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As the M3 rebels and their Rwandan allies keep gaining ground in the region, Alphamin Resources has temporarily halted operations at its Bisie tin mine in Walikale territory, North Kivu province, Democratic Republic of Congo (DRC). The firm announced the shutdown on March 13, 2025.
"On March 9, 2025, these groups occupied the town of Nyabiondo, the capital of the Osso-Banyungu sector, located some 110 kilometers northwest of Goma. On March 12, they continued their advance and took the locality of Kashebere, located 13 kilometers west of Nyabiondo (ed.note: and 172 kilometers from the mining site)," Alphamin Resources indicated.
Given the highly volatile context, Alphamin evacuated operational staff from the mine while retaining a small team to ensure the maintenance and security of the facilities.
The company said it hopes the coming peace talks in Angola on March 18 will be fruitful, enabling a quick resumption of operations. Meanwhile, the suspension has already sent ripples through the global tin market.
Tin prices surged following Alphamin's announcement. On the London Metal Exchange (LME), prices jumped 3.3% to $34,530 per metric ton, peaking at $34,815 the highest since July. Analysts from the International Tin Association (ITA) noted that three-month delivery prices reached nearly $36,000 per tonne, a peak not seen since June 2022.
Alphamin’s decision further strains a market already grappling with supply challenges, including difficulties at Myanmar’s Man Maw mine which barely resumed operations.
Alphamin’s Bisie tin mine is a critical player in global supply chains. Producing over 17,000 tonnes in 2024—6% of global tin output—the mine’s closure exacerbates concerns about shortages. In 2024, DRC and Myanmar accounted for 66% of China’s tin concentrate imports. The ITA highlighted that investment funds are increasingly bullish on tin prices as markets anticipate further upward pressure.
This article was initially published in French by Timothée Manoke (intern)
Edited in English by Ola Schad Akinocho
The Kamoa-Kakula mine produced 86,000 tonnes of copper in January and February 2025. Ivanhoe Mines, which runs the mine, disclosed the figure in a note released on March 3. According to the source, “based on this performance, the total output for 2025 could stand between 520,000 and 580,000 tonnes, in line with annual forecasts.”
While this cumulative production over 59 days is significant, it translates to a daily average of 1,463 tonnes. If this pace continues throughout the year, the mine could yield approximately 534,000 tonnes within the projected range but not reaching its upper limit.
However, Ivanhoe Mines reported an acceleration in production during the last week of February, achieving a daily average of 1,589 tonnes. If this rate is maintained, total output could reach around 572,563 tonnes, nearing the upper forecast limit for 2025.
Kamoa-Kakula delivered 437,061 tonnes of copper in 2024, slightly below the initial forecast of 440,000 to 490,000 tonnes. Last October, the firm scaled down its forecasts due to power supply issues.
Since the beginning of this year, reports regarding the power supply at Kamoa-Kakula have been promising. "Since the beginning of the year, operations in phases 1, 2, and 3 of the Kamoa-Kakula complex have been powered by around 100 MW of hydroelectric electricity generated locally and imported," Ivanhoe Mines stated. “This capacity meets the current energy needs for all three phases of the project,”
The imported power primarily comes from the Cahora Bassa hydroelectric dam in Mozambique and the Kariba dam in Zambia. Ivanhoe Mines noted that these dams are experiencing a gradual improvement in water levels, which should enhance energy availability as southern Africa enters its rainy season.
This article was initially published in French by Boaz Kabeya (intern)
Edited in English by Ola Schad Akinocho
For the first time in its mining history, copper exports from the Democratic Republic of Congo (DRC) reached an impressive 3.1 million tonnes in 2024, according to a report released by the Congolese Ministry of Mines on March 6.
This marks a 13% increase from the previous year, largely driven by strong performances from the country's largest copper mines. The Chinese group CMOC, which operates the Tenke Fungurume and Kisanfu mining sites, reported a total production of 650,161 tonnes. Ivanhoe Mines, which runs the Kamoa-Kakula copper mine, achieved an annual output of 437,061 tonnes—up 12% from 2023.
This year, copper exports from the DRC could grow even more, fueled by a 3.7% increase in global demand, anticipated by Commodity Insights. Also, according to the British price analysis firm CRU Group, the DRC should produce 8% copper this year, compared to 2024. These developments solidify the DRC's position as the world's second-largest copper producer, a title it snatched from Peru in 2023. Last year, Peru’s copper output stood at 2.73 million tonnes, slumping by 0.7% year-on-year.
However, challenges persist. Congolese authorities have raised concerns that production from the Kamoa-Kakula mine is being sold at below-market prices, which could deprive the state of vital mining revenues. Moreover, the DRC must remain cautious about an economic slowdown in China—its top copper buyer—as this could impact export levels. During the first two months of 2025, imports of Congolese copper into China fell by 7.2%.
This article was initially published in French by Emiliano Tossou (Ecofin Agency)
Edited in English by Ola Schad Akinocho
Agricultural and agri-food exports from the Democratic Republic of Congo (DRC) reached a record $433 million in 2024, according to a recent report from the U.S. Department of Agriculture (USDA), which cited data from the Trade Data Monitor (TDM) platform. The figure compares with around $300 million in 2023 and less than $250 million in 2020.
While the report does not specify the exact factors behind this growth, it highlights that coffee and cocoa two of the DRC's top agricultural exports, and wood is the third saw substantial price increases in international markets last year.
The average annual price for Arabica rose to $4,099 per tonne in 2024, up 7.89% year-on-year. Robusta, which comprises over 70% of Congolese coffee production, reached an all-time high of $5,528 on November 28, 2024, closing the year with an average price of around $5,000 per tonne, up from approximately $2,400 at the start of 2024.
Cocoa prices also surged dramatically, climbing from $3,855 per tonne at the beginning of 2024 to $12,931 on the New York Stock Exchange by December 18 up by 172%.
Despite these impressive export figures, the USDA report indicates that the DRC remains in a trade deficit. Agricultural and food imports exceeded $1.9 billion in 2024, resulting in a deficit of about $1.46 billion. President Félix Tshisekedi noted in his State of the Nation address on December 11, 2024, that food imports cost the country approximately $3 billion annually.
This trade imbalance both strains the DRC's foreign currency reserves and highlights opportunities for developing local agricultural production to reduce reliance on imports. With over 80 million hectares of arable land available, there is considerable potential for growth in domestic agriculture.
According to TDM data for 2023, key food imports include palm oil, wheat, vegetables, meat, and dairy products. The DRC primarily sources food from the European Union, Zambia, Brazil, South Africa, and Namibia.
Espoir Olodo
On March 5, 2025, the U.S. Supreme Court rejected an appeal by the Trump administration to block a lower court ruling that ordered the immediate release of nearly $2 billion in payments to contractors and grantees of the U.S. Agency for International Development (USAID). The decision is a major setback for President Trump’s efforts to freeze foreign aid funding.
For sub-Saharan African nations like the Democratic Republic of Congo (DRC), this could have far-reaching implications. Although it remains unclear whether the funds include allocations for the DRC, USAID has been a critical partner in the country, investing $6 billion over the past decade in sectors such as health, education, and humanitarian aid. As the largest bilateral donor active in 25 of the DRC’s 26 provinces, USAID’s contributions are vital in addressing challenges ranging from public health crises to infrastructure deficits. While substantial, the USAID support to the DRC lags behind China’s. For instance, Beijing, via Sicomines, is expected to invest $5.5 billion over 15 years in the DRC; in the mining sector alone.
While major, the Supreme Court’s ruling was narrowly focused on procedural grounds, noting that the administration had failed to meet deadlines set by lower courts. This leaves open the possibility of renewed legal challenges that could delay or alter future funding decisions. However,a swift resolution of legal disputes surrounding USAID support is critical for the DRC as the country already faces conflicts in its eastern regions.
This article was initially published in French by Georges Auréole Bamba
Edited in English by Ola Schad Akinocho
In response to Rwanda’s alleged support to the M3 rebels who recently invaded the Democratic Republic of Congo (DRC), Canada announced a battery of sanctions on March 3. The measures are aimed at restricting economic cooperation with Rwanda. Among others, Canada suspended exports of controlled goods and technologies to Rwanda, halting new intergovernmental trade initiatives, and ending support for private-sector business development projects. The northern American country also said it will review its participation in international events hosted by Rwanda and scrutinize future Rwandan bids to host global summits.
In a joint statement, Canadian Ministers Mélanie Joly (Foreign Affairs), Ahmed Hussen (International Development), and Mary Ng (Export Promotion) condemned Rwanda’s actions, describing the presence of Rwandan defense forces in the DRC and their backing of M23 as “flagrant violations of the DRC’s territorial integrity and sovereignty” and the United Nations Charter. The ministers also denounced atrocities attributed to M23 in eastern DRC, including massacres, kidnappings, and sexual violence against women and girls. Rwanda rejected Canada’s accusations as “defamatory” and called the sanctions “wrong and counterproductive.”
The sanctions come amid escalating violence in eastern DRC, where M23 rebels—reportedly backed by Rwandan forces—have seized key cities like Goma and Bukavu since January 2025. The conflict has claimed over 8,500 lives and displaced thousands, according to the latest figures from the Congolese government.
Pressure Rises
Canada’s decision also marks a significant shift in bilateral relations with Rwanda. Their partnership, existing in 1963, covers development aid, trade partnerships, and diplomatic cooperation. Between 2022 and 2023, Ottawa allocated $44.82 million in international aid to Rwanda for education, health, and gender equality projects. Trade between the two countries totaled $13.4 million in 2023, with Canada exporting wheat, vehicles, and aircraft parts while importing coffee and spices from Rwanda. Many Canadian companies are also active in Rwanda in the infrastructure, engineering, mining, and energy sectors.
Canada joins a growing list of Western nations taking action against Rwanda. The European Union recently suspended defense consultations with Kigali, while the United Kingdom froze portions of its bilateral aid. The United States imposed sanctions on James Kabarebe, Rwanda’s Minister of State for Regional Integration, accusing him of supporting M23.
This article was initially published in French by Pierre Mukoko
Edited in English by Ola Schad Akinocho
After M3 rebels and their Rwandan allies took control of Goma last January, the Goma International Airport was shut. Air traffic between Kisangani (Tshopo) and Goma (North Kivu) subsequently halted, significantly impacting passenger and freight transport in the region.
The situation has plunged 13 airlines and travel agencies operating in Kisangani into severe financial difficulties, according to their representatives. During a February 25 visit by Tshopo’s provincial Minister of Transport and Communication, Mogenya Baraka, these stakeholders expressed concerns over the absence of air links to Goma, which they claim has crippled their operations.
They also criticized the imposition of a tax on certain goods destined for Kinshasa, including Fumbwa, a popular vegetable in the region. Quoted by Radio Okapi, the head of Congo Airways labeled the tax “non-regulatory,” arguing that it is not listed in any official nomenclature. He further noted that this practice has inflated cargo flight costs, compounding the challenges faced by companies already struggling due to the suspension of flights.
Minister Baraka acknowledged the concerns but clarified that revising tax regulations falls under the jurisdiction of the Provincial Assembly.
In 2021, following complaints from airlines about high taxes and operating costs, the government introduced relief measures such as exemptions on aircraft spare parts, reduced parking fees at major airports, and a cut in VAT on air transport from 16% to 8%. However, these measures have done little to address the unique challenges posed by ongoing conflict in North Kivu.
This article was initially published in French by Ronsard Luabeya (intern)
Edited in English by Ola Schad Akinocho
The North Kivu provincial government, in collaboration with banking institutions, is planning to shift banking operations from Goma to Beni, the province's temporary capital. This decision was announced following a meeting on March 4, 2025, between North Kivu’s military governor, Major General Évariste Somo Kakule, and representatives of local banks.
The move comes in response to the closure of banks in Goma after the city fell under the control of M23 rebels and their Rwandan allies. The occupation has disrupted financial services, making it difficult for the government to pay salaries to civil servants and bonuses to soldiers stationed on the front lines. To address this issue, authorities and banking institutions are exploring ways to facilitate payments from Beni.
"Most of the institutions active in Goma are also here in Beni. We are looking at ways to have agents previously paid by banks absent in Beni to continue receiving payments here" said Reagan Dikoma, manager of Equity BCDC, speaking on behalf of the banks.
Paying salaries and bonuses remains a pressing concern for the central government. During the 32nd Council of Ministers meeting on February 21, 2025, Prime Minister Judith Suminwa highlighted this issue, which had been discussed earlier at the Economic Context Committee meeting on February 19. However, no definitive solution has yet been reached. During the Council, ministers were tasked with “thinking of practical modalities for salary disbursement in North and South Kivu.”
This article was initially published in French by Ronsard Luabeya (intern)
Edited in English by Ola Schad Akinocho
On March 4, 2025, the German government announced sanctions against Rwanda over its alleged support for the M23 rebels who recently invaded eastern Democratic Republic of Congo (DRC). Germany decided after the rebels overtook several cities, including Goma and Bukavu.
"We will suspend new financial commitments, review existing development cooperation with the Rwandan government, and suspend high-level participation in development policy events of the Rwandan government," Germany’s Ministry for Economic Cooperation and Development (BMZ) stated.
Germany had initially earmarked €93.6 million ($98 million) in funding for Rwanda for the 2022-2024 period, but these funds will no longer be disbursed.
Rwanda called the move "wrong and counterproductive," arguing that such unilateral sanctions undermine regional stability.
The sanctions come amid growing calls from Western nations for Rwanda to stop supporting the M3 rebels. However, Rwandan leader Paul Kagame keeps claiming that his troops are merely there to secure borders.
This article was initially published in French by Boaz Kabeya (intern)
Edited in English by Ola Schad Akinocho
Over the past year, Vodacom RDC, the Congolese subsidiary of South Africa’s Vodacom Group, had 6.4 million active mobile money or M-Pesa users. According to official documents reviewed by Bankable, the figure is 28.4% more than in 2023 when the number of M-Pesa users stood at 5.88 million. Active users regroup users who utilized the service at least once during the previous month.
The surge in M-Pesa active users highlights the Democratic Republic of Congo (DRC) as a strategic market for the service outside Kenya. It also contributed significantly to Vodacom’s financial performance. Preliminary results for Vodacom’s financial year (April 2024 to March 2025) indicate that M-Pesa transactions in the DRC generated R2.67 billion—approximately $145.8 million at an average exchange rate of 17.8 rand per dollar. These figures await confirmation through audited data.
Vodacom dominates the DRC’s mobile financial services market, holding over 53% market share with 13.1 million subscribers (including inactive accounts) as of mid-2024, according to data from the telecommunications regulator.
During this period, M-Pesa recorded $85 million in revenue, making it the most profitable service in the sector, outpacing competitors like Orange Money, Airtel Money, and Afrimoney, which collectively generated $89.2 million.
Despite its dominance, Vodacom faces intensifying competition. In Q2 2024, M-Pesa’s revenue declined by 4.19% compared to Q1, while rivals gained ground. Airtel Money posted $31.9 million in revenue a 6.5% increase while Orange Money grew by 12.3%.
The DRC’s mobile financial services market remains underpenetrated with a usage rate of just 25.7%, offering significant growth potential for all players.
This article was initially published in French by Georges Auréoles Bamba
Edited in English by Ola Schad Akinocho
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The majority shareholders of the Kamoa-Kakula copper complex have committed $200 million to modernize and stabilize the power grid in the southern part of the Democratic Republic of Congo (DRC). According to official documents reviewed by Bankable, the modernization project began in late 2024.
The project focuses on boosting the transmission capacity between the Inga II hydroelectric power station and Kolwezi, Lualaba province’s mining hub. Key upgrades include installing a harmonic filter at the Inga converter station and a static compensator at Kolwezi’s substation.
Additional measures involve replacing aging power cables, repairing direct current (DC) infrastructure, and establishing maintenance contracts with SNEL (Société Nationale d’Électricité), the DRC’s state-owned electricity operator. These efforts are being spearheaded by Ivanhoe Mines Energy DRC, under the financing of Kamoa Holding a joint venture between Ivanhoe Mines and Zijin Mining.
Stable power is a critical performance factor for mining operations, particularly for Kamoa-Kakula, which is ramping up its Phase 3 operations. The project plans to commission a third smelter powered primarily by renewable energy, reducing production costs while increasing refined copper output.
178 MW more incoming
However, these benefits depend on the commissioning of Inga II’s fifth turbine, which was installed in 2024 and is expected to add 178 MW of hydropower capacity. Starting in mid-2025, Kamoa-Kakula will receive an initial 70 MW of this capacity, gradually increasing to 178 MW by 2026. Until then, the mine will continue relying on imported electricity and diesel generators.
Kamoa-Kakula is not alone in addressing DRC’s energy challenges. Chinese mining giant CMOC, which operates the Tenke Fungurume and Kinsfu Mining projects, announced plans in 2024 to generate at least 600 MW of solar power to support its operations.
This article was initially published in French by Georges Auréoles Bamba
Edited by Ola Schad Akinocho
Pan-African banking group Ecobank Group and China’s top B2B cross-border trade payment platform XTransfer have signed a landmark memorandum of understanding to revolutionize cross-border payments between Africa and China, targeting small and medium-sized enterprises (SMEs) engaged in foreign trade. Ecobank announced the deal on February 6, 2025.
The collaboration comes at a time when trade between China and Africa reached a record $282 billion in 2023, with $18.75 billion attributed to flows between China and the Democratic Republic of Congo (DRC). This positions the DRC as China’s fourth-largest trading partner in Africa, making it a key market for Ecobank, which has a strong local presence.
Through the memorandum, Ecobank and Xtransfer aim to tackle the persistent challenges of international transactions, such as high costs, currency exchange risks, lengthy remittance times, and regulatory hurdles.
In the DRC, banks currently charge transfer fees ranging from 0.75% to 1% of the amount transferred, with a minimum of 45 to 50 USD. Processing times can range from three days to a week or more, and some transactions are subject to restrictions that further slow down the process. Another major issue is the constant depreciation of the Congolese franc. In 2024, according to the Central Bank of Congo (BCC), the local currency depreciated by 0.12% on the official market and 0.39% on the parallel market against the US dollar.
Better fees
“XTransfer will leverage Ecobank’s extensive network across Africa, enabling its Chinese clients to collect funds in local African currencies while assisting African SMEs in making payments in their local currencies to negate foreign exchange issues,” Ecobank indicates on its website. “By integrating XTransfer's cutting-edge solutions with our pan-African payment platform, we simplify payments, reduce transaction costs, and enable African businesses to thrive in global trade,” said Ecobank’s CEO, Jeremy Awori.
XTransfer’s competitive pricing model also stands out. Payments to supplier accounts in China are capped at 0.4%, while transfers between two XTransfer accounts are free and instantaneous. It remains to be seen how this pricing will evolve under the partnership with Ecobank.
“Leveraging Ecobank’s extensive payment network in Africa will accelerate our business expansion in the region,” commented Xtransfer CEO and Founder, Bill Deng.
For Ecobank, this partnership aligns with its broader strategy to drive financial integration across Africa while boosting its net banking income. In 2023, the bank ranked sixth in the DRC with $61 million in net banking income, far behind market leader Rawbank at $461 million.
While the collaboration with XTransfer should help Ecobank be more competitive, the two partners must overcome various hurdles, including banking regulations, especially in the DRC. In its latest report on banking in the DRC, issued in December 2024, Deloitte revealed that the Central Bank of Congo (BCC) has been tightening the sector, introducing stricter rules to enhance transparency and combat money laundering.
This article was initially published in French by Timothée Manoke (intern)
Edited in English by Ola Schad Akinocho
The price of cobalt oxide on the Shanghai Metals Exchange rose to €16,640 per tonne (excluding tax) on February 28, 2025, up 1.46% over five days. The dynamic, reviewed by Bankable, was also observed on the London Metal Exchange, where April 2026 cobalt oxide contracts climbed 5%, trading at $22,246.19 per tonne, up from the current $21,153.
This surge follows the Democratic Republic of Congo's (DRC) announcement on February 22 of a four-month suspension of cobalt exports, a move aimed at addressing oversupply and stabilizing prices.
The DRC, which supplies 75% of the world’s cobalt oxide, has triggered market uncertainty with this decision, as buyers anticipate tighter supply amid growing demand. Analysts at the Shanghai Metals Exchange attribute the price acceleration to reactions from cobalt processing industries, which temporarily halted refined cobalt bids to assess raw ore availability. S&P Global had already forecasted a reduction in surplus cobalt stocks for 2025, but the Congolese export suspension has amplified this upward price correction.
No Supply Deficit before 2030?
The recent suspension is part of broader efforts by the Congolese Regulator of Strategic Minerals Markets, ARECOMS, to influence global supply-demand dynamics. The watchdog plans to assess the measure’s impact in three months to determine whether to maintain, adjust, or lift it. Meanwhile, observers anticipate the reaction of major producers like China’s CMOC, whose investments in the Kisanfu mine have contributed significantly to the global oversupply of copper.
The DRC earns a lot from selling its minerals and taxes and royalties from its mining assets. Therefore, higher cobalt prices are critical for meeting the country’s budgetary revenue targets and financing development ambitions.
However, at the end of 2024, some observers had projected that it would take some time for prices to rise sustainably. They said there should be no supply deficit before 2030. Last December, Joel Crane of S&P Global, predicted that while electric vehicle demand will drive an 11% annual increase in cobalt consumption through 2030, supply growth will lag at just 4% annually due to limited new exploration projects in the DRC. “Although the DRC has added 60,000 tonnes of cobalt since 2022, its contribution is expected to gradually decline,” Crane noted. Nick Burroughs, Sales Director at Benchmark Mineral Intelligence, shares this view.
EGC Steps Up
While the impact of the recent forecasts on prices in the market for direct cobalt purchases, especially artisanal mining, this sector could face supply chain-related challenges. Artisanal mining contributes 15-30% of the DRC’s cobalt production.
According to several media outlets, the ARECOMS has recently clarified that even after the export suspension is lifted, artisanal cobalt can only be sold to Entreprise Générale de Cobalt (EGC), a state-owned subsidiary of Gécamines. With this in mind, EGC’s managing director Éric Kalala, quoted by Bloomberg, said the firm plans to purchase artisanal cobalt during the suspension to support miners and strengthen EGC’s role as an exclusive buyer. At the same time, the state-owned entity is committed to fostering a fairer supply chain while boosting its revenues. However, questions remain about whether EGC has the resources and capacity to manage these operations effectively in a market that demands immediacy. Indeed, artisanal miners often want to quickly sell and regularly request advances to finance their activities.
This article was initially published in French by Georges Auréole Bamba
Edited in English by Ola Schad Akinocho
On February 24, 2025, Ivanhoe Mines announced a $50 million investment in exploration activities at its Western Forelands copper project in the Democratic Republic of Congo (DRC). This is about two-thirds of the company's total exploration budget of $75 million for 2025.
This year, Ivanhoe plans to implement an ambitious program that includes 102,000 meters of diamond drilling and 18,000 meters of reverse circulation drilling at Western Forelands. The project will build on last year’s progress, including the expansion of the mineralized zone of the Makoko deposit and the discovery of the Makoko West zone.
The company is also set to update its mineral resource estimate for Makoko in the second quarter of 2025. This update should include initial resource estimates for Makoko West and Kitoko, a high-grade copper zone discovered in 2023.
The first estimate for the deposits that currently comprise Western Forelands Kiala and Makoko revealed that the project contains 21 million tonnes of indicated mineral resources with a copper grade exceeding 3%. Encouraging drilling results position Ivanhoe Mines to potentially develop its second copper mine in the DRC. A few kilometers away, Ivanhoe operates Kamoa-Kakula, the country’s largest copper mine.
While 2025 could be a pivotal year for Western Forelands, significant challenges remain before construction begins. Among others, Ivanhoe must confirm the project's mineral resources and conduct comprehensive studies to assess its economic viability. Only after these steps will the company consider raising funds for eventual mine development.
The positive outlook for copper demand and prices may help attract investors as Ivanhoe advances its exploration efforts in this promising region.
This article was initially published in French by Emiliano Tossou
Edited in English by Ola Schad Akinocho