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Category: Mining in DRC

Zijin Mining Reports 52% Profit Surge Amid Strong Copper and Gold Prices 1 Mining in DRC Copper Gold 

Zijin Mining Reports 52% Profit Surge Amid Strong Copper and Gold Prices

Constance
Zijin Mining Group, China’s largest metals producer, recorded a 52% increase in net profit in 2023, driven by higher production and rising copper and gold prices. The company reported a net income of 32.1 billion yuan ($4.4 billion), aligning with its forecast of 32 billion yuan, while revenue climbed 3.5% to 303.6 billion yuan. Over the past decade, Zijin has aggressively expanded its global presence, establishing major copper projects in China and the Democratic Republic of Congo. As securing critical mineral supply becomes a growing concern for global powers, Chairman… Read More Here
KoBold Metals Eyes Major Lithium Project in the DRC Amid Legal Dispute 2 Mining in DRC Battery Metals Lithium 

KoBold Metals Eyes Major Lithium Project in the DRC Amid Legal Dispute

Constance
KoBold Metals, a mining company backed by billionaires Bill Gates and Jeff Bezos, has informed the Democratic Republic of Congo’s government of its interest in developing one of the world’s largest hard rock lithium deposits. This marks the first significant offer from a major U.S. mining company to invest in the central African nation, coinciding with early discussions on a potential minerals and security partnership between the two countries. KoBold, which leverages artificial intelligence to explore materials vital for the energy transition, has proposed taking over a highly sought-after mining… Read More Here
Chemaf Scraps Norin Mining Deal Amid US-China Mineral Tensions 3 Mining in DRC Cobalt Copper 

Chemaf Scraps Norin Mining Deal Amid US-China Mineral Tensions

Constance
Copper and cobalt producer Chemaf Resources Ltd. has abandoned its planned sale to Norin Mining Ltd., marking a potential victory for US efforts to curb China’s influence over global mineral supply chains. The deal collapsed after Democratic Republic of Congo (DRC) authorities failed to approve the transaction, according to a source familiar with the matter. Chemaf, backed by commodity trader Trafigura Group, informed creditors that the sale to Norin—a subsidiary of China’s state-owned Norinco Group—would not proceed. Congo’s state-owned mining company, Gécamines, which holds the permit for Chemaf’s Mutoshi cobalt… Read More Here
CMOC Posts Record Earnings in 2024 on Strong Cobalt and Copper Output 4 Mining in DRC Battery Metals Cobalt Copper 

CMOC Posts Record Earnings in 2024 on Strong Cobalt and Copper Output

Constance
China’s CMOC Group Ltd., the world’s largest cobalt producer, reported record earnings in 2024, driven by increased production, higher sales, and rising copper prices. The company’s net income surged 64% to 13.5 billion yuan ($1.9 billion), surpassing analysts’ estimates of 12.3 billion yuan. Revenue rose 14% to 213 billion yuan, also exceeding forecasts. CMOC attributed its strong performance to capacity expansions and efficiency improvements. “Mining is a cyclical industry, and accurately understanding market cycles is key to successful expansion,” the company stated in its earnings report. “At the bottom of… Read More Here
DRC Partners with Indonesia to Regulate Global Cobalt Supply 5 Mining in DRC Battery Metals Cobalt 

DRC Partners with Indonesia to Regulate Global Cobalt Supply

Constance
The Democratic Republic of Congo (DRC) has announced a partnership with Indonesia to strengthen its control over cobalt supply on the international market. The decision, made by the Economic Situation Committee, was officially presented by Prime Minister Judith Suminwa Tuluka during the 35th Council of Ministers meeting on March 14, 2025. Following a four-month suspension of cobalt exports, the DRC—holder of 75% of the world’s cobalt reserves—is determined to manage its supply effectively. The suspension was initially imposed due to an oversupply in global markets, which led to a decline… Read More Here
Francophone Ambassadors Urge Ceasefire and Dialogue Amid Deteriorating Security in DRC 6 Mining in DRC Regional conflict 

Francophone Ambassadors Urge Ceasefire and Dialogue Amid Deteriorating Security in DRC

Constance
On Thursday, March 20, 2025, International Francophonie Day, members of the group of Francophone ambassadors in the Democratic Republic of Congo (DRC) expressed deep concern over the escalating security crisis in the country’s east. This deterioration is primarily attributed to the offensive launched by the March 23 Movement (M23), with support from the Rwandan Defense Force. In a statement released on this occasion, the ambassadors called for an immediate ceasefire and emphasized the need to address deeper issues, such as the illegal exploitation and export of natural resources, particularly to… Read More Here
Congo's Copper and Cobalt Export Suspension Impacts Prices 7 Copper Cobalt Economy Mining in DRC 

Congo’s Copper and Cobalt Export Suspension Impacts Prices

Constance
The Central Bank of Congo (BCC) reported on March 19, 2025, a 3.3% decline in the price of copper per tonne compared to December 2024. This drop is attributed to concerns over the Congolese government’s suspension of copper exports to the global market. Since February 22, 2025, the price of copper has continued to decrease, by a 0.15% drop compared to the previous week. The BCC noted that copper prices have fallen by 11.97% since the end of December 2024 and have seen a staggering 60% decline over the past… Read More Here
DRC Seeks U.S. Security Partnership in Exchange for Critical Mineral Access 8 Mining in DRC Battery Metals Regional conflict 

DRC Seeks U.S. Security Partnership in Exchange for Critical Mineral Access

Constance
In a March 19, 2025, interview with Fox News, Congolese President Félix Tshisekedi confirmed his government’s interest in negotiating a security partnership with the United States in return for access to the Democratic Republic of Congo’s (DRC) vast critical mineral resources. “We are looking for partnerships and have established some with several countries. We believe that the United States, given its role and influence in the world, is an important partner for us. We are happy to see that with the Trump administration, things are moving forward at a faster… Read More Here
DRC Signs €150 Million Energy Deal with Germany’s Gauff Engineering 9 Mining in DRC Energy 

DRC Signs €150 Million Energy Deal with Germany’s Gauff Engineering

Constance
On March 17, 2025, in Berlin, the Democratic Republic of Congo (DRC) signed a €150 million (approximately $165.5 million) contract with Germany’s Gauff Engineering to construct 230 photovoltaic and mini-hydropower plants over the next four years. The agreement, announced by the Congolese Agency for Rural and Peri-Urban Electrification (ANSER), marks a significant step in expanding the country’s energy infrastructure. While details on the financing agreement remain undisclosed, part of the funding is expected to come from Germany. The initiative aligns with a broader rural and peri-urban electrification program formalized during… Read More Here
EU Sanctions Rwanda Over Alleged Role in DRC Conflict and Mineral Smuggling 10 Mining in DRC 

EU Sanctions Rwanda Over Alleged Role in DRC Conflict and Mineral Smuggling

Constance
On March 17, 2025, the European Union imposed sanctions on Rwandan officials accused of fueling the conflict in the Democratic Republic of Congo (DRC) and illegally exploiting its mineral resources. The sanctions target the Gasabo Gold Refinery in Kigali and Francis Kamanzi, head of Rwanda’s mining regulator. Mining has become a cornerstone of Rwanda’s economy, accounting for nearly 70% of total exports and 3% of GDP in 2023, generating $1.1 billion—$883 million from gold alone. With mineral reserves estimated at $150 billion, Rwanda has drawn major investors, including Rio Tinto,… Read More Here

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