News (745)
Alphamin Resources Corp said tin production at its Bisie mine in North Kivu rose 7% year on year to 18,576 tonnes in the fiscal year ended Dec. 31, 2025.
Output was broadly in line with the company’s revised guidance of 18,000 to 18,500 tonnes, after operations were temporarily suspended in March 2025 for security reasons.
EBITDA rose 25% to $341.4 million in 2025 from $274.0 million in 2024, Alphamin said, citing higher volumes, the impact of extensions at Mpama South and a higher average selling price.
The company said current tin prices and stable output should support cash flow and could allow for higher dividends. It said it paid $123 million in dividends in 2025, or C$0.11 per share, compared with C$0.09 in 2024. It expects to decide on its next dividend in April 2026 after publishing audited accounts.
Tin prices were expected to rise about 10% in 2025 to $33,000 per tonne from $30,066 in 2024, according to World Bank projections. Tin hit a record high of around $53,460 per tonne on Jan. 14, market data showed, amid supply concerns including in Indonesia and Myanmar.
Targets 20,000 tonnes in 2026
In Indonesia, authorities announced an operation to shut about 1,000 illegal mining sites in Bangka Belitung, a move likely to tighten supply from informal channels. Indonesia accounts for roughly one-sixth of global tin mine production, according to international statistics.
In Myanmar, the Man Maw mine remains central to regional supply. Authorities in the Wa region have signalled a possible restart, but administrative delays and operational uncertainty have kept the market volatile.
While demand from electronics, soldering, packaging and chemicals, as well as electrification-related uses, continues to support prices, some analysts have pointed to the growing influence of financial factors. The International Tin Association (ITA) has warned that the market can become vulnerable to corrections when fund positioning is elevated, even when supply is disrupted.
For 2026, Alphamin targets production of about 20,000 tonnes, in line with its targeted annualised rate. The company said achieving that goal depends on uninterrupted operations, and noted a resurgence of security incidents in North Kivu. The mine is located away from the worst-affected areas, but the risk remains high and a deterioration could disrupt activity.
PM, with Ecofin Agency
S&P Global Ratings on Jan. 23 raised its outlook on the Democratic Republic of Congo to positive from stable and affirmed the country’s long-term sovereign rating at B- and its short-term rating at B in both foreign and local currency.
A sovereign rating signals a government’s creditworthiness. The positive outlook indicates the rating could be upgraded if economic and fiscal trends continue to improve. S&P said the revision reflects expectations that the DRC will sustain strong growth, build foreign exchange reserves and improve tax collection through ongoing fiscal reforms, citing progress on both the fiscal and external fronts.
S&P and the International Monetary Fund expect growth to remain above 5% between 2026 and 2028. Government revenue is expected to rise slightly faster than nominal GDP. S&P also pointed to a rebound in foreign exchange reserves, which reached about $7.9 billion at end-December 2025 (around three months of import cover), up from less than one month in 2021.
The agency highlighted tax reforms, including a standardised invoicing system launched in December 2025 to support VAT collection, as well as steps to curb exemptions and subsidies. These measures aim to keep revenue at 14% to 15% of GDP, up from an average of about 11% over the past decade. They are also intended to reduce the state’s reliance on mining, which accounts for more than 40% of government revenue and has driven recent gains in receipts.
Structural vulnerabilities
The outlook change comes as the DRC prepares to tap international debt markets this year, with plans to raise $750 million in its first Eurobond issue. Finance Minister Doudou Fwamba Likunde said the outlook revision and rating affirmation would bolster investor confidence ahead of the planned sale.
However, the positive outlook is unlikely to remove the premium investors typically demand from first-time speculative-grade issuers. Bloomberg said yields could approach double digits depending on the bond’s maturity, citing the 13.7% yield paid by neighbouring Republic of Congo last year.
S&P said the DRC still faces structural vulnerabilities, including dependence on mining, weak institutions and persistent insecurity in the east, which adds to public spending and weighs on investment.
S&P said it could raise the rating if net reserves increase further and fiscal deficits narrow. It added that an upgrade would also require clearer signs of economic diversification and a broader government revenue base.
Pierre Mukoko
Democratic Republic of Congo Prime Minister Judith Suminwa Tuluka met a delegation from Chinese construction equipment maker LiuGong at her office, according to a statement dated Jan. 22, 2026, published by the prime minister’s office. The statement described LiuGong as a global leader in construction machinery and said the talks were in line with the government’s push to improve the investment climate and attract industrial projects.
The prime minister’s office said discussions focused on a phased plan that could include setting up sales, assembly and maintenance facilities, alongside technology transfer and training for local workers. It also mentioned the possibility of local “Made in DRC” production, job creation and support for infrastructure development. The statement did not provide a timeline, locations, the size of the investment or the legal structure of the project, such as a subsidiary, partnership or joint venture.
Founded in 1958, LiuGong manufactures construction equipment including loaders, excavators, bulldozers and graders, as well as machinery used for roadworks and construction sites. On its website, the company says it operates internationally through a network of dealers.
Public information remains limited to the announcement of talks and broad areas of cooperation, including sales, assembly, maintenance, training and local production. Concrete details would require formal agreements, a timeline and quantified commitments.
Boaz Kabeya
A public-private partnership (PPP) project led by US company Securiport in the Democratic Republic of Congo (DRC) is listed among the PPP projects validated by the PPP Management Coordination and Advisory Unit (UC-PPP) between March 2024 and July 2025.
According to the document, the UC-PPP issued a conditional favorable opinion on July 10, 2025, subject to observations and recommendations being addressed. The project is valued at $292 million over a 20-year period. The table does not specify the content of the UC-PPP’s observations or the project’s exact implementation terms.
In PPPs, “total cost” can refer to the overall value of the project over the full period, rather than only the upfront investment. The table includes a separate “investment cost” column, which typically covers capital expenditures (CAPEX) such as equipment, systems, installation, and infrastructure. For Securiport, that column is left blank.
Overall, the document confirms an aggregate project value of $292 million over 20 years, but it does not specify the amount of initial investment to be mobilised by the company. Nor does it provide a breakdown between investment, operations and maintenance costs. It also gives no indication of the implementation timeline or key financial terms, such as the remuneration mechanism, royalty level, risk-sharing arrangements, or the exact scope of services.
So far, public information on the partnership has mainly come from excerpts of the contract posted online in early November 2025. These excerpts provide for a $30 security fee to compensate the private partner, to be charged to each air passenger on arrival and departure at all international airports in the country. In the absence of passenger traffic data, it is difficult to estimate the revenues the concession could generate over 20 years.
Timothée Manoke
The government-backed Esprit de Vie program, which aims to modernize urban transport by providing buses and minibuses to private operators through credit, is expected to gain renewed momentum. Preparations are underway to deploy nearly 500 new buses in Kinshasa. The announcement was made during a business lunch organized in November 2025 by the Building and Public Works (BTP) Club and the Chamber of Trades and Crafts of the Forum Expo Beton, according to the program’s new coordinator, Kasumbu Mbaya Borrey.
A vehicle repossession operation involving buses allocated during previous phases of the program began in December 2025 and must take place before the arrival of the new fleet. According to Borrey, 649 buses were delivered to private operators under a credit scheme at a unit price of $57,000, to be repaid in monthly installments. As of 2026, marking the end of the seven-year contract period, only one buyer has fully repaid the loan. The other 648 vehicles must be recovered because they remain state-owned. Several Congolese media outlets reported that the operation involves more than $22 million in unpaid financial obligations.
According to the new coordinator, 294 vehicles due to be deployed had already arrived in the capital in November, while around 200 others were still at the port of Matadi. The buses are believed to be part of a batch of 500 Hyundai vehicles with 27 seats each, imported from South Korea and ordered by the central government from dealer Central Motors. According to the former program coordination, part of the batch has been stuck at Matadi port since 2023 due to financial difficulties linked to customs clearance.
Borrey said abuses observed during previous phases stemmed in particular from the allocation of buses to politicians, military personnel, or beneficiaries who never made a single payment.
To prevent a repeat, he said the program will now rely on the digitalization of management. Each bus will be equipped with a GPS system to ensure real-time tracking. A digital management system similar to the one used by Transco, and developed with the company Sycamore, will also be deployed to improve traceability and financial discipline. Access to the program will be subject to stricter eligibility criteria, aiming to ensure that only buyers capable of meeting their financial commitments can join the scheme.
The Esprit de Vie program was launched to improve mobility by gradually replacing old minibuses that are often involved in accidents. It was named to distinguish it from the Mercedes 207 minibuses nicknamed “esprit de mort,” which are known for being in poor condition and frequently involved in accidents. For its implementation, the Congolese state signed a partnership agreement with the Association of Owners of Vehicles Assigned to Public Transport (APVECO).
Timothée Manoke
The Democratic Republic of Congo (DRC) plans to raise $750 million in its first foray into the international bond market, Bloomberg News reported after interviewing Finance Minister Doudou Fwamba Likunde on Jan. 22, 2026.
The figure is a 50% reduction from the country’s original target. Last August, the minister secured authorization from the Council of Ministers to prepare a debut Eurobond issuance of $1.5 billion.
Analysts say the country is not abandoning the $1.5 billion goal. Instead, the objective is expected to be achieved through several operations. Doudou Fwamba said the intention is to issue a first Eurobond, followed by a second, third and fourth, and so on, according to Bloomberg. He did not provide a specific timetable.
Bloomberg did not explain what appears to be a change in strategy. However, the International Monetary Fund (IMF) noted in its latest mid-January report on the country that authorities could scale back their initial plans. The IMF said the issuance would depend on market conditions and the identification of high-yield projects. The fund is overseeing the implementation of a three-year economic and financial program in the DRC, launched in 2025 after a previous program.
Several analysts believe current market conditions are favorable. Yield spreads for African sovereign debt in dollars have narrowed to their lowest levels in several years. However, for the DRC, a first-time issuer with a speculative rating, investors are expected to demand double-digit interest rates. These rates would depend on the maturity of the securities, which remains unknown.
Preparations at a “preliminary stage”
This outlook could explain the government’s caution, as it says it is seeking conditions that guarantee fiscal sustainability. This is particularly significant as the IMF estimates that any issuance will require a recalibration of the program to preserve debt sustainability and ensure the transparent and efficient use of the raised funds. A source familiar with the matter said the Eurobond is possible, but only under conditions of fiscal discipline and governance.
For now, the IMF says the work is at a preliminary stage. An issuance before mid-2026 is unlikely due to due diligence requirements, discussions with investors, and parliamentary approval constraints. Authorities have committed to the IMF to seek prior approval from Parliament before any issuance. The government has set a deadline of June 30 to complete the operation. Bloomberg, for its part, mentions April.
According to the finance minister, the government is still working on the maturity of the bonds. It has held only preliminary meetings with institutional investors, including BlackRock Inc., Finisterre Capital, Amundi Group, and JP Morgan. Nevertheless, the institutions expected to lead the operation have reportedly been identified.
According to Bloomberg, Citigroup would lead the operation with the support of Rawbank SA. Rothschild & Co. and White & Case LLP would handle the structuring as financial and legal advisors. Based on publicly available information, Rawbank’s exact role is not clear. It is not specified whether it will serve as a co-arranger, a local reference bank for payments and escrow accounts, provide investor marketing support, or offer technical support in document preparation.
Pierre Mukoko
A reform of tax breaks on imports of refined petroleum products boosted Democratic Republic of Congo revenue in 2025, the finance ministry said.
In a Jan. 20 statement, the ministry said oil-related receipts jumped nearly 1,700% after the government scrapped exemptions for mining companies and their subcontractors in late July.
It said monthly revenue rose from an average 4.43 billion Congolese francs ($2 million) between January and July 2025 to 78.5 billion francs ($36 million) between August and December 2025. Total receipts for the year reached 423.6 billion francs ($194 million).
“Thanks to this coordinated reform, the DGDA significantly increased revenue collection, reaching 6,848 billion Congolese francs ($3.13 billion) at the end of December 2025, compared with 6,280 billion Congolese francs ($2.87 billion) budgeted in the 2025 Treasury Plan (PTR),” the ministry said, exceeding the target by 9%.
The ministry said fuel tax breaks totalled $1.6 billion in 2022 and $1.1 billion in 2023, equivalent to an average 15% of state revenue over the two fiscal years. It said the scale of subsidies, exemptions and preferential tax treatment had significantly reduced public resources, prompting the government to overhaul tax breaks on petroleum product imports.
Under Article 22 of the 2025 finance law, the government removed subsidies and exemptions from import duties and taxes, including customs duties and VAT, for fuels used in mining operations or sold to mining companies and their subcontractors. The measure covered products including gasoline, kerosene, diesel, fuel oil, lamp oil and LPG.
The decision was implemented through an inter-ministerial decree signed on May 2, 2025, by the ministries of National Economy, Finance and Hydrocarbons.
The reform took effect in late July 2025 with the publication of a new pricing schedule for fuels sold to the mining sector, mainly in the country’s southern and eastern regions. At the same time, the finance ministry suspended certain import exemptions, while the hydrocarbons ministry stepped up inspections and fuel tracking operations.
Boaz Kabeya
Lualaba Governor Fifi Masuka Saini announced on Jan. 19, 2026, the signing of 16 agreements between the provincial government and Emirati companies at the Kolwezi Congress Village. These documents cover several sectors, including agriculture, mining, health, infrastructure, and tourism.
According to the governor, these partnerships aim to create mutually beneficial collaborations. They are part of President Félix Tshisekedi’s vision for tangible development for the benefit of local communities. At this stage, further details on the content of the documents and the identity of the companies involved are not yet available.
Since 2025, the United Arab Emirates has shown a growing interest in the DRC, particularly in the port, mining, and energy sectors. Abu Dhabi Ports announced its intention to invest in the ports of Matadi and Boma. The company also plans to invest in the development of the Lobito corridor, dry ports, and roads linking Lualaba to Zambia and Angola.
The mining sector is also in focus, with investments in the Bisie tin mine by the conglomerate IRH/IHC. Other projects concern the development of renewable energy. These are led by the companies Lone Star Ltd and Business Gate in the Tshopo province.
These initiatives are part of a broader context of cooperation between the DRC and Gulf countries. During the official visit of the Emir of Qatar, Sheikh Tamim Ben Hamad Al Thani, to Kinshasa on Nov. 21, 2025, an agreement on visa exemptions for holders of diplomatic and special passports was signed. This was accompanied by five memorandums of understanding in the economic, legal, diplomatic, social, and sports fields. Among these initiatives are port projects, cooperation between ministries, and social programs in South Kivu.
Boaz Kabeya
The launch of an interbank electronic payments group in the Democratic Republic of Congo (DRC) is expected by the end of March 2026. The IMF mentions this in its January country report on the DRC.
An interbank electronic payments group is a shared arrangement set up by banks, and sometimes the central bank, to jointly organize and manage electronic payments at the national level. It allows institutions to use common standards so that transactions move more smoothly from one bank to another. In its report, the IMF describes this launch as a key step in the modernization of the payments system.
In many countries, this type of interbank arrangement ensures interoperability, meaning that a customer of bank A can send money to a customer of bank B without friction. It manages shared infrastructure such as the national switch, clearing, and transaction routing. It can also deploy common services, including instant transfers, card or QR-code payments, and transfers across banks, microfinance institutions, and mobile money operators. In addition, it sets technical and security standards on cybersecurity and fraud prevention, while harmonizing certain fees and procedures.
To ensure “an orderly rollout consistent with technical and institutional requirements,” the establishment of the interbank electronic payments group in the DRC is being carried out with support from the International Finance Corporation (IFC), the World Bank Group’s private-sector arm.
In the DRC, financial inclusion rose from 38.5% in 2022 to 50% currently, mainly due to the expansion of mobile payment solutions. This progress is part of the National Financial Inclusion Strategy 2023-2028, adopted by the government in July 2023, which relies on strengthening payment infrastructure and tools. The report specifically cites the commissioning of the national electronic payment switch and the gradual interconnection of banks, microfinance institutions, and electronic money issuers.
The report adds that the launch of a platform called Visa Pay in September 2025, alongside the promotion of the Mosolo national card denominated in local currency, is part of these efforts aimed at “improving the range of digital financial services.”
Boaz Kabeya
Congo Airways has begun a recruitment drive two weeks after taking delivery of an aircraft, the first of three acquired by the National Social Security Fund (CNSS), which holds a 31% stake in the airline.
Since Jan. 7, 2025, the carrier has posted three job ads seeking nine captains, nine first officers and four maintenance technicians. The pilots will be on probation for six months, while technicians will serve a three-month probation period, according to the notices.
The hires appear set to form the core crew to operate the new fleet now being assembled, and may also point to staff turnover. After suspending flights for around 10 months, Congo Airways has accumulated more than 10 months of unpaid wages, staff representatives said.
Meanwhile, the airline is also working to return an Airbus A320 to service after it was grounded by engine problems. In February 2025, it received approval from the Public Procurement Regulatory Authority (ARMP) to award a contract directly to FAI Aviation to buy two CFM56-5B5/3 engines, plus spare parts, for $12.33 million, according to an ARMP document.
So far, Congo Airways has not announced when it will restart flights or which destinations it will serve, though media reports say operations could resume in early 2026.
Timothée Manoke
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The Democratic Republic of Congo (DRC) plans to develop a nationwide network of grain silos through its General Strategic Reserve (RSG). Under the 2026-2028 Public Investment Plan, the government intends to allocate 14.5 billion Congolese francs, equivalent to about $6.6 million at the average exchange rate, for the construction of these facilities.
Serge Mulumba Katchy, the coordinator of the presidency-linked institution, announced that a pilot project will be set up in Kimpese, in Kongo Central province. In November 2025, he travelled to Italy to meet with the supplier producing the equipment for this first site. He said the Kimpese project would have a minimum capacity of 5,000 tonnes of grain and that the same model would later be rolled out in the country’s other provinces.
This preparatory work followed a working session held in October 2025 with experts from U.S. consulting firm International Reliable Consulting (IRC). According to the RSG, the discussions explored potential cooperation on the implementation of the silos and the establishment of a seed bank.
Created by presidential decree, the General Strategic Reserve is tasked with preventing and managing crises by building strategic stocks of essential goods. It aims to support food security, stabilise prices and assist local producers by building and renewing reserves that can be mobilised in the event of a crisis, shortage or natural disaster.
In September 2025, the institution intervened in the maize market in Kinshasa, offering 25-kg bags of maize flour for sale at 35,000 Congolese francs. This was significantly lower than prices in the capital at the time, which ranged between 40,000 and 63,000 francs depending on quality. The operation, carried out in several markets across the city, aimed to ease pressure on households and stabilise prices during a period of market strain.
Timothée Manoke
Buenassa is seeking financial backing to acquire a strategic domestic mining asset that is up for sale in the Katanga region, Chairman and Chief Executive Eddy Kioni said on Monday.
The announcement followed a meeting with Michael Kayembe, the new chief executive of United Bank for Africa (UBA) in the Democratic Republic of Congo. A source close to the Congolese company said the asset in question is mining firm Chemaf.
Bloomberg reported that Buenassa formally expressed interest in the copper and cobalt producer last November. The company’s future is being closely watched because of its assets and its role in the competition for critical minerals in the DRC.
Kioni said the acquisition would allow Buenassa to speed up its move toward vertical integration, from extraction to refining, trading and strategic stockpiling. He said it would secure feedstock for the refinery for more than 20 years.
He added that the plan would reduce operational risk and transform Buenassa from a greenfield industrial project into a major mining operator. The goal is to move from a planned project to a company producing mining assets capable of supplying a refinery and building an integrated value-chain model.
That approach sets Buenassa apart from several rival bids that are structured more around financial and commercial control of Chemaf. By comparison, state miner Gecamines, another Congolese contender, has proposed acquiring the company with a view to reselling it while retaining a maximum stake of 25%, Bloomberg reported.
Through its subsidiary Gecamines Trading, the state miner would market production corresponding to its stake to the United States, in line with a commitment the DRC made under a strategic agreement signed with Washington last December.
Industrial Goals
Buenassa says its bid is driven by industrial objectives, aimed at securing raw material for a refining project in the DRC rather than capturing output for export. That would align the project with the Congolese government’s push for local mineral processing.
Details of Buenassa’s offer remain unknown. Gecamines is reportedly considering an initial outlay of just under $1 million, an audit of the company and a plan to settle its liabilities, which media reports estimate at $900 million. Part of that debt is held by Trafigura, which arranged a $600 million loan in 2022 to finance development of the Mutoshi mine in Kolwezi.
Securing an extraction asset appears crucial for Buenassa. It would make the project easier to finance by providing collateral that could underpin borrowing for the refinery’s construction.
So far, the company has secured a $3.5 million public grant from the Industry Promotion Fund (FPI), though only part of it has reportedly been disbursed. The funding enabled completion of a scoping study.
The study puts the cost of the project’s first phase at $700 million, according to a document seen by Bankable. At that stage, the plant is expected to produce 30,000 tonnes of copper cathodes and 5,000 tonnes of cobalt sulphate a year.
The second phase is estimated to cost $2 billion. At that stage, output would rise to 120,000 tonnes of copper and 20,000 tonnes of cobalt a year. Those figures have yet to be refined.
Challenging Outlook
The revised timeline now forecasts a pre-feasibility study in early 2026 and a feasibility study in the second quarter of 2027. Financial close is projected for the third quarter of 2027, and production is not expected before 2029, compared with 2027 previously.
To finance the strategy, Buenassa is pitching a multi-layered approach combining African commercial banks, regional development finance institutions, local financial institutions, international strategic partners led by the United States, and the Congolese state. Since June 2025, the state has held a 10% stake in the Buenassa Ressources project company.
The meeting with UBA focused on building a financing structure capable of supporting both the refinery’s construction and the acquisition of an extraction asset.
Winning control of Chemaf may prove difficult. Guy-Robert Lukama, chairman of the Gecamines board, told Reuters in late 2024 that the state miner would not let it go to a rival bidder. Gecamines is in a strong position because it holds the permit on which Chemaf is developing the Mutoshi project.
The state is the sole shareholder of Gecamines and holds a 10% stake in Buenassa and 5% in Chemaf. It must decide while weighing its mining policy priorities.
Pierre Mukoko
The Democratic Republic of Congo plans to tighten controls on mining exports to boost revenue collection. In a report published in January 2026, the International Monetary Fund said authorities want a more reliable assessment of export volumes, mineral content and moisture levels, which are critical for valuation and tax calculations.
The report highlights the revenue impact of inadequate oversight. “Studies show that our country loses nearly half of its potential mining revenue due to insufficient controls on volumes and the content of valuable metals,” authorities cited in the report said. To address these weaknesses, authorities said they want to increase mining revenue collection by limiting direct contact in the control process.
One measure involves deploying technical tools by March 2026 to strengthen physical inspections of export shipments, including truck weighing scales and computerized, non-intrusive quality control systems.
The reform also includes stronger analytical capacity. The IMF said authorities aim to secure approval from the Ministry of Mines by January 2026 to bring into operation a mineral analysis laboratory contracted by the tax authority (DGI).
The goal is to build technical capacity to support inspections and strengthen compliance more broadly. The report also points to efforts to improve the assessment of export characteristics, including moisture and mineral content, which affect declared values and tax obligations.
Beyond mining, the IMF report highlights the broader challenge of modernizing financial administrations and controls. It notes that tax audits currently deliver less than 15 percent of their potential revenue, as authorities seek to improve data cross-checking through automation and digitization.
Overall, the IMF said the approach combines stronger physical and analytical controls on mining exports with a shift toward more automated systems, with the aim of improving enforcement and securing revenue.
Boaz Kabeya
Australian miner AVZ Minerals said on Jan. 15, 2026 it had received the full amount of funding pledged last year by its partner Suzhou CATH Energy Technologies.
The Chinese firm provided a $20 million facility to AVZ, which says it holds rights to the Manono lithium project in Tanganyika province in the Democratic Republic of Congo.
AVZ said when the facility was announced in January 2025 that the funds would cover working capital needs and activities over the following 12 months, including costs linked to its dispute with the Congolese state over the project. The disbursement signals CATH is continuing to back AVZ.
Under the January 2025 agreement, CATH would gain several rights if AVZ succeeds in its claim to the Manono deposit. These include the option to buy 100% of the project’s lithium output for five years, or until AVZ recovers expenses financed under the deal. CATH would also have the right to acquire a 30.5% indirect stake in the project. The outcome remains uncertain.
Manono is the largest lithium deposit identified so far in the DRC. AVZ carried out exploration there for several years through a joint venture with state-owned Cominiere. Cominiere later ended the partnership and in 2023 teamed up with China’s Zijin Mining to develop the same project.
AVZ has launched multiple international legal actions to challenge the loss of its stake, but no final ruling has been issued.
A new player has also emerged: KoBold Metals. As ties between Kinshasa and Washington have warmed amid plans for new U.S. investment in the Congolese mining sector, the California-based startup signed an agreement in principle with the Congolese government last July for mineral exploration in the country.
KoBold has since obtained seven exploration licences, four of them in the Manono area.
Under the agreement in principle, KoBold is expected to help resolve the dispute between AVZ and the Congolese state. Two months earlier, KoBold and AVZ said they had reached a framework agreement under which AVZ would sell its commercial interests in Manono at what the companies described as a fair value.
AVZ, which had paused arbitration proceedings against the DRC to create what it called a “climate conducive to discussions” aimed at an amicable settlement, has since resumed the case.
Zijin Mining, which obtained an operating permit in September 2024 for the area claimed by AVZ, has said it expects to start production in 2026. It has provided few updates on the mine’s construction.
PM, with Ecofin Agency