’s dominant source of diamond production, accounting for over 80% of total output in Q1 2025, or roughly 1.39 million carats. The Kasaï Oriental province alone contributed an overwhelming 93.7% of artisanal output, followed by Kasaï Central. Other regions, including Sankuru, Kwango, Ituri, and Nord-Ubangi, made only marginal contributions.
On the industrial side, production reached 344,049 carats—about 19.7% of the total. The sector is heavily reliant on SACIM (Société Anhui-Congo d’investissement minier), which produced 97% of the country’s industrial diamonds this quarter. The once-dominant state-owned MIBA contributed just 3%, hampered by outdated equipment and chronic operational difficulties. Monthly figures revealed a steep decline: only 52,305 carats were produced in March, compared to 155,241 in January.
Semi-industrial output remains negligible, with just 485 carats recorded, representing 0.03% of total national production.
Over the past five years, the DRC’s diamond industry has seen continued volatility. Since peaking at 3.15 million carats in Q1 2022, output has steadily declined—now nearly halved. Analysts attribute the drop to aging industrial infrastructure, limited investment, and growing reliance on artisanal extraction.
Exports are also falling. The DRC exported 1.91 million carats in Q1 2025, down 3% from the previous year. The United Arab Emirates remains the primary destination, receiving nearly 1.68 million carats (87.7%) worth around $8 million. Belgium and India followed with 11.7% and 0.6% of export volumes, respectively.
Globally, the diamond market faces a crisis of confidence. Natural diamonds are under pressure from the rapid rise of synthetic alternatives—seen as more affordable and environmentally friendly. Prices have dropped significantly, from $12.5 per carat in 2022 to $9.6 in 2024, a 23.2% decline that continues to weigh on producers across the value chain.
This article was initially published in French by Ronsard Luabeya (intern)
Edited in English by Ola Schad Akinocho
Launched in December 2024, the 53.6 km Kolwezi–Sakabinda road project in the Democratic Republic of Congo (DRC) is expected to be completed by 2027 at an estimated cost of $159 million. This was disclosed in the report of the visit to the site by the Congolese Minister of Infrastructure on June 10.
Executed through a public-private partnership (PPP) with Toha Investment and Bulongo Logistique, the project aims to enhance Congolese mineral exports and regional trade. It has an estimated cost of $159 million, or nearly $3 million per kilometer. The exact scope of the work, the duration of the contract, and the procedures for selecting the winning companies have not been made public.
The road upgrade is part of a larger bilateral initiative between the DRC and Zambia aimed at establishing a 140 km regional corridor linking Kolwezi to Lumwana, Zambia. The goal is to ease the transport of minerals from the Lualaba province to international markets via the border post at Sakabinda.
Zambia, on its end, began work on its 85 km stretch of the route in December 2024. That portion is being handled by the Sandstone consortium, also under a PPP framework. Both countries are coordinating efforts under a 2024 memorandum of understanding signed in Kolwezi, which also outlines the construction of a one-stop border post between Sakabinda (DRC) and Kambimba (Zambia).
Strategically, the new route will plug Kolwezi into major continental trade corridors—specifically the trans-African highways TH3 (Cape Town–Tripoli) and TH4 (Cairo–Durban). According to the Congolese Ministry of Infrastructure, this will streamline the export of copper, cobalt, and other critical minerals via regional ports such as Walvis Bay (Namibia), Durban (South Africa), and Dar es-Salaam (Tanzania).
The Kolwezi–Sakabinda corridor is also expected to relieve pressure on existing, congested border crossings like Sakania, Kasumbalesa, and Mokambo. For mining operators in Lualaba, the new route offers a promising alternative—reducing export costs, cutting delays, and opening new logistical pathways across Southern Africa.
This article was initially published in French by Timothée Manoke (intern)
Edited in English by Ola Schad Akinocho
At the 46th meeting of the Council of Ministers, President Félix-Antoine Tshisekedi instructed government members to draft a law establishing a sovereign wealth fund for the Republic of the Democratic Republic of Congo (DRC). According to the meeting minutes, the fund will finance major national projects and support entrepreneurship, with the overarching goal of reducing the country’s reliance on foreign aid and mining revenues.
"It will be a structuring lever to consolidate our economic independence, drive long-term development and build, today, the legacy of future generations," the President declared.
A sovereign wealth fund is a public financial instrument typically funded by revenues from natural resources or budget surpluses. It can be used to invest in strategic projects or to accumulate savings for future generations. In the DRC’s case, the future fund would be mainly financed by the Mining Fund for Future Generations (FOMIN), along with other public resource structures, as presented to the Council of Ministers.
Other African countries already have a similar fund. Gabon, for example, created its sovereign fund in 2012 to co-finance major infrastructure projects, particularly in the energy sector. The Gabonese fund also supports startup development and the marketing of carbon credits.
However, despite these objectives, such funds often face governance and efficiency challenges. In Gabon's case, the sovereign wealth fund has yet to fully resolve the country’s financing issues, illustrating the complexities involved in managing these instruments effectively.
Timothée Manoke (intern)
In the Democratic Republic of Congo (DRC), local media reported that on June 10, 2025, the Tshopo Public Prosecutor's Office in Kisangani closed several cement depots for failing to comply with the official price ceiling of $16 per bag, set by provincial Minister of Economy Sénold Tandia Akomboyo.
Since May, the price of cement in Kisangani had surged to $22 per bag, up from the usual $14, with traders citing the war in the east and high transport costs from Kinshasa as reasons for the increase.
Minister Tandia, however, attributed the spike to unjustified speculation. “According to the data in our possession, there is no justification for the increase in cement prices. Some operators are taking advantage of the war and the modernization drive to reap illicit profits. This is unacceptable,” he stated after meeting with major distributors including Cimenterie de Lukala (Cilu), PPC Barnet RDC, and Afri Food.
After this meeting, the price was provisionally capped at $16, but inspections later revealed widespread non-compliance, with some merchants expressing concern over supply logistics while others matched the legal price
PPC Barnet director Patrick Kahasha announced on June 7 the imminent arrival of over 120,000 bags of cement from Kinshasa via the Congo River, acknowledging that recent scarcity had fueled speculation.
This article was previously published in French by Timothée Manoke (intern)
Edited in English byOla Schad Akinocho
At the May 30, 2025 Council of Ministers meeting, the government of the Democratic Republic of Congo (DRC) reviewed a note from Portfolio Minister, Jean Lucien Bussa, regarding the resumption of activities at Triomf RDC SA, a mixed-economy company that manufactures chemical fertilizers.
According to meeting minutes, Bussa emphasized the need to secure adequate financing for investment, working capital, and cash flow to ensure a reliable supply chain and sustainable business relaunch. The Ministry of Agriculture and Food Security is currently studying these financing options.
Triomf RDC was established in October 2013 through a public-private partnership between the Congolese state (30% stake) and South African company Africom Commodities Ltd (70%). The goal was to produce fertilizers locally to support the Congolese agricultural sector. The plant, located in Boma, Kongo Central province, was inaugurated in April 2017. When fully operational, it had an annual production capacity of 25,000 tonnes and employed around 2,000 people, with initial investments totaling US$50 million.
Despite a promising start, Triomf RDC faced challenges that led the firm to cease operations. A 2021 assessment by the Fonds de promotion de l'industrie (FPI) revealed a lack of funds to purchase essential inputs, forcing the company to produce fertilizers abroad for the Congolese market. The FPI recommended recapitalizing the investment to revitalize the project.
The Congolese government has since taken steps to relaunch Triomf’s activities. At the July 14, 2023 Council of Ministers meeting, President Félix Tshisekedi directed the Portfolio Minister to collaborate with other government members to develop a revival plan. In September 2024, Minister Bussa discussed the possibility of increasing the company's capital and amending its articles of association with a company delegation.
This article was initially published in French by Boaz Kabeya (intern)
Edited in English by Ola Schad Akinocho
Work to rehabilitate and extend the runway at Mbuji-Mayi National Airport has made significant progress, according to a press release from the African Development Bank (AfDB). “Approximately 85% of the planned 320-meter extension is complete,” the pan-African Bank said, emphasizing that the project aims to lengthen the runway from 2,000 to 2,320 meters.
This update was confirmed during a joint mission in May 2025 by the Democratic Republic of Congo government and the AfDB to assess the impact of AfDB-funded projects.
In January, Romain Tshinyama, commander of the Régie des voies aériennes (RVA), reported that the runway extension was finished and noted that President Félix Tshisekedi is considering a further extension to 3,000 meters. “The studies have already been carried out... the dossier is just waiting for funding from the Congolese government,” he had said then.
The mission report states that the new tarmac is 95% complete, while runway end safety areas (RESA) are 70-75% finalized. Other key infrastructure—including the control tower, electrical systems, fire station, and lighting—is nearing completion.
Originally scheduled for February 2025, the project faced delays due to the late demolition of approximately 800 homes built on airport land, known as Bipemba, and financial difficulties encountered by the Chinese contractor China Jiangxi International Corporation (CJIC). The provincial government of Kasaï-Oriental carried out the demolitions in October 2024 after residents resisted eviction orders issued earlier that year.
La modernisation de l’aéroport de Mbuji-Mayi s’inscrit dans la deuxième phase du Projet prioritaire de sécurité aérienne (PPSA2).
The Mbuji-Mayi airport upgrade is part of the second phase of the Priority Air Safety Project (PPSA2). Under the same program, Bangoka Airport in Kisangani has undergone full rehabilitation of aircraft movement areas, taxiways, and tarmac, with two turnarounds installed. Additionally, radio navigation systems have been installed at airports in Luano (Lubumbashi), Kindu, Kinshasa, Mbandaka, and Goma to enhance domestic flight safety.
According to the AfDB, these improvements have reduced air accidents in the DRC from an average of ten per year to just one.
This article was initially published in French by Timothée Manoke (intern)
Edited in English by Ola Schad Akinocho
In Kenya, Equity Group Holdings (EGH) has laid off 1,200 employees after a sweeping internal investigation into suspected fraud, including misuse of personal accounts and M-Pesa wallets. EGH CEO James Mwangi, who announced the news, noted that the probe was launched in April 2025.
The executive emphasized that the operation, uncovered losses of 2 billion Kenyan shillings (about $15.4 million) over two years, linked to unauthorized transfers—some to offshore accounts in Abu Dhabi—and collusion between staff and fraudsters across multiple departments.
The investigation will now extend to EGH’s other subsidiaries, including EquityBCDC in the Democratic Republic of Congo (DRC), where the group controls 27% of the banking market—the largest share among its regional operations00.
The crackdown comes as EquityBCDC’s customer base in the DRC has more than doubled since 2020, reaching 1.86 million by October 2024. However, this episode could complicate EGH’s efforts to sell its 35% stake in EquityBCDC, a requirement from the Central Bank of Congo (BCC) that must be fulfilled by July 4, 2026.
The group’s decisive response to internal fraud highlights both the scale of the challenge and its commitment to restoring trust and strengthening controls across all its markets.
This article was initially published in French by Boaz Kabeya (intern)
Edited in English by Ola Schad Akinocho
Advans Congo microfinance wants to double its loan disbursements in 2025, targeting over $100 million in new loans, up from just over $50 millinaging Director Jean-Luc Nzoubou in an interview with Bankable in Kinshasa.
By the end of May 2025, Advans had already granted nearly $30 million in loans, and management is confident of meeting—or even surpassing—the annual target, noting that 70% of loans are typically granted between July and December.
At the end of 2024, the institution opened two new branches in Greater Katanga (Lubumbashi and Kolwezi), bringing its network to 11 locations nationwide, including five in Kinshasa. These new branches already account for 30% of loan disbursements this year, prompting plans for two more branches in the region.
Advans has also implemented a streamlined loan processing system, allowing new customers to receive loans within seven days, and even faster for existing clients.
According to its website, loan amounts range from $100 to $200,000, with monthly interest rates capped at 5%. The focus is on micro and small businesses with at least one year of activity, and repayment terms are tailored to business needs, “ranging from 6 to 18 months for working capital and up to 36 months for investment needs,” according to Jean-Luc Nzoubou.
Advans closed 2024—a year CEO Nzoubou described as one of “strong growth”—with gross loans outstanding of 114.2 billion Congolese francs ($41 million), up 49.4% from 2023. This expansion was achieved with solid risk control, as gross disputed loans rose only moderately from CF8.3 to CF8.8 billion.
This article was initially published in French by Timothée Manoke (intern)
Edited in English by Ola Schad Akinocho
Central bank governors from the East African Community (EAC) met in May 2025 in Mombasa to approve a roadmap for a unified cross-border payment system, set to launch by 2030. According to the source, a press release published on the EAC’s website, this “regional switch” aims to streamline, accelerate, and reduce the cost of financial transactions among the eight EAC member states: Burundi, Kenya, Uganda, Rwanda, DRC, Somalia, Tanzania, and South Sudan.
The new system will allow, for example, a cocoa producer in North Kivu, DRC, to receive payments directly to a mobile money or bank account from a buyer in Kenya, without the current hurdles of currency exchange or long transfer times. These transactions are currently slow and expensive, with mobile money transfers costing up to 16.4% between some countries and bank transfers taking two to three days.
According to the World Bank, in 2024, sending $200 between Tanzania and Kenya via mobile money cost 16.4%, split between a 1.03% sending fee and a 15.37% margin on the exchange rate, often applied by intermediaries.
A roadmap
To address these constraints, member states are planning a harmonized approach to accepting and exchanging local currencies. "This initiative will reduce exchange-related costs, accelerate transaction speed and improve price transparency, thus fostering a smoother and more cost-effective cross-border payments ecosystem," the roadmap states.
The roadmap outlines four stages: harmonizing national payment regulations, establishing national switches to link banks and mobile money operators, interconnecting these switches by 2028, and launching a single regional switch by 2030. In the DRC, Prime Minister Judith Suminwa Tuluka announced on May 2, 2025, the imminent launch of the Mosolo national electronic payment switch, which will integrate all players in the national payment system.
This article was initially published in French by Timothée Manoke (intern)
Edited in English by Ola Schad Akinocho
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The World Bank has recently approved a $1 billion budget to support the development of the “Mythical Inga” hydropower project in the Democratic Republic of the Congo (DRC). Albert Zeufack, the Bank’s Director of Operations in the DRC, disclosed the news on X. Zeufack described the decision as “excellent news,” marking the World Bank’s return to the project after a nine-year hiatus and signaling renewed confidence in the Congolese authorities.
An initial tranche of $250 million, part of the overall budget, was approved on June 3, 2025. These funds will enable the Agence pour le développement et la promotion du Grand Inga (ADPI-RDC) to lay the groundwork for the sustainable development of Inga 3, with a focus on benefiting local communities, improving infrastructure, and creating jobs in riverside areas.
“The Inga 3 development program will accelerate the energy sector reform agenda and provide much-needed power generation capacity to ensure the sustainability of progress made in implementing the National Energy Plan (COMPACT DRC) beyond 2030,” Zeufack said.
For Bob Mabila, Director of ADPI-RDC, this milestone represents “an opportunity to write a new page in the history of the DRC’s development.” He envisions the project harnessing the country’s natural resources to lift millions out of extreme poverty. Mabila emphasized that, combined with investments in governance, education, and infrastructure, the Inga project could transform natural wealth into sustainable economic growth, job creation, and human development for the Congolese people.
The Inga 3 project is a major hydroelectric initiative on the Congo River, located near Inga Falls in the Kongo-Central province. It aims to tap into the region’s vast hydroelectric potential to boost the country’s energy supply and possibly export power to neighboring markets such as South Africa.
Depending on the chosen development options, the project’s final capacity is expected to range between 4,800 and 11,000 megawatts (MW), significantly surpassing the combined capacity of less than 2,000 MW from the existing Inga I and Inga II dams, which currently operate well below capacity due to maintenance challenges.
Diamond producers in the Democratic Republic of Congo (DRC) recently regained the freedom to sell their production without restrictions tied to a limited list of buyers. On June 2, 2025, Mines Minister Kizito Pakabomba officially rescinded the 2022 ministerial decree that had regulated sales of minerals under the supervision of the Centre d'expertise, d'évaluation et de certification des substances minérales précieuses et semi-précieuses (CEEC).
The minister declared that the 2022 decree was nullified as it conflicted with articles 85 and 108 of the Mining Code, which guarantee mining rights holders the freedom to market minerals extracted from their concessions. He emphasized that mining production regulation must strictly adhere to the Mining Code and its implementing regulations, rejecting any inappropriate supplementary rules.
The revoked decree had assigned CEEC the exclusive role of marketing precious and semi-precious minerals—including diamonds, gold, colored stones, and artisanal mining products—through appraisal, evaluation, and certification. The diamond sector, in particular, suffered under this regime due to the Kimberley Process’s strict certification requirements and the introduction of auctions.
Société Anhui Congo Investissement Minier (Sacim), a diamond producer jointly owned by the Congolese state and China’s Anhui Foreign Economic Construction Corporation Limited, welcomed the repeal. Sacim had actively lobbied for months against the decree, which it blamed for its ongoing financial difficulties.
Ronsard Luabeya (intern)
The Congolese government announced on June 2, 2025, plans to release $12 million under the second phase of funding for the revival of Société Textile de Kisangani (Sotexki), the country’s flagship textile company. Minister of Industry and SMEs Louis Watum Kabamba revealed this at a joint press briefing with Minister of Communication Patrick Muyaya.
According to Watum, the financial support will be split into two $6 million tranches, provided by the Industry Promotion Fund and the Public Treasury. This funding is part of a broader $50 million investment plan aimed at revitalizing the national industrial ecosystem.
Founded in 1974 and based in Kisangani, Sotexki mainly produces made-in-cotton fabric, including printed loincloths. The company is 40% state-owned and 60% held by Texico SA.
Once a vibrant enterprise, Sotexki has faced financial struggles due to outdated equipment, insufficient investment, and foreign competition. A recovery plan, initiated by former minister Julien Paluku and adopted in 2022, secured an initial $17.5 million to modernize the plant, improve raw material supply, and curb imports. The goal is to reach an annual production of 10.8 to 12 million meters of fabric.
At a December 27, 2024, Council of Ministers meeting, Minister Watum reported that 68% of the first tranche was allocated to investments and 32% to operating costs. A verification mission in October 2024 confirmed proper fund usage.
The minister estimates the revival will preserve 400 to 500 direct jobs and positively impact the cotton industry, which supports around 55,000 producers in northeastern provinces such as Bas-Uele and Ituri.
This article was initially published in French by Ronsard Luabeya (intern)
Edited in English by Ola Schad Akinocho
Profits of Finca RDC SA, a leading microfinance institution in the Democratic Republic of Congo, dropped 32% in 2024. According to the entity’s Pillar 3 report for the 2024 financial year, net income stood at 16 billion Congolese francs (CF), or $5.6 million, down from CF23.7 billion the previous year—a decline of CF7.7 billion. In 2023, Finca’s profits had surged by nearly 150%.
This setback came despite rising revenues. Net financial income increased by 11.7%, reaching CF116.3 billion from CF104.1 billion in 2023. However, this gain was offset by a sharp rise in costs: operating expenses jumped 28.7% to CF39 billion, and personnel expenses climbed 22.1% to CF38.1 billion. The report did not specify reasons for these increases.
Profitability was further pressured by higher provisions and bad debt losses, which rose 42.8% to CF12 billion. This mirrors a 42.6% increase in loans at risk, which hit CF27.8 billion—almost half of which are at least one month overdue. The uptick in risk coincided with a 14% expansion of the loan portfolio, which reached a record CF293.8 billion (over $100 million), the highest since Finca RDC’s founding in 2003.
This growth is partly attributed to the launch of a new application designed to streamline and speed up credit processing, introduced at the end of 2023. In 2024, Finca RDC granted over 70,000 loans, up from just over 51,000 the previous year.
Customer deposits also grew, rising 13% to FC 215.4 billion, in line with an increase in the customer base to just over 331,000.
Finca RDC is a local subsidiary of the global Finca Impact Finance (FIF) network, which operates in 40 countries and focuses on serving disadvantaged populations and small businesses. Its main shareholder is Finca Microfinance Holding Company LLC, based in the United States.
This article was initially published in French by Timothée Manoke (intern)
Edited in English by Ola Schad Akinocho