News (893)
Ivanhoe Mines has cut production forecasts again for the Kamoa-Kakula copper complex in southern Democratic Republic of Congo, citing updated results from an independent study.
The company said on March 31, 2026, it now expects output of 290,000 to 330,000 tonnes of copper in 2026, down from a previous target of 380,000 to 420,000 tonnes.
For 2027, forecasts have been lowered to 380,000 to 420,000 tonnes from 500,000 to 540,000 tonnes. The 500,000-tonne annual threshold, initially targeted for 2027, has been pushed back to 2028.
The revision follows a downgrade announced after a seismic event in May 2025. In its full-year results published on Feb. 18, 2026, Ivanhoe had maintained guidance of 380,000 to 420,000 tonnes for 2026 and 500,000 to 540,000 tonnes for 2027, while noting a new mine life plan would incorporate technical parameters adopted since the seismic event and the subsequent recovery plan.
The company attributed the latest cut to a more cautious operating approach. A March 31 report said new mining layouts at Kamoa and Kakula require a longer period of preparatory work to support a more sustainable extraction rate. Development over the next two years will focus primarily on Kakula before new extraction zones are brought online.
Ivanhoe also said underground development has fallen short of expectations due to unfavorable geotechnical and hydrological conditions, prompting the company to cut development targets by about 15%.
“Although conservative base-case assumptions are impacting production levels in 2026 and 2027, we are positioning Kamoa-Kakula to achieve new records from 2028 onwards,” said Marna Cloete, Ivanhoe Mines’ president and chief executive officer.
Higher Costs Expected
The revised outlook also affects cost projections. In February, Ivanhoe forecast direct cash costs of about $4,850 to $5,510 per tonne in 2026 and $4,190 to $5,070 per tonne in 2027. It now expects costs of about $5,730 to $6,610 per tonne in 2026, easing to $4,630 to $5,510 per tonne in 2027. The long-term target is set at about $4,410 per tonne from 2028.
In the near term, lower volumes and higher costs could weigh on revenue. In 2025, Kamoa-Kakula generated $3.28 billion in revenue and $1.45 billion in EBITDA, with a 44% margin, despite production disruptions since May. The site sold 351,674 tonnes of copper at an average price of about $9,700 per tonne.
Direct cash costs rose to about $4,760 per tonne from about $3,640 per tonne in 2024. Ivanhoe attributed the increase to the processing of lower-grade surface stockpiles, lower-quality ore and higher logistics costs per pound transported.
The delay has implications for the global copper market. Kamoa-Kakula had been expected to be one of the main drivers of growth in global supply, with output of more than half a million tonnes previously expected as early as 2027. The delay to 2028 postpones the arrival of significant volumes of high-grade copper on a market already under pressure from electrification and the energy transition.
Ivanhoe highlighted several mitigating factors. The Kamoa-Kakula smelter, commissioned at the end of 2025, is now producing copper anodes at 99.7% purity. The company said the ramp-up of the facility should halve logistics costs, as shipments shift from concentrate grading 35% to 45% to near-pure anodes.
Sulfuric acid sales, a byproduct of the refinery, provide an additional buffer, with the average realized price exceeding $450 per tonne since start-up. The Kamoa-Kakula complex is owned 39.6% by Ivanhoe Mines, 39.6% by Zijin Mining, 20% by the Congolese state and 0.8% by Crystal River, within the Kamoa Copper joint venture.
Pierre Mukoko
Kamoto Copper Company (KCC), a subsidiary of Glencore, is facing a radiological emergency at its T17 tailings site in Kolwezi, in Lualaba province. The alert was triggered by the discovery of radioactive materials in an area affected by artisanal mining.
The issue was discussed at the Council of Ministers on March 27, 2026. In its communiqué, the government cited an urgent health alert linked to risks of irradiation and radioactive contamination at KCC’s Kolwezi site.
President Félix Tshisekedi stressed the need for a swift, coordinated response to the potential consequences, including risks to workers and nearby residents from radiation exposure, as well as contamination of soil, waterways and the food chain, and local socioeconomic disruption. He asked Prime Minister Judith Suminwa to urgently establish an ad hoc commission to oversee the response and support the necessary health, environmental, technical and scientific measures.
The alert comes as Glencore announced in February 2026 that it had finalized an agreement with Gécamines on land access for KCC. The company said the deal aims to expand certain storage capacities, improve resource recovery within existing permits, including in the KOV and T17 areas, and support a long-term copper production target of around 300,000 tonnes per year. It added that the agreement could extend the mine’s operational life into the mid-2040s.
KCC operates a major copper and cobalt complex in Kolwezi, comprising the KOV and Mashamba East open-pit mines, the KTO underground mine, the Kamoto concentrator and the Luilu refinery. However, the term T17 is used inconsistently in company materials, referring both to an area within the mining portfolio and to a distinct site linked to the complex’s operations.
Boaz Kabeya
SMICO Microfinance is accelerating its expansion into insurance as security conditions worsen in eastern Democratic Republic of Congo and banking operations remain shut in several rebel-held areas.
After launching its bancassurance activities in July 2025, the institution introduced a new range of products in March 2026, including auto insurance (SMICO Auto), travel insurance (SMICO Safari), business multi-risk coverage with fire protection, and health insurance. These add to its existing life insurance offering.
“More than a product launch, this marks a strategic shift in the Congolese financial sector,” SMICO said. “As risks linked to business activity and travel increase, insurance solutions have become essential.”
The move comes as SMICO’s financial performance has deteriorated amid the conflict in eastern DRC. At end-June 2025, the institution reported a loss of 1.29 billion Congolese francs. Net financial income fell 57% to 12.47 billion francs, while its 30-day portfolio at risk rose to 13.65%.
Operations have been disrupted by the conflict. Two major branches have been closed since AFC/M23 rebels seized Goma and Bukavu, while the Uvira branch is only partially operational. The downturn also reflects tighter financial conditions, as the central bank has kept banks closed in affected areas and blocked franc transfers to occupied zones, limiting access to liquidity.
In response, SMICO is seeking to diversify its sources of growth beyond lending. It formalized a bancassurance partnership with Rawsur Assurance in July 2025, with approval from the central bank (BCC) and insurance regulator ARCA. The agreement initially covered life, auto, residential fire and travel insurance. The institution now plans to integrate risk management more fully into its services, with products aimed at protecting clients’ business activities, travel and investments.
Rising Interest in Bancassurance
SMICO’s move into insurance builds on earlier initiatives. In 2021, it partnered with Rawsur Life to offer two life insurance products, Protection Crédit and Kimia Famille et Individuelle, designed to protect borrowers against death or disability. The objective was to reduce loan defaults linked to such events while providing basic protection for families.
The institution has also reshaped its geographic presence. It expanded its agent network in North Kivu to Beni and Butembo, where several public institutions relocated after the fall of Goma, allowing it to stay close to its client base as economic activity shifts.
Other financial groups are also targeting the insurance sector. The Rawji Group, which owns Rawbank and Rawsur, already illustrates increasing integration between banking and insurance. Equity Group, through Equity BCDC, has also signaled interest in the Congolese insurance market, which it views as one of the most promising in sub-Saharan Africa.
According to ARCA, the market grew from $66.75 million in 2018 to $352.15 million in 2024, a 428% increase since liberalization. The regulator is targeting a market exceeding $1 billion in the medium term. In this context, bancassurance is emerging as both a diversification tool for financial institutions and a way to manage rising risks in an increasingly uncertain economic and security environment.
Timothée Manoke
DRC plans to rehabilitate the port of Bandundu-ville, a strategic facility operated by state transport company Onatra, as part of efforts to revive river transport and boost trade across the Greater Bandundu region.
The Transport Ministry said preparatory studies are planned ahead of the project, which is seen as key to developing river transport, supporting the regional economy and improving trade flows.
On March 28, 2026, President Félix Tshisekedi visited the port to assess its condition, the ministry said. A March 27 cabinet statement described the facility as a strategic asset that remains underutilized.
The statement added that the port has six silos and serves Kwilu and neighboring provinces, but is operating well below capacity due to deteriorating quays, a lack of modern cargo-handling equipment and limited investment.
Transport Minister and Deputy Prime Minister Jean-Pierre Bemba said the government plans to rehabilitate the port’s infrastructure and modernize its equipment to turn it into a hub for river transport and domestic trade.
Ronsard Luabeya
Tenke Fungurume Mining's "TFM-1" copper cathode brand has been officially registered on the London Metal Exchange (LME), Chinese mining group CMOC said in a March 27, 2026 statement. The accreditation means TFM products "can directly participate in global spot and futures markets for non-ferrous metals" and meet "world-class" standards for quality and production management.
The LME is the world’s main pricing platform for industrial metals. Brand registration allows products to be traded under standardized contracts and access international trading and financing networks. CMOC said the recognition "will enhance the tradability, competitiveness and pricing power" of TFM products on the global market.
The accreditation strengthens CMOC’s integration into global supply chains while reinforcing its position in the Democratic Republic of Congo’s mining sector. Through its subsidiaries TFM and Kisanfu, the group exported 747,468 metric tons of copper in 2025, according to provisional mining statistics—accounting for 22% of the country’s total exports.
In October 2025, CMOC’s board approved a $1.08 billion expansion project at the Kisanfu mine. The program aims to increase annual output by around 100,000 metric tons of copper, with construction expected to take two years and commissioning targeted for late 2027. Once completed, the group is expected to account for more than 30% of national production.
Kinshasa’s demands
The project comes as Kinshasa steps up pressure on major mining groups. At a meeting held March 25, 2026, in Beijing, Mines Minister Louis Watum Kabamba said the sector’s development rests on "three non-negotiable priorities: increasing production, respecting environmental standards and ensuring tangible benefits for the population."
The ministry is requiring CMOC to comply strictly with environmental, social and governance (ESG) standards, with its TFM subsidiary already under regulatory review following pollution allegations. Authorities are also pushing for compliance with Congolese law, particularly on local participation in subsidiary capital, improved living conditions for local communities, support for energy infrastructure, and assistance to artisanal mining zones.
CMOC said LME registration also involves responsible supply chain requirements. The group added that TFM achieved full compliance with the Copper Mark standard in October 2025. That certification, which covers 32 ESG criteria, contributed to meeting the LME’s responsible sourcing audit requirements.
However, LME certification and Copper Mark compliance address only part of Kinshasa’s expectations and do not resolve all concerns surrounding the group’s operations in the DRC.
Pierre Mukoko & Ronsard Luabeya
Les Lignes maritimes congolaises (LMC) has allocated $21.5 million to acquire a vessel under its 2026 procurement plan, according to a document reviewed by Bankable. The contract will be put out to international competitive tender.
The plan also includes the purchase of 400 forty-foot containers for $3.342 million and 600 twenty-foot containers for $1.8 million, both through international tender.
Tender notices for all three lots were initially scheduled for February 2026. So far, Bankable has not identified any publication of those notices.
These acquisitions follow a series of announcements made in 2025 by the state-owned shipping company. In May, board chairman Lambert Mende Omalanga said LMC was in the process of procuring two vessels as part of its 2023-2027 recovery plan.
The plan aims to raise the company’s market share from 0.3% in 2021 to 2% by 2027, which would increase cargo volumes from 45,000 tonnes to 395,195 tonnes. It also calls for the acquisition of five ships to rebuild transport capacity under the national flag.
Separately, public statements have referred to a partnership with Dutch shipbuilder Damen Group. In May 2025, after a working session with a company delegation, Mende said a first vessel acquired through leasing was expected in 2025, followed by a second new ship in 2026. No further updates have been provided since.
Based on the procurement plan, the vessel is the largest single item scheduled for 2026, ahead of the container purchases. The document underscores that fleet renewal remains central to the company’s turnaround strategy.
Timothée Manoke
Construction has begun on a drinking water supply network in Djugu territory, in the Democratic Republic of Congo’s Ituri province, following the delivery of materials, Agence congolaise de presse (ACP) reported.
The project aims to supply drinking water to communities in Lonyo, in Djugu territory, as well as outlying neighborhoods of Bunia. Project coordinator Innocent Ngandru said the materials received, including pipes, valves and fittings, were purchased in Uganda through an external partnership, allowing the project to move from planning to construction.
The project uses a gravity-fed system, drawing on water sources at higher elevations to channel water to distribution areas without pumps. Ngandru said the technical choice should help reduce operating costs and improve access to water for low-income populations. The first phase will draw water from the Tsada spring, while an extension using the UDHA spring is planned.
According to Ngandru, the first phase is designed to deliver a flow rate of five liters per second, with the goal of serving about 17,000 people in the Jili and Mandro areas of Djugu. A future extension could raise capacity to 20 liters per second and reach up to seven outlying neighborhoods of Bunia, pending funding.
This construction phase follows preparatory work already carried out at the Tsada spring site. In October 2025, ACP reported that an initial water output of five liters per second had been achieved there, along with the installation of a collection chamber, a retaining wall and a protective zone around the spring. Those developments confirmed the site’s water supply potential.
Ngandru also raised concerns about insecurity in parts of Ituri. He noted that water infrastructure had already been destroyed in areas affected by violence, a situation he said could further erode donor confidence.
Boaz Kabeya
The Democratic Republic of Congo is moving to tighten oversight of Chinese investment in its mining sector. On March 26, Congolese Mining Minister Louis Watum Kabamba and his Chinese counterpart, Guan Zhi'ou, signed a memorandum of understanding on cooperation in geology and mineral resources in Beijing.
Kinshasa described the agreement as a “structured framework for cooperation” based on ongoing consultation, adherence to Congolese law, investment protection and in-country processing of natural resources.
The move signals a policy shift. Long dominated by largely unconstrained Chinese investment, Congo’s mining sector is now moving toward tighter regulation. The aim is to capture greater domestic value and secure higher economic returns as global demand for critical minerals, including cobalt, copper and lithium, continues to rise.
Between 2000 and 2022, China committed $23.7 billion in loans and grants to the DRC, according to U.S.-based research center AidData, making it the second-largest African recipient of Chinese financing. Loans accounted for 98% of the total. AidData also notes that the DRC is China’s largest bilateral development partner on the continent, well ahead of most traditional donors.
ESG risks
Kinshasa, however, is no longer willing to engage without safeguards. The Sicomines project served as a turning point. The venture, involving Chinese firms including China Railway, Sinohydro and Zhejiang Huayou, was designed to finance infrastructure through mining revenues. A 2023 audit by the Inspectorate General of Finance found that only about one-third of the $4.5 billion allocated to infrastructure had been disbursed, prompting a renegotiation of the agreement originally signed in 2008.
That process led to a fifth amendment signed in March 2024 under President Félix Tshisekedi. The revised deal is expected to channel nearly $5.5 billion in additional infrastructure spending between 2024 and 2040, provided international copper prices remain above $8,000 per metric ton. Disbursements could rise further if prices reach $12,000 per ton. The amendment also provides for a technical and financial audit covering the contract’s implementation since inception, launched in early March 2026.
Congolese authorities say the memorandum aligns with the strategic direction set during high-level talks in 2023 between Presidents Tshisekedi and Xi Jinping. It was signed, however, after the DRC concluded a separate strategic partnership with the United States focused on critical minerals, the Sakania-Lobito corridor, formalizing the artisanal mining sector and expanding local processing capacity. China is no longer the DRC’s only strategic partner for its resources.
Shortcomings in the previous model have also driven the shift. AidData estimates that 36% of China’s infrastructure portfolio in the DRC carries significant exposure to environmental, social and governance risks. More notably, only 5.5% of Chinese-financed infrastructure projects in the country included strong contractual ESG safeguards between 2000 and 2022, well below global levels.
Pierre Mukoko & Ronsard Luabeya
The Congolese subsidiary of Australia’s AVZ Minerals has lost one of its exploration permits in Manono territory, Tanganyika province, according to a list of forfeiture decisions published on March 19, 2026 by the Mining Registry (CAMI).
The permit, PR 4029, is held by AVZ Minerals Congo SARLU and covers 79 mining blocks. It was forfeited due to non-payment of annual surface fees.
Under the current mining code, the holder of a forfeited permit has 30 days from notification to file an appeal. AVZ Minerals has not publicly commented on the forfeiture of PR 4029 or indicated whether it plans to appeal.
PR 4029 is part of the Manono Extension Project, which AVZ has been developing around the main Manono lithium deposit. The project includes two exploration permits, PR 4029 and PR 4030, covering a combined area of about 242.25 square kilometres.
According to AVZ, the permits were intended to identify potential extensions of the deposit, particularly toward the southwest and northeast, based on geological indicators suggesting mineralization may extend beyond the known main zone.
The forfeiture comes amid an ongoing dispute over the Manono project. The two extension permits partly surround the area covered by mining permit PE 15775, awarded to Manono Lithium SAS, a joint venture between China’s Zijin Mining and state-owned Cominière.
AVZ continues to challenge, in proceedings before the International Centre for Settlement of Investment Disputes (ICSID), the loss of its rights over former permit PR 13359, which was later converted into mining permit PE 15775.
Despite the dispute, development of the Manono project by Zijin and Cominière is continuing. The partners are targeting commissioning by end-June 2026, with construction of mining and processing infrastructure ongoing. Investment in this first phase is approaching $1 billion.
Timothée Manoke
The Democratic Republic of Congo’s finance ministry has awarded Rothschild & Co a services contract to support the country’s planned entry into international capital markets and help mobilize new financing.
Finance Minister Doudou Fwamba signed the contract award on March 24, 2026. The agreement runs for 12 months, with a quarterly fee of €500,000, excluding VAT, for a total of €2 million over the full period.
The contract was awarded through a negotiated procedure. According to the award decision, authorities filed a request for special authorization on Oct. 13, 2025. On Nov. 10, the Directorate General for Public Procurement Control (DGCMP) approved the use of this procedure and issued a no-objection clearance on the negotiation records and draft contract. A request for contract approval was then submitted to Prime Minister Judith Suminwa in December 2025.
The agreement is part of preparations for Congo’s first international bond issuance, aimed at raising $750 million. The award decision does not specify Rothschild & Co’s exact mandate. In January 2026, Bloomberg reported that Citigroup would lead the transaction with support from Rawbank, while Rothschild & Co would act as financial adviser and White & Case LLP as legal counsel.
According to Africa Business+, Rothschild was among advisers involved in Côte d’Ivoire’s eurobond issuance in March 2025. The Ivorian government raised $1.75 billion at a rate of 6.45% for an 11-year tenor, with orders reaching $5.2 billion.
Congolese authorities aim to complete the transaction before the end of the first half of 2026, although the timeline remains uncertain. In a report published in January 2026, the International Monetary Fund said a bond issuance before mid-2026 was unlikely, citing outstanding technical work, pending investor engagement and the need for prior parliamentary approval.
With this contract, the government is taking a further step toward entering international capital markets, though the timing and final terms of the transaction have yet to be finalized.
Timothée Manoke
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An emergency operation is underway in Kikwit, Kwilu province, after erosion severed the Wazabanga road linking National Road No. 1 (RN1) to the city centre, the Ministry of Infrastructure and Public Works said.
Torrential rains overnight March 24-25, 2026, triggered the damage, the ministry said, adding that the downpours also caused loss of life and extensive damage.
At the president’s request, Infrastructure and Public Works Minister John Banza Lunda travelled to Kikwit on March 25 to assess the situation. He inspected the erosion site in the Nzinda commune before holding an emergency meeting with ministry technical teams.
Following the assessment, authorities decided to begin urgent repair work to stabilise the damaged road, protect infrastructure belonging to the national electricity company (SNEL), and restore access for residents.
Local sources said the affected stretch is a key route for urban traffic and helps ease congestion on RN1. Its disruption is affecting travel and supplies to the city.
The collapse comes amid worsening erosion in Kikwit. In February 2026, the mayor of Nzinda had already warned about a growing ravine in the area, which destroyed several homes and left families in vulnerable conditions, according to the Congolese Press Agency (ACP).
The mayor had also warned that advancing erosion could sever the Wazabanga road.
Boaz Kabeya
Congolese authorities have declared a radiological emergency at the T17 waste rock zone in Kolwezi, Lualaba province, after radioactive materials were discovered at a site where artisanal miners were operating.
In a statement released on March 23, 2026, Higher Education and Scientific Research Minister Sombo Ayanne Safi Mukuna Marie-Thérèse, acting as the country’s nuclear regulator, warned of a major risk to public health, national security and the environment.
According to multiple media reports, the decision followed uncontrolled artisanal mining activities that exposed radioactive substances, potentially affecting nearby populations and ecosystems. Authorities said the measure aims to contain contamination, secure the site and protect exposed communities.
The government announced the deployment of specialized teams on site, along with experts tasked with assessing risk levels and implementing decontamination, protection and monitoring systems. It stressed the need for a rapid and coordinated response to prevent the situation from deteriorating.
Health risks well documented
Exposure to radioactive materials poses well-documented health risks. Ionizing radiation can penetrate biological tissues, damage DNA and lead to severe health effects, including cellular damage and long-term diseases. Exposure may occur through inhalation of contaminated particles, ingestion or prolonged contact—scenarios common in artisanal mining environments.
The emergency declaration aligns with international risk management standards, particularly those promoted by the International Atomic Energy Agency (IAEA), which emphasize preparedness, detection and rapid response to radiological incidents.
Authorities said they would mobilize the necessary resources, ensure transparency and coordinate response efforts. They also urged the public to strictly follow safety instructions, warning that even localized radioactive contamination can pose serious risks if left uncontrolled.
Boaz Kabeya
In addition to producing 500,000 metric tons per year of 99.7% pure copper anodes, Kamoa Copper’s smelter can generate 700,000 metric tons of sulfuric acid annually, a byproduct that is gaining value in the Congolese Copperbelt amid conflict in the Middle East.
Sulfuric acid is a key input in the leaching process used to extract copper from oxide ores. A significant share of Congolese output, estimated at 3.5 million metric tons in 2025, relies on such deposits, particularly in Lualaba and Haut-Katanga provinces. The availability of this input directly affects production volumes and operating costs.
So far, most of the sulfuric acid used in the region has been produced from imported sulfur. According to Robert Friedland, executive co-chairman of Ivanhoe Mines, which holds a 39.6% stake in Kamoa Copper, up to 80% of the sulfur imported into the Copperbelt passes through the Strait of Hormuz, a corridor now disrupted by the conflict in the Middle East.
“Over the past week, we have begun to observe an increase in the price of acid in the Congolese Copperbelt due to the lack of sulfur exported from the Middle East via the Strait of Hormuz. If supply remains constrained, prices should continue to rise,” Friedland said in a March 23 post on X.
This makes the Kamoa Copper smelter more important. Unlike most operators, the project processes sulfide ore, which does not require sulfuric acid. The refining process also produces it as a byproduct. This allows Kamoa to avoid the constraint and become a key supplier to the rest of the sector.
Additional revenue
According to Friedland, the smelter currently produces 1,600 metric tons per day of high-concentration sulfuric acid, sold for between $470 and $500 per metric ton to mining operations in the Congolese Copperbelt. He described the price as competitive, noting that even before the outbreak of the war in the Middle East, sulfur prices had risen sharply in recent months due to global supply constraints, reaching between $500 and $600 per metric ton in January depending on the region.
The situation is also boosting the project’s profitability. At current price levels, sulfuric acid sales could generate more than $300 million in annual revenue. This additional stream complements copper production, which is expected to reach between 370,000 and 420,000 metric tons in 2026. The smelter also allows Kamoa Copper to nearly halve its logistics costs by exporting copper anodes rather than concentrate, according to company executives.
By contrast, most other operators in the Copperbelt are directly affected by the shock due to their reliance on sulfuric acid. Higher input costs are weighing on margins and widening competitive gaps within the sector.
More broadly, this highlights a structural issue for the Democratic Republic of Congo: securing the industrial inputs needed to develop its mining resources. As the country strengthens its position as a major global producer of copper and cobalt, control over these inputs is becoming critical to its resilience.
Pierre Mukoko
China Minmetals Corporation (CMC), the indirect majority shareholder of MMG, is seeking to acquire new mining permits in the Democratic Republic of Congo (DRC) after a March 24, 2026 meeting in Beijing with Mines Minister Louis Watum Kabamba.
Discussions focused on expanding the group’s operations in the country, the ministry said. China Minmetals also expressed interest in technical collaboration with the National Geological Service to accelerate the identification of new deposits.
During the meeting, the minister outlined the DRC’s strategic priorities, emphasizing geological research, local processing of mineral resources, job creation, and greater Congolese participation in the mining value chain.
The ministry said the meeting supports a model based on productive investment, local value addition, and the sustainable development of the mining sector.
Kinsevere central to CMC’s operations
In the DRC, the group’s main asset is the Kinsevere mine, operated by MMG, located about 30 km north of Lubumbashi in Haut-Katanga. Historically focused on copper production, the site has been expanded to include copper sulfide and cobalt processing.
Approved in March 2022, the project aimed for total investment of $550 million to $600 million, with a target annual output of 80,000 tonnes of copper cathode and 4,000 to 6,000 tonnes of cobalt at full capacity. As part of the project, $300 million in financing was secured in December 2023 from Top Create Resources Limited, an entity linked to CMC.
After mechanical completion of the expansion in September 2024, MMG targeted production of 63,000 to 69,000 tonnes of copper cathode at Kinsevere in 2025. The target was not met. According to MMG, the mine produced 52,791 tonnes of copper in 2025, an 18% increase year-on-year. This increase reflects the gradual ramp-up of the expansion.
Ronsard Luabeya