News (844)
DRC approved the takeover of Chemaf (Chemical of Africa) by Virtus Minerals on March 13, Bankable learned from a source involved in the process. According to the source, the decision is contained in a letter from Mining Minister Louis Watum to Virtus CEO Phil Braun.
The approval is required under Congolese law for any formal transfer of mining assets. It clears the way for the finalization of a share transfer agreement signed in late January between Virtus and Zedra Skye Trustees, which represents nearly 95% of Chemaf's shareholders.
The decision was reached in consultation with Gécamines, which owns certain permits operated by the copper and cobalt producer. It also aligns with a strategic critical minerals partnership signed last December between the Democratic Republic of Congo and the United States. Implementation of that partnership is overseen by a coordination body that includes the mining minister and Gécamines leadership.
For the United States, engaged in a race to secure critical mineral supplies, Chemaf represents a near-turnkey asset. The company operates two active mines: Mutoshi, in Kolwezi, and Etoile, in Lubumbashi. Expansion projects at both sites are estimated to be at least 80% complete. An additional $300 million would be needed to complete the work. At full capacity, the two mines are expected to produce around 75,000 tonnes of copper cathodes and 25,000 tonnes of cobalt hydroxide per year.
In addition to permits leased from Gécamines, Chemaf holds around 60 titles, including about 30 exploitation permits across several provinces, according to the mining registry as of Sept. 30, 2025. The company carries close to $1 billion in debt.
Uncertainties
Washington is said to have backed Virtus to secure the asset. In recent months, several media outlets reported that officials from the National Security Council and the State Department applied diplomatic pressure on Congolese authorities in support of Virtus’s bid. That pressure appears to have overcome government reservations.
President Felix Tshisekedi had expressed doubts about Virtus’s financial and operational capacity to take over Chemaf, according to Africa Intelligence. The company, founded by former U.S. military personnel, has limited mining experience. In the DRC, it holds only a small metallurgical plant in Haut-Katanga, described by Africa Business+ as not comparable in scale to Chemaf’s operations.
Under the transfer agreement, Virtus would assume Chemaf’s debts and pay $30 million to shareholders. It also plans to hand over operations to Indian firm Lloyds Metals and Energy, which has limited experience in copper-cobalt projects, particularly in Africa. To finance the deal, Virtus has turned to New York-based Orion Resource Partners, which says it manages about $8.6 billion for institutional investors. No binding agreement has been signed to date.
The fate of Chemaf’s more than 3,000 direct employees and thousands of contractors remains unclear. In his letter, the mining minister is said to have noted only that the Congolese state and private Congolese interests should each hold a 10% stake in the company, in line with national legislation.
Kinshasa’s approval is a setback for Buenassa, a Congolese company that had hoped to acquire Chemaf to secure its raw material supply for more than 20 years. Buenassa, which is developing a refinery project, aimed to use the acquisition to accelerate vertical integration across extraction, refining, trading and strategic storage.
Pierre Mukoko
Democratic Republic of Congo President Félix Tshisekedi has ordered tighter oversight of the creation of public funds, commissions, cells and state institutions, in a bid to rationalize government spending.
At the 82nd Council of Ministers meeting on March 13, 2026, Tshisekedi said any new public body must receive prior approval from the prime minister, who will assess its relevance, strategic value and financial impact before a final decision.
According to the council’s communiqué, the measure aims to improve management of public resources and curb the proliferation of structures deemed ineffective or redundant. The review will identify entities with clear utility, those of limited relevance, and cases of overlapping mandates or institutional duplication.
A review process already underway
The decision builds on measures launched several months ago. At the 74th Council of Ministers meeting on Jan. 9, 2026, Tshisekedi stressed the need for stronger budget discipline, describing spending rationalization as an “immediate, credible and indispensable lever” to preserve macroeconomic stability.
He called for the elimination of non-priority or insufficiently justified expenditures and requested a progress report from the prime minister on measures already under way.
The directive dates back to the 42nd Council of Ministers meeting on May 2, 2025, when the government was instructed to identify recently created public bodies, assess their added value and consider dissolving or restructuring those deemed unproductive or a drain on the budget. The results have not yet been made public.
Pressure on public finances
The move comes amid continued pressure on public finances. The 2026 budget law, promulgated in late December 2025, was set at about $22 billion, up from an initial draft of $20.3 billion presented in September.
In this context, the executive is seeking to contain operating costs, limit the dispersion of budgetary resources and focus spending on priorities, notably security, reconstruction and infrastructure.
Through these measures, the government aims to use administrative rationalization as a tool to strengthen budget discipline and improve public governance.
Boaz Kabeya
The Democratic Republic of Congo’s standardized invoice reform could generate about $200 million in additional revenue by the end of 2026, Finance Minister Doudou Fwamba said in an interview published by Geopolis Magazine on March 13, 2026.
The projection comes as value-added tax (VAT) accounts for a significant share of public revenue. According to the 2023 annual report of the General Directorate of Taxes (DGI), 8,895 companies collected VAT on behalf of the state, totaling 2,776.2 billion Congolese francs, or 23.7% of tax revenue.
Authorities see tighter oversight of VAT as a key lever to mobilize domestic resources. The standardized invoice reform aims to strengthen the traceability of commercial transactions and limit fraud or under-reporting through secure billing tools connected to the tax administration.
Implementation accelerated early this year. On March 1, 2026, the Finance Ministry launched a support program for economic operators to facilitate compliance with the new system. The initiative includes the distribution of 4,000 electronic fiscal devices (EFDs) used to issue secure electronic invoices.
The equipment will be allocated to eligible operators on a first-come, first-served basis, subject to available stock. Beneficiary companies must, however, cover certain related services, including activation, training and technical maintenance.
The reform is part of a broader process launched in 2025. In June 2025, the DGI began certifying company billing systems, with the objective of gradually restricting invoice issuance to software compliant with tax administration requirements.
Through the standardized invoice system, the government aims to strengthen VAT collection, improve tax transparency and boost domestic revenue amid increasing pressure on public finances.
Boaz Kabeya
The Democratic Republic of Congo has opened talks to update technical studies for the Pioka-Tombe hydroelectric project, a 6,450-MW cross-border hydropower project.
According to a statement published on March 12, 2026, Mines and Electricity Minister Aimé Sakombi Molendo met in Milan with officials from Italian engineering firm Electroconsult, which conducted the site’s first technical studies in 1978.
The ministry said discussions focused on updating the project’s technical and economic studies, a prerequisite for relaunching the development. The objective is to refresh existing data ahead of the next phases of the project.
Founded in 1955 and headquartered in Italy, Electroconsult is an engineering and consulting firm involved in hydropower, geothermal energy, electricity and civil infrastructure projects.
At a Cabinet meeting on Jan. 9, 2026, Sakombi Molendo outlined several technical steps needed to revive Pioka-Tombe, including updating existing studies, conducting topographic surveys, carrying out pre-feasibility and feasibility studies, and preparing a detailed preliminary design.
The minister also said an appropriate institutional and financial framework would be required to mobilize the investment needed to build the project.
Development of the site is also covered by a bilateral cooperation agreement between the DRC and the Republic of Congo. On Feb. 26, 2026, Sakombi Molendo and his Congolese counterpart Émile Ousso signed a memorandum of understanding on the hydroelectric development of the Pioka-Tombe site on the Congo River.
Once completed, the project could help ease Kinshasa’s power deficit, estimated at more than 1,000 MW, while supporting industrial development in Kongo Central and areas connected to the Inga grid.
Ronsard Luabeya
MCC Resources, a gold mining company operating in Ituri province in the Democratic Republic of Congo, has suspended operations at its Muchacha and Mavuvu sites in Mambasa territory following an armed attack on the night of March 11-12, 2026.
In a statement reported by local media, the company said it halted operations on March 12 until further notice after armed assailants breached the mine’s security perimeter. The attack led to looting and sabotage of the company’s facilities. MCC Resources said no casualties were reported at its sites, noting that it had evacuated personnel weeks before the incident as a precaution.
In a communiqué issued on March 15, 2026, the Congolese government strongly condemned the attack on the Muchacha mining sites. Authorities said the assault, attributed to the ADF and claimed by the Islamic State group, killed several people, sparked fires at the site and displaced civilian populations.
MCC Resources said it is closely monitoring the security situation before deciding whether to gradually resume operations. The company is among the gold miners operating in this part of Ituri. According to provisional 2025 mining statistics, it produced 168.47 kilograms of gold.
Muchacha, a key gold-producing area, has repeatedly faced incursions by armed groups. In August 2016, the locality was hit by an attack attributed to the Mai-Mai Simba that killed three people and led to several kidnappings. More recently, in January 2026, attacks attributed to the ADF in the Walese Vonkutu chieftaincy in Irumu territory killed at least 25 civilians, highlighting the persistent insecurity in the province.
Ronsard Luabeya
Ferry crossings on the Kalelu River linking Lomami and Kasaï-Oriental provinces resumed on March 11-12, 2026, nearly a month after an accident on Feb. 13 halted traffic on the route.
The reopening was marked by a ceremony presided over by Kasaï-Oriental's provincial Finance Minister, Kabuya Mende Eli Elias, in the presence of representatives from Ngandajika territory and the Lomami General Directorate of Revenue.
Authorities said the reopening follows new safety rules. The maximum load per crossing has been set at 20 metric tons, and ferry operations are now restricted to 7 a.m. to 6 p.m. Local officials said the measures aim to better regulate passenger and goods transport and reduce risks linked to overloading.
The crossing is vital to the movement of people and the flow of trade between the two provinces, particularly for the transport of agricultural produce and consumer goods. Its suspension following the February accident had severely disrupted traffic along the route.
The accident that triggered the shutdown occurred on Feb. 13, 2026, when a vehicle fell into the river during a maneuver connected to the ferry. In the immediate aftermath, eight people were reported missing, according to Radio Okapi. By the time service resumed, authorities reported an official toll of eight deaths, including six bodies recovered and two people still listed as missing, according to Actualite.cd.
With operations resuming under tighter supervision, provincial authorities say they aim to restore a vital service while enforcing stricter compliance with safety regulations to prevent another tragedy.
Boaz Kabeya
The Democratic Republic of Congo officially launched its first pilot gold refinery in Kalemie, in Tanganyika province, on March 11, 2026. The facility, called DRC Gold Refinery, was set up through a partnership between state-owned company DRC Gold Trading and Lunga Mining, which is active in gold exploration and development in Maniema and Tanganyika provinces, the Ministry of Mines said in a statement on March 11, citing records from the Mining Registry (CAMI).
The refinery has an estimated production capacity of between 500 and 600 kilograms of gold per month, according to the ministry. The facility is described as handling the full chain from gold purchasing to refining and ingot production. Mines Minister Louis Watum Kabamba also said the unit should enable the DRC to export refined gold at 99.9% purity. The figures were provided by the ministry in official communications on the project.
The initiative is part of DRC Gold Trading's strategy to formalize artisanal gold trading. Authorities say the objective is to reduce losses linked to fraud and smuggling while increasing the share of value captured locally. For 2026, DRC Gold Trading aims to export between 15 and 18 metric tons of artisanal gold, as the government seeks to increase foreign currency inflows and improve traceability of gold from artisanal mining operations.
The Kalemie launch is not the DRC's first attempt at gold refining. In July 2023, Congo Gold Raffinerie, based in Bukavu, had its license revoked by the Ministry of Mines before it began operations. The official decision cited failure to meet social obligations, particularly those related to corporate social responsibility requirements. At the time, Congo Gold Raffinerie said it had planned to refine around 100 kilograms of gold at its Bukavu plant.
Ronsard Luabeya
Tshopo Provincial authorities have stepped up oversight of the petroleum products market in Kisangani, amid global market pressures and growing concern over fuel prices in the province.
In a communiqué published on March 10, 2026, the provincial government said the sale of fuel in drums or jerricans outside approved distribution channels remains prohibited. The measure aims to better regulate the distribution of petroleum products and limit speculative practices that could affect pump prices and consumer purchasing power.
The document states that special distribution arrangements remain permitted through the network linked to the Association des navigateurs fluviaux de Kisangani (Anaflukis), given the essential role of river transport in supplying the region.
According to authorities, the decision followed consultations with economic operators in the sector, held in the presence of the Fédération des entreprises du Congo (FEC/Tshopo). To enforce the measure, provincial technical services are to be deployed at service stations and distribution points.
The stated objective is to prevent abuses in the distribution chain, ensure the regular functioning of the local petroleum market and prevent unjustified price increases. The communiqué warned that speculation, excessive stockpiling and unjustified price hikes would be sanctioned in accordance with applicable regulations.
The provincial government and FEC/Tshopo said the measures are intended to protect consumers’ purchasing power and ensure a more consistent supply of petroleum products in the province. The decision comes after fuel prices in Kisangani had already exceeded official rates in recent months, highlighting the vulnerability of the local market to supply pressures and speculative practices.
Ronsard Luabeya
The Democratic Republic of Congo signed a concession agreement on March 12 with Boston Developers Ltd for the development of the Congolese dry port at Kwala, Tanzania. The announcement was made in an official statement from the Ministry of Transport and Waterways.
The signing ceremony took place in the presence of Deputy Prime Minister and Transport Minister Jean-Pierre Bemba and his Tanzanian counterpart, Transport Minister Makame Mbarawa, who both welcomed the strengthening of economic cooperation between the DRC and Tanzania.
In its statement, the transport ministry did not disclose the terms of the partnership. It said only that the signing of the agreement marked a milestone in the development of the Congolese logistics project at Kwala. The dry port is intended to facilitate customs clearance operations, improve tracking of Congolese freight for both imports and exports, and help curb trade fraud.
The Congolese project is part of the wider development of the Kwala logistics hub, which was inaugurated on July 31, 2025, by Tanzanian President Samia Suluhu Hassan. Located approximately 90 kilometers from the port of Dar es Salaam, the logistics hub includes a dry port, a connection to the standard gauge railway network and facilities for freight transport and storage.
According to Tanzanian authorities, the infrastructure is expected to significantly reduce transit times for goods between the port of Dar es Salaam and landlocked countries in Central Africa. Transit times, which previously reached 15 to 16 days, may be reduced to around five to six days through the site's integrated rail and logistics network.
Strengthening Access to the Central Corridor
Under the agreement, the DRC has been allocated approximately 45 hectares at the Kwala site to develop facilities for handling Congolese freight. The country also has access to a logistics site at Katosho, located in Kigoma on the Tanzanian shore of Lake Tanganyika, to facilitate trade with eastern Congo.
Through the project, Kinshasa is seeking to strengthen its access to the Central Corridor, improve freight management for the Congolese market and deepen economic cooperation with Tanzania. The project is part of the government's strategy to secure trade corridors, improve the flow of foreign trade and reduce logistics costs for Congolese importers and exporters.
The selection of a private partner to develop the infrastructure had been announced in 2025 by Deputy Prime Minister Bemba, who said at the time that the Congolese government was in the final stages of selecting an operator for the logistics sites at Kwala and Katosho.
Boston Developers Ltd, described as a company active in engineering, construction and infrastructure and real estate project development across several regions of the world, was ultimately selected to develop the Congolese dry port at Kwala.
Boaz Kabeya
The Democratic Republic of Congo is considering building a strategic reserve of at least 50,000 tonnes of ground and aviation fuels to reduce the risk of supply disruptions, state broadcaster RTNC reported.
The option was discussed at a meeting chaired by Hydrocarbons Minister Acacia Bandubola Mbongo on March 9, 2026, amid heightened tensions on global oil markets.
The proposed reserve would cover only a small share of national demand. The DRC imports all of its refined petroleum products. According to the 2023 report from the Central Bank of The Congo, the country’s consumption stood at 2,804,698 cubic metres that year. Using standard conversion factors, that corresponds to roughly 2.3 to 2.4 million tonnes annually.
A 50,000-tonne reserve would therefore represent about 2% of yearly consumption, equivalent to only a few days of supply.
Recent demand trends suggest the gap could be even larger. After a pump-price reduction on Oct. 3, 2024, fuel demand at filling stations in Kinshasa tripled to about 4,500 cubic metres per day from 1,500 previously, according to the Ministry of National Economy.
RTNC did not say whether the planned reserve would come on top of existing legal requirements. According to the Hydrocarbons Ministry, the state is supposed to maintain minimum reserves equivalent to 60 days of consumption across different petroleum products. By the authorities' own admission, that target has not been met.
RTNC also reported that the government plans to make advance payments starting in early April to cover losses and foregone revenues from the first quarter of 2026, allowing oil companies to replenish fuel stocks. The downstream sector remains vulnerable to delays in compensation payments and cash-flow pressures.
The plan suggests authorities expect a reversal of the trend observed in 2025. The state said it recorded gains rather than losses in part of last year. It reported more than $22 million in the fourth quarter in the western zone, traditionally loss-making, and more than $44 million in the second quarter in the southern, eastern and northern zones, which are generally profitable.
Officials also discussed creating a mechanism to closely monitor developments in global oil markets, with stronger coordination between the Hydrocarbons Ministry and the Congo Central Bank to anticipate price swings and adjust pricing policies quickly.
Middle East tensions
The conflict involving the United States, Israel and Iran has disrupted energy markets. Fighting has forced production shutdowns and logistical disruptions in several Gulf countries, major hydrocarbon producers, affecting oil and gas exports from the Middle East.
The situation has been compounded by tensions around the Strait of Hormuz, a strategic chokepoint through which a large share of the world's oil and liquefied natural gas passes.
In a note published on March 10, 2026, UNCTAD said the strait handles around 20 million barrels per day, representing nearly 25% of global seaborne oil trade. The agency said the route is one of the world's main energy chokepoints and that recent disruptions have revived concerns about global supply.
The tensions have quickly pushed prices higher. Brent crude repeatedly rose above $100 a barrel and briefly approached $120 on March 9.
Pierre Mukoko & Boaz Kabeya
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DR Congo's Ministry of Fisheries and Livestock approved an agreement with poultry company Egg's For Congo in February 2026 for the management and operation of a major poultry project in Kinshasa. According to a notice published by the ARMP, the project is valued at $7 million and will run for 10 years under a régie intéressée contract, a form of public service management arrangement.
Public documents link the agreement to a public-private partnership (PPP) project listed in the 2026–2028 Public Investment Program, titled "PPP Project for the Establishment of Parent Farms and Industrial Hatcheries in Kinshasa." A PPP refers to a collaboration in which a government partners with a private company to finance, build or operate a public project or service.
In that document, the private partner is also Egg's For Congo, the planned duration is 10 years, and the cost was still estimated at $11 million as of July 17, 2025, with a favorable opinion issued subject to the incorporation of observations and recommendations.
Documents reviewed indicate that both references concern the same project. However, the public documents do not explain with certainty why the total cost dropped from $11 million to $7 million between July 2025 and February 2026.
The contract is structured as a régie intéressée, a modality provided for under Congolese public procurement law. Under this type of contract, the government retains ownership and overall responsibility for the service but entrusts its management to an operator, which receives a fixed fee along with a share linked to the service's operating results.
Egg's For Congo describes itself, on its website, as a company active in the poultry sector in the Democratic Republic of Congo. According to information on that platform, the project was launched in 2014 by Jean-Pierre Mwipata, Didier Molisho and Hanno Kiezebrink, with the goal of promoting the development of the poultry sector in the country. The company says it is involved in the sale of SASSO chicks, the production and importation of poultry feed, the importation and distribution of veterinary medicines and poultry equipment, as well as technical and management training for farming operations. The company had not responded to requests for comment at the time of publication.
Drive to Revive the Poultry Sector
The deal comes against the backdrop of a broader effort to revive the poultry sector. On Oct. 18, 2024, the Council of Ministers approved a pilot program to restart poultry production in the DRC. The program is set to span eight production hubs across the country to structure poultry supply chains and create synergies between modern and smallholder poultry farming, with the stated aim of strengthening food security and sovereignty.
Separately, the DRC opened discussions with Chinese partners in March 2025 on a project to produce 5 million chicks per year. The plan would involve the annual importation of 50,000 parent breeding pairs, alongside technology transfers and training support for farmers. Those talks remain at the cooperation discussion stage and do not represent a program already under implementation.
The authorities' interest in poultry is driven by the country's persistent dependence on imports. According to data from the Central Bank of Congo, the national poultry flock was estimated at more than 18.9 million head in 2023, but domestic production remains insufficient to meet internal demand. According to Trade Map, imports of poultry meat rose from 122,964 tonnes in 2019 to more than 142,300 tonnes in 2023, while the associated import bill grew from $66.4 million to nearly $91 million over the same period.
In this context, the project validated with Egg's For Congo can be seen as one element of a broader strategy to strengthen the local supply of chicks and poultry inputs. At this stage, however, public documents do not provide a full operational timeline for the PPP, a detailed investment breakdown, or the specific observations made by the UC-PPP before issuing its favorable opinion.
Timothée Manoke
A fire broke out Tuesday morning at Beni Airport, commonly known as Mavivi, in North Kivu province in the Democratic Republic of Congo. The airport is currently undergoing upgrade work.
According to Radio Okapi, the blaze started in the kitchen of a restaurant inside the terminal building. The wooden structure was rapidly consumed by the flames.
The fire completely destroyed the building, which housed a passenger waiting area, check-in counters and administrative offices of the Civil Aviation Authority (RVA). North Kivu’s military governor, Evariste Somo Kakule, said the building had been constructed in 2010.
Major General Evariste Somo Kakule visited the site after the incident and said investigations were underway to determine the cause of the fire. He ruled out the possibility of an attack. The Beni area remains security-sensitive due to the presence of armed groups.
Fire response operations were led by teams from the United Nations Organization Stabilization Mission in the Democratic Republic of the Congo (MONUSCO), which deployed fire trucks in coordination with the Congolese National Police (PNC). Teams worked to prevent the fire from spreading to nearby installations, including parked aircraft and fuel depots.
Despite the damage, air traffic continued. According to local sources, passenger and baggage screening is now being carried out temporarily in the open air.
The incident comes as Mavivi Airport is undergoing a modernization project aimed at upgrading it to international status. The works were officially launched in December 2025 by Infrastructure and Public Works Minister John Banza. The project includes extending the runway to about 3,600 meters in length and 45 meters in width.
The project, being carried out by the company Services Vihumbira (SSV), aims to provide the region with modern airport infrastructure, improve connectivity and support the economic development of North Kivu.
Timothée Manoke
The World Bank is considering extending its Transforme project along the Lobito Corridor in the southeastern Democratic Republic of Congo (DRC), Zouhour Karray, the Bank’s Senior Private Sector Specialist, said after a two-week mission to the country.
Speaking in an interview published on the project’s YouTube channel on March 6, 2026, Karray said the initiative forms part of a corridor-based development strategy aimed at linking infrastructure investment with the growth of local entrepreneurship.
Three corridors are currently under consideration: the Lobito Corridor, the Kongo Central Corridor and an axis stretching from Mbuji-Mayi to Bukavu, which she described as a “peace corridor.”
Preliminary assessments have identified five cities in Haut-Katanga and Lualaba provinces as priority areas: Lubumbashi, Likasi, Kolwezi, Fungurume and Mutshatsha. Karray stressed that the selection remains provisional and that evaluations are ongoing.
The two-week mission focused on assessing the local entrepreneurial ecosystem, the region’s economic potential and the specific needs of SMEs, startups, women entrepreneurs and micro-entrepreneurs.
“In the coming stages, we will have a clearer picture of the instruments that will be deployed at the provincial level, as well as opportunities to support business climate reforms,” she said.
The preparation phase for the proposed expansion is expected to run until June 2026, with implementation planned to begin afterwards. The World Bank is also considering extending the project by two years and providing additional financing to support the scale-up.
The Transforme project was approved by the World Bank in May 2022 with a budget of $300 million. It aims to support the growth of micro, small and medium-sized enterprises, particularly those owned or led by women, through grants, improved access to finance and business environment reforms. The project is currently scheduled to close on Sept. 30, 2027.
In February 2025, national project coordinator Alexis Mangala said the project’s geographic scope was limited to the cities of Bukavu, Bunia, Goma, Kananga, Kinshasa and Mbuji-Mayi, as well as the Kasangulu–Muanda corridor, which includes Kasangulu, Kisantu, Mbanza-Ngungu, Kimpese, Matadi, Boma and Muanda.
If approved, the Lobito Corridor expansion would mark a significant new phase in the project’s deployment rather than a minor extension of its current footprint.
Ronsard Luabeya
(AML HOLDINGS LLC) - AML Holdings LLC announced the termination of the Memorandum of Understanding entered into with Kerith Resources SARL dated 28 June 2025 in relation to the proposed joint venture manganese mining initiative in Kongo Central province, DRC with Kerith Resources SARL with effect from 2nd February 2026.
AML Holdings LLC announced the termination of the Memorandum of Understanding entered into with Kerith Resources SARL dated 28 June 2025 in relation to the proposed joint venture manganese mining initiative in Kongo Central province, DRC with Kerith Resources SARL with effect from 2nd February 2026.
The decision follows extensive negotiations on the draft Shareholders’ Agreement and a thorough assessment of the project's legal and operational framework. Despite dedicated efforts since the conclusion of TICAD 9 to identify a legally robust pathway for licensing, and multiple engagements with Kerith Resources SARL, mutually acceptable terms could not be reached due to discrepancies in the approach to obtaining the mining permits and misalignments on shareholders’ rights and responsibilities.
AML Holdings LLC remains committed to responsible investment in the critical minerals sector if there are any potential opportunities and wishes Kerith Resources SARL success in its future endeavors.
Any other public announcements made in connection with AML's investment in the DRC may not be accurate or complete. The Company shall not be held responsible and expressly disclaims any liability for them.
