With this agreement, and KICO’s estimated production of between 240,000 and 290,000 tons of zinc metal contained in the concentrates, as well as germanium and gallium, Gécamines will become KICO’s main customer and the leading zinc exporter in the Democratic Republic of Congo.

“This ambitious off-take agreement, however, is only the first step in a broader strategy with KICO that aims to move towards the processing of zinc concentrates, but also copper, germanium, and gallium, and thus become the sole buyer of KICO’s production,” emphasizes Mr. Guy-Robert LUKAMA, Chairman of the Board of Directors of Gécamines SA.

This new partnership stems from Gécamines’ specific contractual rights to purchase KICO’s production since 2023.

Gécamines’ ability to exercise these rights was made possible thanks to the partnership established in December 2025 with Mercuria Energy Trading, which provides the necessary financial, logistical, and commercial capabilities.

This new agreement between Gécamines and KICO strengthens its commercial strategy and further positions the Democratic Republic of Congo as one of the world leaders in the global trade of strategic minerals. “This operation, which now positions Gécamines as the country’s leading zinc exporter, is further proof of Gécamines’ commitment to regaining control over the raw materials produced in the DRC, particularly through its partnerships,” stated Mr. Placide NKALA, the General Manager of Gécamines SA.

About KICO

KICO is a joint venture between Gécamines SA and Ivanhoe Mines, responsible for operating the Kipushi polymetallic mine in Haut-Katanga. Currently a minority shareholder in the project, Gécamines will become the majority shareholder for the subsequent phases of its operation after the completion of the Big Zinc project.

Contact Press:

Communication Department – Gécamines SA

press@gecamines.cd

www.gecamines.cd

This transaction is the first direct purchase of volumes reserved for Gécamines through one of its partnerships. It represents 20% of TFM’s production, in line with Gécamines’ shareholder stake.

This volume of copper, spread over the 2026 financial year, is intended for the American market, thus meeting certain expectations of the recent agreements made between the Democratic Republic of Congo and the United States of America. Gécamines is pleased to carry this initiative out in alignment with the objectives of His Excellency the President of the Republic, Félix-Antoine Tshisekedi Tshilombo.

“This first marketing operation is an extension and development of the competitive offer system established for the products of Gécamines’ partnerships, which has been in place since 2023 and has been successfully executed thus far,” announced Guy-Robert Lukama, Chairman of the Board of Directors of Gécamines SA.

“We are pleased with this first operation, which is the result of work carried out for more than a year to strengthen the position of the Democratic Republic of Congo in the global market for raw materials and to affirm the Congolese state’s desire to regain its sovereignty over its subsoil,” said Placide Nkala Basadilua, Chief Executive Officer of Gécamines SA.

Overview

A strategic turning point for the DRC’s economic sovereignty

Since the end of the 1990s, marketing of metals produced on Congolese territory has been mainly carried out by foreign third parties, depriving the State of the ability to make optimal use of its national production. The establishment of Congolese structures for the marketing of metals produced in the country is a historic return to the global value chain for the country, and will facilitate better integration for the DRC into the physical and financial flows from its mining production.

A rise in power already underway

Thanks to the marketing rights obtained on a share of the production generated through its partnerships, Gécamines is now positioned among the most influential global players in the sector. The competitive market consultation implemented made it possible for:

• A better promotion of Congolese products;
• An increase in the tax base for the State
• A diversification of buyers strengthening the country’s commercial independence.

In the long term, Gécamines is aiming for sales rights of up to 500,000 tons of copper and 40,000 tons of cobalt, confirming its ambition to once again become a global player in the critical raw materials market.

A new step: The creation of Gécamines Trading

For Gécamines, and the Democratic Republic of Congo, this evolution towards a 100% trading subsidiary company offers an opportunity to provide value from the country’s production to end customers, first by becoming a buyer of a share of the production of its partnerships and then by becoming a seller with international weight. In addition to the geostrategic implications of increased competition between nations for access to raw materials, this will allow the DRC to benefit directly from the revenue generated by this activity.

A strategic alliance with Mercuria

To ensure the operational success of the project, Mercuria, one of the world’s leading commodity trading groups, has been selected by Gécamines as a strategic partner. It provides financial, logistical and technical support, ensuring the necessary credibility in international markets and rapid ramp-up.

Statement

“The creation of Gécamines Trading marks a decisive step for the Democratic Republic of Congo. It is an instrument of sovereignty, transparency, and enhancement of our natural resources for the benefit of the Congolese people,” said the Chairman of the Board of Directors of Gécamines SA.

Press contact:
Communication Department – Gécamines SA
press@gecamines.cd
www.gecamines.cd

This partnership, developed under a memorandum of understanding signed earlier this year, establishes a framework for optimizing Gécamines’ copper and cobalt production revenues. It aims to guarantee transparent and competitive trading terms, maximize local benefits, and give Gécamines greater visibility and control over the tonnage allocated to it through its partnerships, representing its “Equity Tons” shareholding.

Strategic Objectives and Partnership Structure
A key feature of the partnership is that Gécamines will now be able to participate directly in calls for expressions of interest for its “Equity Tons.” This will allow the partnership to obtain competitive prices while ensuring that its resources are marketed transparently and strategically. This new approach strengthens Gécamines’ ability to actively participate in the trade of its raw materials and reinforces its position in global value chains.

Furthermore, this partnership allows Gécamines to direct its tonnages to strategic markets for end users. By leveraging Mercuria’s global network and expertise, Gécamines gains greater control over the destination of its copper and cobalt tonnages, ensuring these essential resources are marketed to buyers aligned with the DRC’s long-term economic and industrial priorities.

Mercuria will provide operational support, including logistics, market access, and its expertise in implementing this trade policy. The collaboration also emphasizes capacity building, with Mercuria supporting the training and development of Gécamines staff in trading, risk management, and operational processes.

Catalyzing Investment and International Partnership
The United States’ International Development Finance Corporation (DFC) has also formally expressed interest in taking a strategic financial stake in this partnership. This expression of interest underscores the initiative’s alignment with global development goals and the strengthening of resilient and transparent supply chains for critical minerals. The DFC’s involvement demonstrates the commitment of the counterparties and the DFC’s interest in further promoting and ensuring the partnership’s commitment to responsible sourcing, local empowerment, and market integrity.

Strategic Access and Expanded Scope
Under the investment contemplated in the DFC’s Letter of Interest, the partnership would grant U.S. end users a right of first refusal, providing U.S. industries with access to critical minerals essential for economic growth and competitiveness.

While initially focused on copper and cobalt, the partnership is also expected to support the commercialization of other strategic minerals produced in the DRC, such as germanium and gallium. These elements are increasingly critical in advanced manufacturing applications, including semiconductors, solar technologies, and electric vehicles, underscoring the partnership’s global relevance and forward-looking approach.

Furthermore, Mercuria will offer financing facilities to Gécamines, including pre-financing and production financing, to increase operational flexibility and accelerate commercialization. These financial tools will strengthen Gécamines’ ability to actively participate in global markets while reinforcing the financial viability of the partnership.

Strengthening Congolese Sovereignty and its Industrial Vision
This partnership aligns with Gécamines’ long-term vision to develop national commercial and marketing capabilities, positioning the partnership as an active player in global value chains.

“This collaboration marks a pivotal step in Gécamines’ journey to strengthen its role in the global metals market. This initiative primarily aims to ensure that Congolese copper and cobalt are traded transparently and fairly for the benefit of the country. It is important to note that this partnership gives Gécamines the ability to strategically direct its equity tonnage to end-user markets that align with our vision of strong and sustainable economic growth,” said Guy Robert Lukama, Chairman of Gécamines SA.

“This partnership redefines how the DRC interacts with global metals markets,” said Kostas Bintas, Global Head of Metals and Minerals at Mercuria. “It gives Gécamines greater control and visibility over its strategic resources, while integrating commercial discipline and maximizing value for Congolese stakeholders. We are proud to be Gécamines SA’s partner of choice in recognition of Mercuria’s strong ethical profile and its presence in the African Copperbelt.”

A Platform for Future Growth
The partnership is already operational and represents a significant step forward in transforming the marketing of critical minerals in the DRC. In addition to its core activities, the collaboration will explore investment opportunities in logistics infrastructure within the DRC to facilitate the efficient export of strategic raw materials. These investments aim to strengthen the country’s position in global markets while unlocking additional growth potential for the partnership.

About Gécamines
Gécamines SA is a Congolese mining company, wholly owned by the state, with a strategic portfolio of copper and cobalt assets. Its mission is to foster national development and industrial growth through the mobilization of its resources.

About Mercuria
Mercuria is one of the world’s largest independent energy and commodities groups, with a strong presence in global supply chains, energy transition assets, and strategic infrastructure. Founded in Geneva, Switzerland, the company operates in more than 50 countries.

About DFC
The U.S. International Development Finance Corporation (DFC), established in 2019 with bipartisan support under President Trump, is the international investment arm of the U.S. government. The DFC partners with the private sector and allied countries to foster economic development, advance U.S. foreign policy, and return to American taxpayers by mobilizing private capital around the world.

Press Contact:
press@gecamines.cd

The first quarter of 2025 has witnessed several significant developments.

On February 22, after an in-depth assessment of the cobalt market, His Excellency Felix Tshisekedi, President of the Democratic Republic of the Congo (DRC), announced a series of measures aimed at restoring order and ensuring optimal management of this strategic resource. One such measure was the halting of cobalt exports, a move essential to preserving our national economic interests, strengthening the integrity of our mining sector, and correcting cobalt market distortions. Since these actions, global cobalt prices have increased by more than 50%, from $21,150 to $33,300 per ton, the highest level since May 2023, validating the government’s policy. Gécamines is fully aligned with the policy of our government, as detailed in a communication from His Excellency President Tshisekedi to the Council of Ministers, which paves the way for the creation of localized value addition in the cobalt value chain within our economy.

Gécamines tirelessly works to position the DRC to evolve beyond being a simple supplier of raw materials to become a key player in the refining and processing of strategic minerals. As part of these efforts, we have actively opposed North Industries’ (Norinco) attempts to purchase Chemaf’s copper and cobalt assets in the DRC. Gécamines owns the key permit that Chemaf leases for its flagship cobalt project. Recently, Chemaf announced that the proposed Norinco transaction would not go forward. We are encouraged by this development and look forward to engaging with relevant parties to explore alternative solutions.

The global dynamics of the critical minerals trade continue to evolve, as there is a growing recognition that these minerals are the central nervous system of the global economy. In the United States, President Donald Trump recently signed an executive order on critical minerals, demonstrating the centrality of this issue. This is a significant development and creates an additional opportunity for the potential deepening of the relationship between the United States and the DRC in the cobalt sector and its value chain.

Finally, we continue to express our deep concern about the ongoing violence in the eastern DRC. Sustainable peace can only be achieved through respect for our sovereignty and territorial integrity.

Stay tuned for more updates and developments – and please make sure you are following our LinkedIn account for additional Gécamines’ information.

Thank you for reading.

As ever,

Guy-Robert

We strongly condemn the recent hostilities by the M23 rebel group in the eastern DRC. The violence has caused immense suffering, displacement, and disruption to the lives of thousands of people who are forced to flee their homes in search of safety. The relentless attacks on civilians, including women and children, by armed groups have resulted in unimaginable suffering, mass displacement, and widespread human rights abuses.

Gécamines stands in solidarity with the people of eastern DRC during this difficult time and urges M23 and their Rwandan backers to immediately cease hostilities. The international community and the United Nations Security Council have condemned the M23, called for their withdrawal, and called their efforts to establish parallel administrations “illegitimate.” We share their condemnation and also stand in full support of the efforts of His Excellency President Félix Antoine Tshisekedi Tshilombo, President of the DRC.

Gécamines operations have not been interrupted, but the belligerents in the East are looting our country’s mineral wealth. This must stop. Sustainable peace can only be achieved through respect for the sovereignty and territorial integrity of the DRC.

— Chairman Guy Robert Lukama  & Managing Director Placide Nkala Basadilua

Ladies and gentlemen,
Dear and Honorable Guests,

Thank you for allowing us to deliver the opening remarks for this roundtable. Thank you to the Atlantic Council, in partnership with Rawbank, for organizing such an important event—my pleasant regards to Ambassador Rama Yade and M. Mustafa Rawji.

I think this important topic captured in the question is key, as we have to find the tools that can unlock the potential of DRC critical minerals and diversify the offtake to design the pathway for a shared value created with investors and Congolese people in terms of wealth, jobs and sustainable future.

Congolese authorities and their partners have to collaborate to create an attractive regulatory environment, mitigate risk, and improve the overall perception of the DRC.
Our key message to those seeking to invest is that they must understand our natural resource endowment will catalyze driving value beyond the mining sector.

Wealth creation, job creation, advancing peace, security, stability and development – these are the primary interests that should drive public and private investment priorities in Congo.

That is why, before answering, I think it is helpful for us to question the current situation and its causes.

Can we say that investment in the natural resources sector in the DRC needs to be unblocked?

I share the observation that we do not currently have the range of investors needed to fully realize the potential to capitalize on our national resource wealth. Moreover, I am not sure that the existing portfolio fits DRC’s long-term ambition.

However, we must focus our efforts on creating a scenario where the mining sector becomes a profitable catalyst for other economic sectors. The current paradigm is unsustainable, and we need to develop systems to create opportunities and provide benefits not only to the mining supply chain but also to the larger Congolese population.

We must also recognize the geopolitical contexts of what abounds in the subsoil of Congo. China, for example, continues to invest in the DRC to secure access to critical minerals.

We must ask ourselves, what is preventing broader investment? The risk of corruption and weak governance are no longer sufficient to justify the lack of investment.

We must also recognize that the world of 2024 is not the world of the early 2000s – circumstances have changed, Congo has changed.

It is a challenge for us to align the interests of DRC and the rest of the world in a balanced way that is beneficial to all.

As we all know, the DRC’s position on critical minerals mapping makes it unavoidable. In addition to our critical minerals, we have many related assets, such as our geographical position in the heart of Africa, equidistant from two oceans, which allows us to export around the world.

We are more sustainable – our hydroelectric potential already allows us to produce minerals with a low carbon footprint and in line with global regulations: Green metals produced with green power.

Our infrastructure network is developing, from east to west, with the Lobito corridor, which is a formidable accelerator for trade and development.

We are particularly open to investment if it helps us to trigger prosperity; we are calling for more fair competition in the exploration and exploitation of our assets and the diversification of our investors and off-takers of our production.

For us, competition will push all operators on our soil to improve their production standards and interactions with the local community, which benefits everyone. It also makes it possible to propose innovative partnership models for the exploration of our resources. Previous models showed their limits in improving returns to the country or improving governance of the sector.

Currently, this is not the case.

I am saddened every day to see that the assets of my country can be emptied at a low price, like they are now for cobalt and exported as raw materials with low transformation with key imbalances inherited from past governance.

Cobalt, for example, is no longer perceived by many stakeholders as a Congolese resource, even though we produce most of the cobalt supplied to date.

What is the allocation for DRC’s share of value created?

It is insignificant when we know its decisive role in all current economies. Diversification of partners and greater local processing are necessary for a better return on our contribution through access to our natural resources to the current industrial revolutions underway. Fair value, no more!

I want to share an observation that leaves me somewhat circumspect. Many investors seem concerned about the the preponderance of Chinese investments in the mining sector in the DRC but in the mean time they are not investing. As a DRC company, we would welcome investment from any countries which would like to come because it would help us to raise our standards to higher levels and give us better opportunities of development .
Yes, the business climate has to be improved, and efforts have been made to address it. We do not deny the challenges, but I can guarantee that a lot has been done to reassure investors under the authority of His Excellency Félix-Antoine Tshisekedi Tshilombo. However, I share the conviction that our legislative frameworks are attractive, and that no one has disinvested in the DRC. No one! None of those who have been in DRC for a long time has reduced their footprint in terms of heavy investments. And we are talking in billions of USD since 2018, the year of the reform of the legal mining framework.
Challenges remain, but progress is being made.

Not everything is rosy, not everything is dark. Our challenges are related to skills, infrastructures, and access to energy, an investment opportunity in itself; I have just come out of another round table dedicated to the Grand Inga, a long dream but soon a reality!

What is blocking investing in DRC despite the alerting need for critical minerals?

Watching CNN and fearing eastern Congo? Key critical minerals are not there, and few incidents have occurred in the mineralized zone that may deter investment.

What else? We need to look at Section 1502 of the Dodd-Frank Act. We can discuss it at greater length, but, in short, it is quite a hindrance.

This is an opportunity for me to applaud the bipartisan initiative that is taking place in the U.S. legislative chambers, the BRIDGE ACT, which will be a determining element in the new American dynamic to want to invest in the DRC. Thank you to Mr. John James, Ms. Sarah Jacobs, and all who are pushing this agenda.

Let’s not be discouraged by the latest US Department of Labor report. Cobalt Institute had the intelligence to quickly organize a recent symposium in the DRC that brought together the stakeholders to dispel the misunderstandings arising from this publication. The DRC Government, the US Department of Labor, the DRC Chamber of Mines, representatives of the European Union, and all mining operators were able to express themselves in order to mitigate the effects and the actual impact. It was an opportunity to tell each other everything to continue the inevitable march towards more investment in the Congolese mining sector.

Among the avenues proposed to attract investors, we are currently thinking within Gécamines – which are a reflection of what is being broadly carried out by the State – about how to propose partnerships to investors that allow us to integrate the value chain from mining to the local processing of our minerals.

We are convinced that the investment model must evolve, and our future partners can endorse it. We can no longer be satisfied with being exporters of raw materials or of materials in metal form, which provide low returns for our country.

We must do everything possible to ensure the local processing of minerals extracted in the DRC, increase local added value job creation, and capitalize on subcontracting. This is an economic imperative for us, but also an ecological one, because transporting thousands of kilometers of raw minerals to be processed by employees who are often low-skilled and modestly earned constitutes a historical contradiction.

We demonstrated what we could do with STL, wholly owned by Gecamines and financed by Rawbank and Gecamines, which developed a unique plant for the processing of alloys and now produces cobalt, copper, and germanium locally. It is better than exporting alloys and concentrates to be processed abroad. We are open to anyone who wants to replicate this approach toward a cobalt refinery jointly.

We are curious to learn from others who succeeded, and we know that the attractiveness of capital is important. The Atlantic Council has drawn up a fascinating report on the Indonesian example, which teaches us how to manage our strategic assets, value chains, and exports.

It can be noted that Indonesia developed a proactive policy around two main axes: firmness on the ban on the export of raw minerals and attractiveness for foreign investment with a very rapid and massive effect on the creation of new local refinery projects in Indonesia.

This policy has resulted in a tax and industrial policy favorable to foreign investors. Nevertheless, when we look at the sources of investment and the sponsors of projects, we observe that China still maintains a dominant position—we want to diversify, we are open to other partners. Which brings us back to our starting point, how to we unlock investment in the critical minerals sector? Progress has been made, but more is to be done.

Thank you
Guy-Robert Lukama Nkunzi
Chairman of the board of Gecamines

This first batch is part of a gradual ramp-up of germanium that is treated inside the DRC and will be shipped to Umicore in Belgium for further processing and use in high-tech applications. Previously, STL’s germanium entered the market through third-party refiners outside of DRC but are now processed by STL’s new hydrometallurgical plant. STL’s recycled germanium, a strategic metal used in space, aeronautical, and optical technologies, is expected to represent a significant global supply source.

This success was made possible through the expertise and support provided by Umicore, with which STL and GECAMINES signed a technological and commercial partnership on May 8, 2024. The partnership aims to support the ramp-up of germanium that is recycled at STL’s hydrometallurgical plant in Lubumbashi and ensures the offtake of its production to Umicore.

Umicore experts, present in Lubumbashi since June, assisted STL employees in ensuring the production of the germanium processing  at this unique African plant. The plant was inaugurated on October 4 by His Excellency Mr. President of the Republic, Félix-Antoine Tshisekedi Tshilombo.

This fruitful cooperation has now resulted in the export of a first batch of germanium concentrate to Umicore’s industrial facilities in Belgium, which will be soon followed by others.

In the short term, the aim is to increase the concentration and quality of exported germanium, as well as the total quantity produced, to generate additional revenue for STL. In the medium term, STL will assess the possibility of developing a germanium dioxide production plant at the Big Hill site.

The achievement of STL’s first export of germanium marks an additional step in Gécamines’ commitment to create a Congolese hub for the transformation of strategic metals in Lubumbashi. This milestone represents the desire to build a high-value-added mining industry in the DRC that generates tangible jobs and wealth for the Congolese nation. Moving beyond being a raw materials supplier, STL has chosen to operate throughout the value chain of critical metal refining.

Guy Robert Lukama, President of Gécamines / STL, stated: “This inaugural shipment of germanium confirms our ambition, nurtured over several years, to make Congo a global hub for strategic metals. This applies not only to their extraction, which we are already partly involved in, but also to their local transformation in the future. With germanium production at STL, we can become a significant player in the global production of this strategic metal, granting the DRC a major geostrategic position in its relations with partners.

 Beyond germanium, we will ensure that STL engages in the production of gallium, cobalt, and zinc present in the Terril de Lubumbashi. Additionally, in the future, we aim to explore lithium, tin, cadmium, and coltan. Gécamines will reposition itself as the State’s mining industrial arm to combat illegal industrial exploitation in the DRC, embodying the mining vision of His Excellency, President Félix-Antoine Tshisekedi Tshilombo.”

Grant Dempsey, General Manager of STL, stated: “The partnership with Umicore is highly beneficial for STL, but I also believe it benefits Umicore by exposing them to different ways of working in a vastly different environment. Thanks to the support from Umicore’s on-site teams, as well as their human and industrial resources in Belgium, our personnel are rapidly gaining proficiency in various techniques related to germanium production. It’s essential to understand that their metals technology expertise is nearly unparalleled worldwide, especially concerning this highly specific metal. This partnership allows us to save valuable time. We are particularly pleased with this collaboration and are looking forward to the further steps in this project.”

Gecamines / STL Communications :

press@gecamines.cd

Disseminated by Mercury Public Affairs, LLC, a registered foreign agent, on behalf of Gecamines SA. More information is on file with the Department of Justice, Washington, DC.