Primera Gold DRC SA Aims To Monopolize Artisanal Gold Production & Export Over 15 Tonnes Annually In the DRC
Primera Gold DRC SA has apparently met expectations in its first week of operations, as reported by Congolese authorities. Despite only declaring 34 kg in the province of South Kivu in 2022, the company’s performance exceeded the government’s monthly goal of 10 kg per counter.
According to the company’s figures, none of the 9 official counters or the additional 10 unregistered counters in South Kivu were able to reach this target, resulting in an export rate of just 1.5 kg per year, or 0.09 kg per month per counter.
Based on a week’s worth of data, the company estimates that over 20 tons of gold from small-scale mining is being smuggled out of South Kivu province, amounting to more than 100 million USD per month that is not being reported to banks.
The joint venture aims to collect all gold produced by small-scale mining and export more than 15 tons per year, equating to over a billion dollars that will be reported to banks.
The initial batch, presented in Kinshasa on Friday, was created using a supply chain developed by Primera Gold DRC SA. The Congolese authorities noted that the biggest challenge was to ensure the gold’s traceability throughout the supply chain.
The first batch of gold to be exported and sold on the international market was composed by following a process that connects small-scale miners organized in functional cooperatives, traders, and authorized buyers, as well as specialized purchasing and operating centers in Bukavu, South Kivu. Primera Gold aims to ensure that all traders are banked and that all transactions are conducted through banking channels.
