DRC Advances $28.9bn MIFOR Iron Ore Project
DRC Launches $28.9 Billion MIFOR Iron Ore Project to Unlock Up to 20 Billion Tonnes of Reserves
The Minister of Mines, Louis Watum Kabamba, presented the Great Eastern Iron Mines (MIFOR) project to the Council of Ministers on Friday, January 9, 2026, along with the governance framework required for its implementation.
This strategic initiative represents a major milestone in the industrial development of the Democratic Republic of Congo’s iron ore potential.
According to the Minister, the iron ore resources targeted by the project are estimated at between 15 and 20 billion tonnes, with an average grade exceeding 60%. These figures position the DRC among the world’s leading holders of large-scale, yet largely untapped, iron ore reserves.
Presenting the Government’s report, the Minister of Communication and Government Spokesperson, Patrick Muyaya Katembwe, explained that consolidated technical and economic studies estimate an initial investment of approximately USD 28.9 billion for the first phase of the project.
This phase will encompass large-scale mining operations, industrial ore processing facilities, and the development of an integrated multimodal logistics corridor. The corridor will combine heavy railway infrastructure, river transport along the Congo River, and access to the deep-water port of Banana.
The first phase of MIFOR is designed to achieve an annual production capacity of around 50 million tonnes, with the potential for gradual expansion to up to 300 million tonnes per year—volumes comparable to those of the world’s largest iron ore basins.
Over a projected 25-year lifespan, the project’s economic model forecasts cumulative revenues exceeding USD 679 billion and net cash flows of more than USD 308 billion. The project also demonstrates a strong internal rate of return, underscoring its financial viability under conservative market assumptions.
Beyond its mining dimension, MIFOR is conceived as a strategic financial and development instrument. It is intended to enable the State to convert mineral wealth into sovereign infrastructure and, ultimately, into sustainable revenue streams that support macroeconomic stability and balanced territorial development.
After more than a century of mining activity largely centered on copper and cobalt, the MIFOR project represents a significant diversification of the national extractive sector. It aims to reposition the Democratic Republic of Congo as a major player in the global iron ore market while maximizing long-term economic benefits for the State.
The project has already attracted interest from international institutional investors with proven expertise in structuring and financing large-scale infrastructure and macroeconomic projects.
This interest reflects the project’s bankability and growing international credibility, without implying any legal commitment or prejudging sovereign decisions at this stage.
To ensure effective oversight and coordination, the Council of Ministers has approved the establishment of an expanded interministerial commission dedicated to the MIFOR project.
This body will be tasked with providing strategic guidance, strengthening institutional coordination, and progressively structuring the project in strict alignment with the Government’s sovereign directives.
