Kamoto Copper Company’s Bank Accounts Unfrozen Amid Financial Reforms
Kamoto Copper Company (KCC), a leading cobalt producer in the Democratic Republic of Congo (DRC), has had its bank accounts unfrozen following a decision reached during a working session at the Ministry of Finance on Tuesday.
The meeting, which was attended by the Governor of Lualaba, Fifi Masuka, and KCC representatives, marked a significant step towards resolving the financial restrictions that have impacted the company since November 2022.
The decision to unfreeze KCC’s accounts, according to Finance Minister Doudou Fwamba, is aimed at safeguarding the social interests of the Lualaba province, where KCC has provided significant employment opportunities.
It is also expected to support the company’s operational revival and improve its financial stability amid challenging economic conditions.
Governor Fifi Masuka expressed her approval of the move, emphasizing that it would enable KCC to resume full operations, benefiting both the province and the national economy.
“The conditions for lifting the freeze have been outlined, though details remain confidential. However, we are confident that these conditions will be met swiftly,” Masuka stated.
She also mentioned that discussions between the Congolese government and KCC would continue to ensure mutual compliance with all obligations.
KCC, a subsidiary of Glencore, has faced financial restrictions since November 2022 following a government investigation into the company’s adherence to Congolese laws and regulations, particularly in tax payments, royalty contributions, and environmental and social responsibilities.
