DRC President Announces $50 Million Investment to Revive MIBA Mining Company
The President of the Democratic Republic of Congo (DRC), Félix Tshisekedi, has announced a $50 million investment to revive the struggling Bakwanga Mining Company (MIBA).
The announcement was made on Thursday, December 26, 2024, during his visit to Mbuji-Mayi, the capital of Kasaï Oriental province, as part of his ongoing tour of the country’s provinces.
Amidst a warm welcome from the local population, President Tshisekedi emphasized the importance of strict oversight in the use of these funds to ensure the revitalization of MIBA, which has faced decades of financial challenges.
“For the revival of MIBA, I am bringing $50 million. We will closely monitor the use of this money to ensure the company is truly revitalized,” he stated.
Once a cornerstone of the Congolese mining industry, MIBA has struggled with repeated bankruptcies and internal disputes, including ongoing tensions between the Chairman of the Board, Charles Okoto, and the Director General, André Kabanda.
This fresh investment aims to restore confidence in the company and restart its mining operations, with a focus on creating jobs and improving living standards for local communities.
Tshisekedi stressed that MIBA’s success is critical not only to the national economy but also to the prosperity of Kasaï Oriental.
Residents and workers alike are hopeful that this new initiative will mark a turning point for MIBA, which has received previous funding that failed to yield lasting improvements.
In addition to the MIBA revival plan, President Tshisekedi outlined a broader economic recovery strategy for Kasaï Oriental, including initiatives to secure mining concessions and attract more investors to the region.
There are high expectations from both local communities and workers who view the $50 million investment as a beacon of hope for a better future. If effectively implemented, MIBA could regain its former status as a key economic pillar for the region and the country.