MIBA’s Diamond Ambitions Stall Amid Delays and Unreleased Funds
As of April 16, 2025, Société Minière de Bakwanga (MIBA), the DRC’s state-owned diamond company, has yet to resume operations.
The company has not appeared in production reports since mid-2024, casting doubt on the ambitious targets set by Chairman Jean-Charles Okoto.
In November 2024, Okoto declared plans to reach one million carats per month in 2025, aiming for an annual output of 12 million carats.
This would mark a dramatic leap, given that the DRC produced 8.34 million carats in 2023—already a decline from 10.78 million in 2022.
Appointed in November 2023, Okoto traveled to Europe in late 2024 in search of new partners to revive the long-struggling company.
ASA Resource, which holds a 20% stake in MIBA, pledged $50 million toward the effort. Meanwhile, the government, which owns the remaining 80%, approved a $70 million recovery plan in August 2024, and President Félix Tshisekedi later announced a $50 million commitment to restart operations.
However, little progress has been made. According to an April 8 report from the Kasaï Oriental governor’s office, the President’s promised $50 million has not been disbursed.
It is also unclear whether ASA Resource has delivered its share. The status of the broader recovery plan remains uncertain.
That plan, more conservative than Okoto’s projections, targets 2.5 million carats by 2026. It emphasizes urgent debt restructuring, liability reduction, and the need to convene an extraordinary shareholders’ meeting.
MIBA’s Managing Director, André Kabanda Kana, has identified four South African firms—Bond Equipment, Mining Services, Athur Mining, and Consulmet—as potential suppliers of modern mining equipment. These companies have already toured the sites and are expected to submit bids.
A key element of the restart includes rehabilitating the Lubilanji hydroelectric plant, essential to power operations. Czech company Seko, contracted a year ago, announced on March 24 that work would begin “shortly.”
Despite the lack of concrete progress, optimism remains high in the region. The Kasaï Oriental governorate describes MIBA’s revival as “the wish of more than one Kasaïen,” with estimates suggesting up to 2,500 jobs could be created.
Looking ahead, MIBA also plans to diversify into gold, nickel, and chromium mining, and expand its footprint across the Greater Kasai region.
