DRC’s Historic Bakwanga Diamond Miner Seeks Fresh Capital for Recovery
The MIBA, or Bakwanga diamond mining company In the Democratic Republic of Congo, has long been a cornerstone of the country’s economy.
After several years of stagnation, it gradually recommenced operations in 2011. However, today, its business is no longer as lucrative as it once was.
The company’s recovery plan, estimated at USD 453 million, is set to be implemented over five years, accompanied by an investment plan of USD 161 million to be executed within three years. Fresh capital is needed to breathe new life into this enterprise.
The Congolese government has reaffirmed its commitment to reviving this company, which has seen a steady decline in activity. On Wednesday, August 25, the new management team of MIBA, recently appointed by President Félix Tshisekedi, met with Deputy Minister of Mines, Godard Motemona, to discuss the relaunch of this major state-owned enterprise.
The MIBA delegation included Chairman of the Board of Directors Jean-Charles Okoto, Director General André Kabanda, and Deputy Director General Kazadu Mabika.
The new leadership at MIBA conveyed the various issues that have disrupted the company’s operations to the Deputy Minister of Mines.
According to Jean-Charles Okoto, the Chairman of MIBA, the Deputy Minister of Mines provided practical guidance and strategies for the revival of this mining giant in the heart of the DRC.
“We had discussions with the Deputy Minister of Mines. He shared strategies for revitalizing MIBA. We also presented to him the progress of our Board of Directors, which will result in a roadmap outlining the beginning of our Recovery Plan.
Our assessment indicates that MIBA is facing significant challenges, and we are committed to finding swift solutions. Next year, you will witness the changes,” said Jean-Charles Okoto.
These new leaders at the helm of the Minière de Bakwanga (MIBA) were appointed by presidential order in July.
It’s worth noting that during a visit to the Kasai region, President Félix Tshisekedi reaffirmed his determination to revive the Bakwanga Mining Company (MIBA) during a meeting in Mbuji-Mayi, the capital of Kasai Oriental, on December 24, 2021.
MIBA’s production has been hampered, leading to wage arrears for workers, with some retirees not receiving their final settlements. For nearly a decade, the company’s employees have been staging protests, appealing to the government for assistance.
During his speech at Bonzola Square, the Head of State acknowledged the concerns of the Kasai population and promised to find solutions to address these challenges.
