Fomin Holds $25 Million Stake in DRC Gold Trading Amid Concerns Over Fund Use
DRC’s Fomin Mining Fund Invests $25M in Artisanal Gold Mining Firm Amid Legal and Transparency Concerns
The Mining Fund for Future Generations (Fomin), a Congolese state institution created in 2018 to prepare for the post-mining era, holds a $25 million stake in DRC Gold Trading, a company engaged in artisanal gold mining in the Democratic Republic of Congo (DRC). This was confirmed in a recent report by African Resources Watch (Afrewatch).
Faustin Biringanine, General Director of Fomin, confirmed the investment, stating:
“Yes, we were instructed to take a stake in Primera Gold, now DRC Gold Trading, worth USD 25 million.”
He further clarified that Fomin’s actions are directed by government decisions:
“If the government, through the Prime Minister, decides, we cannot oppose it. I have no authority to challenge the Prime Minister’s decision, nor that of my supervising minister,” said Biringanine.
Afrewatch has criticized the use of Fomin funds for projects beyond its original mandate. According to the Congolese mining code and the decree establishing Fomin, these funds should be dedicated primarily to geological research — not for direct financing of government projects.
DRC Gold Trading SA, formerly Primera Gold, was established in 2023 in partnership with the United Arab Emirates and renamed in November 2024. Ownership is divided as follows: 55% held by the Congolese state, 35% by Fomin, and 10% by Gécamines.
Between January and June 2025, DRC Gold Trading exported 1,057.88 kg of artisanal gold, distributed across various branches:
Kalemie: 302.559 kg
Buta: 221.651 kg
Bunia: 74.131 kg
Kindu: 447.028 kg
Isiro: 12.511 kg
According to the Ministry of Mines, in 2024 the DRC exported 27,934.90 kg of gold, valued at USD 1.53 billion a slight drop in volume compared to 28,808.38 kg in 2023 (valued at USD 1.33 billion). However, the increase in value reflects a 15% rise despite lower volumes.
