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Category: Mining in DRC

Congolese Gold Price Sees Modest Increase Amid Global Uncertainty 1 Mining in DRC Economy Gold 

Congolese Gold Price Sees Modest Increase Amid Global Uncertainty

Constance
During the week of November 11 to 16, 2024, the price of Congolese gold saw a slight increase of 0.07%, reaching $88.72 per gram, up from $88.66 the previous week, according to a report from the National Commission of Mercuriales under the Ministry of Foreign Trade. While this rise is modest, it reflects growing global interest in the precious metal as markets remain sensitive to fluctuations in raw material prices. Gold, often seen as a safe haven in times of economic uncertainty, continues to see increased demand. Even small price… Read More Here
Copper Price Surge Offers Opportunities and Risks for DRC's Economy 2 Mining in DRC Copper Economy 

Copper Price Surge Offers Opportunities and Risks for DRC’s Economy

Constance
As of October 24, 2024, copper prices reached $9,561 per tonne, marking a 0.34% increase from the previous week. This rise is part of a broader trend of growing base metal prices, driven by rising global demand and infrastructure investments. Compared to the end of December 2023, copper has risen by 12.07%, providing a significant boost to producing nations like the Democratic Republic of Congo (DRC), one of the world’s leading copper exporters. This price surge could substantially impact the Congolese economy, potentially enhancing public revenues. The increased demand for… Read More Here
DRC Secures $2.87 Billion IMF Package for Economic Growth and Climate Resilience 3 Mining in DRC Economy 

DRC Secures $2.87 Billion IMF Package for Economic Growth and Climate Resilience

Constance
The Democratic Republic of Congo (DRC) has secured two agreements from the International Monetary Fund (IMF) totaling $2.87 billion. These funds will support the country’s economic development and efforts to combat climate change. During a press conference on Thursday, November 14, 2024, Minister of Finance Doudou Fwamba Li-Botayi, alongside Budget Minister Aimé Boji and an IMF representative, detailed the two agreements. The first is a three-year program under the Extended Credit Facility (ECF), valued at $1.75 billion, while the second focuses on climate resilience (RST), amounting to $1.1 billion. Minister… Read More Here
DRC Minister Confirms Near Completion of Dan Gertler’s Exit from Mining and Oil Assets 4 Mining in DRC 

DRC Minister Confirms Near Completion of Dan Gertler’s Exit from Mining and Oil Assets

Constance
The Minister of Hydrocarbons of the Democratic Republic of Congo (DRC), Aimé Molendo Sakombi, announced on Thursday that the process of divesting Israeli businessman Dan Gertler from Congolese mining and oil assets is nearly complete. “I can confirm, as a government, that the process is nearing its end. In a few weeks, the Ventora group (Dan Gertler) will be fully divested from all Congolese assets,” the minister stated at the Makutano forum in Kinshasa. Gertler, a controversial figure in the DRC’s mining sector, signed a memorandum of understanding with the… Read More Here
Carter Center Report Highlights Shortcomings in DRC Mining Companies’ Social Commitments 5 Mining in DRC 

Carter Center Report Highlights Shortcomings in DRC Mining Companies’ Social Commitments

Constance
A recent study published by the Carter Center in November 2024, titled White Paper on the Specifications of Mining Companies in the DRC, reveals a significant shortfall in mining companies’ adherence to sustainable development commitments, particularly in relation to the needs of local communities affected by mining activities. The report finds that out of 402 specifications intended to address these needs between 2018 and 2024, only 71 have been signed—an alarming 18% compliance rate. Furthermore, the budgets allocated to these signed specifications are deemed insufficient, with the average annual budget… Read More Here
Kamoto Copper Company’s Bank Accounts Unfrozen Amid Financial Reforms 6 Mining in DRC Cobalt Corporate News 

Kamoto Copper Company’s Bank Accounts Unfrozen Amid Financial Reforms

Constance
Kamoto Copper Company (KCC), a leading cobalt producer in the Democratic Republic of Congo (DRC), has had its bank accounts unfrozen following a decision reached during a working session at the Ministry of Finance on Tuesday. The meeting, which was attended by the Governor of Lualaba, Fifi Masuka, and KCC representatives, marked a significant step towards resolving the financial restrictions that have impacted the company since November 2022. The decision to unfreeze KCC’s accounts, according to Finance Minister Doudou Fwamba, is aimed at safeguarding the social interests of the Lualaba… Read More Here
DRC Prime Minister Highlights War Impact on Biodiversity at COP29 7 Mining in DRC Events & Expos Governance 

DRC Prime Minister Highlights War Impact on Biodiversity at COP29

Constance
Judith Suminwa, Prime Minister of the Democratic Republic of Congo (DRC), raised significant concerns about the threats facing her country’s biodiversity during a speech at the United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, on Wednesday. She attributed the dangers to the ongoing conflict in the eastern DRC, which she blamed on Rwanda. “My country’s biodiversity is in peril due to the war unjustly imposed by Rwanda,” Suminwa stated. “This crisis forces us to divert a substantial portion of our budget towards military efforts and the protection of our… Read More Here
Vital Kamerhe Calls for Reflection on DRC's Mining Challenges 8 Mining in DRC Cobalt Copper Lithium 

Vital Kamerhe Calls for Reflection on DRC’s Mining Challenges

Constance
The Democratic Republic of Congo (DRC), rich in minerals like cobalt, copper, and lithium, faces significant challenges in its extractive sector. Despite its vast resources, issues such as illicit mining, environmental pollution, corruption, and poor working conditions persist. On November 13, 2024, during a plenary session, President of the National Assembly Vital Kamerhe called for a reassessment of the country’s mining sector. He highlighted the involvement of government officials, including some deputies and ministers, in illegal mining operations, and lamented the existence of “illegal protectors” in the sector. Minister of… Read More Here
DRC Loses Billions to Gold Mining Fraud, Warns DRC Gold Trading 9 Mining in DRC Economy Gold News in Brief 

DRC Loses Billions to Gold Mining Fraud, Warns DRC Gold Trading

Constance
The Democratic Republic of Congo (DRC) is facing significant financial losses in its mining sector due to widespread fraud. Joseph Kazibaziba, Managing Director of DRC Gold Trading SA, a company operating in the gold mining industry, revealed that “more than 50 tons of gold are fraudulently exported to the east coast of Congo, amounting to over 5 billion USD.” He acknowledged that one of the major challenges remains integrating the substantial quantity of gold extracted through artisanal methods back into the official economy. The causes of this fraud are numerous,… Read More Here
President Kamerhe Urges Action Against Foreign Control of DRC’s Mining Sector 10 Mining in DRC 

President Kamerhe Urges Action Against Foreign Control of DRC’s Mining Sector

Constance
In a powerful address to the National Assembly, President Vital Kamerhe voiced strong concerns about the overwhelming presence of foreign nationals, particularly Chinese and Somalis, in the mining sites of the Democratic Republic of Congo (DRC). Speaking on November 13, 2024, during a hearing with the Minister of Mines, Kamerhe painted a grim picture of the country’s mining situation, highlighting practices he deemed unacceptable. He specifically called attention to the protection of foreign operations by certain national security forces. “The presence of Chinese and Somalis in all mining sites is… Read More Here

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