(Ecofin Agency) – The loan will be used to finance the third phase of expansion of the copper complex, which will increase its production capacity to more than 600,000 tonnes of ore per year.
Africa Finance Corporation (AFC) announced, in a press release published on Wednesday June 26, 2024, the granting of a loan of $150 million to the mining company Kamoa Copper to finance the expansion of the Kamoa-Kakula cruciferous complex in Democratic Republic of Congo.
This loan is aligned with the company’s commitment to support the local development of Africa’s abundant mineral resources with the aim of unlocking the continent’s economic prosperity, the same source said.
Kamoa Copper, the operator of the complex, is a joint venture between the Canadian mining company Ivanhoe Mines (39.6%), the Chinese company Zijin Mining Group (39.6%), the Hong Kong-based private company Crystal River Global Limited (0.8%) and the Congolese government (20%).
Kamoa-Kakula is the largest copper mine in Africa. Located at the western edge of Central Africa’s prolific copper belt, this mine entered production in July 2021. It is currently undergoing a third phase of expansion, which will increase its mining capacity. production by 33% to more than 600,000 tonnes per year.
The third phase of the mine’s development also includes the construction of Africa’s largest copper smelter, with a capacity of 500,000 tonnes per year of 99% pure copper anodes, and the production of 178 megawatts (MW) of electricity through the refurbishment of turbine No. 5 of the Inga II hydroelectric dam.
This phase, which is expected to be completed by the end of 2024, will make Kamoa-Kakula the third largest copper mine globally.
“This is a key step in our mission to develop infrastructure ecosystems that contribute to the integration of economies and economic transformation in Africa,” said AFC CEO Samaila Zubairu, quoted in the press release. And to add: “Copper is one of the critical minerals for the global energy transition, and the expansion of this mine will not only consolidate Africa’s position in the global copper market, but also contribute to the continent’s trajectory towards carbon neutrality, while creating employment opportunities and generating significant income for the DRC.”
The Kamoa-Kakula mine contributed 4% of the DRC’s gross domestic product (GDP) in 2023, according to the AFC.
Read also:
11/06/2024 – DRC: a new processing plant for the largest copper mine in Africa
05/28/2024 – DRC: Kamoa-Kakula mine can deliver 600,000 tonnes of copper per year
04/03/2024 – DRC: instability of electricity supply leads to a drop in copper production in Kamoa-Kakula
03/14/2024 – The DRC overtook Peru in 2023 to become the world’s second largest producer of copper
