ERG Secures $150M Financing to Boost DRC Copper and Cobalt Operations
Eurasian Resources Group (ERG) has secured a $150 million pre-export financing agreement with Bank of China Limited, London Branch, in collaboration with Glencore International.
This financing will support ERG’s mining operations in the Democratic Republic of Congo (DRC), particularly at Metalkol, a unit focused on reprocessing copper and cobalt residues.
The agreement hinges on a copper cathode supply contract from Metalkol, using future export revenues as collateral. This arrangement provides ERG with the liquidity needed to sustain its investments in the Kolwezi region.
“We are delighted to support the continued supply of critical minerals like copper from the DRC to customers around the world,” said Jyothis George, Glencore’s Head of Copper Marketing.
Mital Patel from Bank of China emphasized the importance of the deal, stating, “This transaction represents a classic pre-export structure, with a product that is critical to electrification and more environmentally friendly extraction.”
ERG, owned by a Kazakh consortium that includes the government through Samruk-Kazyna, continues to strengthen its presence in the DRC with subsidiaries such as Société Minière de Kabolela et Kipese (SMKK) and Boss Mining.
