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.

Dans son discours, le président Lukama a souligné que Gécamines SA mène une stratégie proactive pour repenser la chaîne d’approvisionnement actuelle déséquilibrée du cobalt et cherche à renforcer la présence de la RDC tout au long de la chaîne d’approvisionnement pour accroître la capacité locale et promouvoir le développement économique.

Il a souligné la récente signature d’un partenariat stratégique entre Gécamines SA et UMICORE comme preuve de son engagement à « diversifier les sources de raffinage en développant la chaîne de valeur de tous les métaux en RDC ».

Ci-dessous l’intégralité du discours du Président du Conseil d’Administration y afférent :

Bonjour à tous,

C’est aujourd’hui un grand plaisir pour moi que de pouvoir m’exprimer devant une telle assistance et de consacrer ainsi formellement le retour de Gécamines au sein du Cobalt Institute dont elle a été l’un des pionniers, à une époque où le cobalt ne jouissait pas encore de cette qualification de «critical minerals».

Je suis heureux de voir que des hauts représentants de pays producteurs mais aussi des pays consommateurs se joignent à cet évènement. Cela témoigne de la prise de conscience collective et de la responsabilité qui est la nôtre de réfléchir au fonctionnement harmonieux de ce marché. Le cobalt doit en effet être disponible pour tous et de manière à pouvoir en préserver la valeur et l’utilité dans la durée.

Je suis honoré de parler après le Sous-Secrétaire d’Etat, José Fernandez, dont les propos témoignent de l’importance d’engager un débat entre tous les acteurs pour un marché plus équilibré. Je suis également très heureux de parler après le Représentant de l’Indonésie, dont les problématiques, nous l’avons entendu, sont assez communes avec les nôtres.

Mon honneur est grand de voir confirmer les options prises par mon Gouvernement à travers les propos de Son Excellence Madame la Ministre des Mines du Congo. Il y a incontestablement une base solide pour mettre en place les réformes voulues par tous. Et seul le Cobalt Institute peut nous offrir ce lieu de rencontre indépendant et participatif.

Je ne vous ferai pas l’affront de vous rappeler combien la République Démocratique du Congo, compte, ou pèse, dans la production mondiale de cobalt : 139 840 tonnes de cobalt exportées en 2023 Ce que vous savez peutêtre moins, c’est ce que la Gécamines – à travers ses partenariats pèse plus de la moitié de cette somme et demain encore plus quand sa filiale, Entreprise Générale du Cobalt aura amplifié son activité sur le cobalt artisanal.

Malheureusement, malgré cette position unique dans le monde, en République Démocratique du Congo, et par construction dans le Groupe Gécamines, nous faisons face à un problème d’importance.

Le Conseil d’Administration que je dirige et qui a été installé en mars 2023 s’est trouvé rapidement confronté à une situation inquiétante sur le marché du cobalt, destructrice de valeur et d’emplois, d’autant plus inacceptable que le point de départ de ce boom de production a été principalement constitué par les apports successifs de gisements à ces partenariats.

Le gap entre ce que Gecamines et l’Etat en définitive reçoivent en termes de création de richesses, de création d’emplois pérennes et de diversification de son économie, et ce qui a été escompté en contrepartie de ces cessions massives des gisements, combinées aux réformes audacieuses du cadre règlementaire, demeure criant.

Loin de nous l’idée de tout remettre en question, mais clairement l’accélération désordonnée de l’épuisement des ressources interpelle car ne correspond nullement aux fondamentaux de la demande mondiale et aux business plan adossés aux études de faisabilité déposées devant les autorités congolaises.

Des mesures devraient donc être prises de manière coordonnée entre pays producteurs de cobalt afin de ne pas tuer l’intérêt pour le cobalt. Dans le cas de la RDC, l’urgence s’impose car les bases de l’effondrement des prix, de la constitution déraisonnable de stocks de cobalt et de l’accentuation des investissements en R&D pour se passer du cobalt ont leur racine en RDC.

Pourquoi en RDC? La surexploitation par rapport aux études de faisabilité déposées a contribué à accentuer l’excès de l’offre. Chaque jour qui passe, nous vidons un peu plus notre sous-sol de sa substance non renouvelable pour un retour financier quasi inexistant. Ce faisant nous creusons nous-mêmes, notre tombe, celle d’une opportunité manquée, celle d’une occasion unique qui nous était offerte en tant que principale nation mondiale productrice de cobalt de contribuer intelligemment à la révolution de la transition énergétique.

La politique définie par le Conseil d’Administration de Gécamines, et entérinée par son actionnaire l’Etat, consiste donc à valoriser le mieux possible et durablement la production minière de Gécamines, de ses filiales et de ses partenariats. Le mot « durablement » a toute son importance car nous n’avons pas une stratégie basée sur le prix du marché spot pas plus que nous n’avons de stratégie basée sur les volumes exportés.

Nous définissons des objectifs en fonction des fondamentaux de la demande globale que la production congolaise rencontrera, en tenant compte des évolutions sur les comportements de consommation de cobalt, en participant à la chaîne de valeur que crée notre cobalt et en privilégiant la transformation locale ou à tout le moins, en partenariat avec nous.

C’est donc pour sortir du système actuel, profondément déséquilibré, que nous avons repensé notre approche cobalt. Le système actuel, que nous subissons, alors même que la RDC demeure pour un court laps de temps en situation de quasi-monopole, est un système qui ne repose plus sur les fondamentaux normaux et sains d’un marché de métaux, nous devons ensemble porter des mutations saines avec le concours de tous les acteurs de la chaine de valeur.

Les faits sont simples, ils sont la représentation d’une offre excédentaire par rapport a la demande exprimée. Sans faire beaucoup de prospective et de modélisation particulières, l’arrivée de la production indonésienne et la montée progressive de la part du cobalt recyclé dans l’industrie consolident les volumes face une demande dans le secteur des batteries qui a évolué, avec l’émergence de la batterie LFP, la diminution permanente du poids du cobalt dans la batterie mais aussi, et c’est nouveau, le ralentissement de la demande des véhicules électriques avec l’atténuation des incitations fiscales qui accompagnaient l’acquisition de ces véhicules.

Nous avons donc des stocks qui s’accumuleront alors que cela ne correspond nullement à un équilibre souhaitable pour tous, tant les acheteurs que les producteurs. Si la chute des prix persiste, les opérations minières congolaises dont plusieurs sont nos JV rencontreront des problèmes de rentabilité, que la montée du prix de cuivre ne compensera pas forcément.

Ensuite, tout porte à croire que les raffineurs sont désormais ceux qui fixent les fondamentaux. A l’exception de certains opérateurs ayant des liens capitalistiques fort avec des producteurs de batterie, la distorsion de volume entre la demande exprimée et les volumes revient à constituer

progressivement des stocks hors de la juridiction de production. Cela pourrait s’apparenter à du transfer price au détriment des opérations minières.

Cette concentration de pouvoirs au niveau d’opérateurs intermédiaires n’est pas acceptable et devient la possible base spéculative que nous devons tous ensemble éviter. Voir l’indice SMM se substituer au LBMA sans que les fondamentaux ne le justifient a été pour nous un signal clair. La baisse des prix du cobalt est consécutive à la création de stocks. Pour ceux qui sont quasi en intégration verticale, c’est un intrant peu cher, pour d’autres, c’est l’impossibilité de développer toute activité sans être tributaire des raffineries.

C’est l’occasion pour nous de souligner les récentes annonces faites par Son Excellence le Président de la République, Félix-Antoine Tshisekedi Tshilombo sur nécessité de contrôler au mieux la commercialisation du cobalt en RDC, car au-delà du prix, nous assistons à une accélération de la consommation des ressources, sans lien avec les études de faisabilité et les besoins de la demande mondiale pour la transition écologique. Il doit être mis un terme à cette situation préjudiciable. La RDC n’a pas vocation à être une zone de libreéchange de l’industrie économique mondiale, mais bien plus à devenir un espace d’équité au regard de son juste apport fait en cette période de transition énergétique planétaire.

De ce qui précède et pour conclure, Gécamines forme le vœu que Gouvernement puisse lancer une politique publique transparente et objective de régulation proactive des flux d’exportation en adéquation avec le besoin de la demande exprimée et en pleine synergie avec des pays qui pèseront désormais comme l’Indonésie.

C’est l’objet de l’orientation donnée par le Président de la République Son Excellence Félix-Antoine Tshisekedi Tshilombo, lors du Conseil des Ministres du 9 février 2024, de prendre les mesures nécessaires afin de rationnaliser les exportations et préserver la valeur du cobalt sur les marchés. Il me semble clair que sans une politique concertée et ambitieuse, la situation n’évoluera pas, au détriment de la plupart des acteurs et pour le bénéfice de certains.

Je ne m’étendrai pas sur ce sujet qui concerne l’Etat au premier chef, mais pour lequel notre société, et ses sociétés partenaires sont intéressées afin de préserver ou accroitre leur chiffre d’affaires et donc leurs bénéfices.

Parallèlement, Gécamines promeut depuis plus d’une année désormais une stratégie proactive de commercialisation de la production congolaise issue de ses usines, de ses filiales et de ses partenariats afin de favoriser les meilleurs prix de vente de ses produits, de s’assurer de la disponibilité du cobalt congolais pour tous les horizons et ainsi mettre fin à cette fatwa implicite sur son cobalt, considéré comme chinois ou probablement extrait avec le concours des enfants ou toute personne fragile.

Nous refusons ce story telling injuste et pénalisant et souhaitons offrir à chacun une autre expérience pour le cobalt du Congo. Cette politique a deux objectifs principaux. D’une part, introduire plus de concurrence sur le marché actuel qui est caractérisé par la consanguinité du producteur et de l’acheteur, les deux étant souvent des filiales d’un même groupe. D’autre part, de permettre à la RDC de choisir ses clients et donc de se servir de sa position sur les marchés, comme d’un instrument de souveraineté.

Cette approche sera diffusée sur la plupart de nos JV car elle apporte de la transparence dans la fixation des prix de vente, évite le transfer price, accélère le remboursement des dettes des JV et permet d’escompter un dividende payable à tous les actionnaires.

Un autre axe qui nous tient à cœur est de rendre rapidement et pleinement opérationnel EGC, notre filiale trading de la production artisanale. Là aussi, nous visons la transparence et le juste prix mais Eric Kalala pourra en parler lors des sessions auxquelles il participe.

Notre dernier axe est celui de la transformation locale. Nous sommes d’avis que le cobalt devrait quitter le Congo sous une forme compatible avec le besoin du marché, le sulfate ou le métal et pas forcément celui des raffineries, l’hydroxyde.

Vous en avez peut-être entendu parler, Gécamines vient de signer avec UMICORE un partenariat à forte dominante technologique dans le domaine du Germanium. Ce que nous avons fait pour le germanium, nous sommes prêts à le faire pour le cobalt, c’est-à-dire à diversifier les sources de raffinage en développant la chaine de valeur de tous les métaux en RDC. Il n’y a aucune raison objective que 100% de l’hydroxide de cobalt produit en RDC parte à l’étranger pour y être raffiné.

Comme pour le Germanium, nous sommes donc désireux d’augmenter la plus-value de notre production nationale, en favorisant la transformation locale qui par ailleurs devrait avoir un débouché naturel depuis l’accord entre la RDC et la Zambie pour la production de batteries en Afrique, en partenariat avec les USA.

Toutes ces actions sont des objectifs de court, moyen et long terme, certains tributaires de tiers, de l’État régulateur et aussi des comportement de consommation. Nous sommes désormais agiles, alertes face aux besoins du marché que nous refusons de subir.

Mesdames et Messieurs,

Comme vous le voyez, nous avons les idées claires sur ce que nous voulons accomplir pour notre pays et notre entreprise. Le cobalt est une cause qui mérite une attention mondiale. Nous n’avons aucun ennemi, que des partenaires, à qui nous demandons de bien vouloir respecter nos intérêts.

Comme le dit le Président de la République, la RDC est un pays solution dans les grands défis que le monde affronte. Défi écologique avec nos forêts, défi alimentaire avec nos terres arables et le majestueux fleuve Congo, défi énergétique avec le lithium, le cuivre et le cobalt notamment.

Mais si la RDC a beaucoup à apporter au monde, il est également essentiel que le monde lui apporte aussi sa contribution.

Je vous remercie,

An English translation of Chairman Lukama’s address as prepared for delivery is included in full below:

Dear everyone,

It is a great pleasure for me today to to speak in front of such an audience and hence formally sign the come back of Gécamines to the Cobalt Institute as one of its pioneers, at a time the cobalt did not yet meet this qualification of “critical minerals.”

I am happy to see that senior representatives from producing countries but also from consumers countries are joining this event. This demonstrates collective awareness and our responsibility to enhance a harmonious functioning of this market. Cobalt must be available to everyone and in such a way that its value and usefulness can be preserved over time.

I am honored to speak after Undersecretary of State José Fernandez, whose remarks demonstrate the importance of initiating a debate between all stakeholders for a more balanced market. I am also very happy to speak after the Representative of Indonesia, whose concerns, as we have heard, are quite common with ours.

My honor is great to see the options taken by my Government confirmed through the words of Her Excellency the Minister of Mines of Congo. There is undoubtedly a robust basis for implementing the reforms desired by all. And only the Cobalt Institute can offer us this independent and participatory meeting place.

I will not offend you by reminding you how much the Democratic Republic of Congo counts, or weighs, in the world production of cobalt: 139,840 tons of cobalt exported in 2023 What you may less be aware of is that Gécamines – through its partnerships – weighs more than half of this sum and tomorrow even more when its subsidiary, Entreprise Générale du Cobalt will have increased its activity on artisanal cobalt.

Unfortunately, despite this unique position in the world, in the Democratic Republic of Congo, and by construction in the Gécamines Group, we face a significant issue.

The Board of Directors that I lead and which was installed in March 2023 quickly found itself confronted with a worrying situation on the cobalt market, destructive in value and jobs, all the more ironic than the starting point of this production boom was mainly made up of the successive contributions of deposits to these partnerships.

The gap between what Gecamines and the State ultimately receive in terms of wealth creation, creation of long-term jobs, diversification of its economy, and what was expected in return for these massive transfers of deposits, combined with bold reforms of the regulatory framework, remains glaring.

Far from us the idea of questioning everything, but clearly the disorderly acceleration of the depletion of resources is of concern because it in no way corresponds to the fundamentals of global demand and the business plans backed by the feasibility studies submitted to the Congolese authorities.

Measures should therefore be taken in a coordinated manner between cobalt-producing countries so as not to deplete interest in cobalt. In the case of the DRC, urgency is required because the deep causes of the collapsing of prices, the unreasonable constitution of stocks of cobalt and the accentuation of investments in R&D to live without cobalt have their roots in the DRC.

Why in the DRC? Overexploitation compared to the feasibility studies submitted has contributed to accentuating the excess supply. Each day that passes, we empty our basement a little more of its non-renewable substance for an almost non-existent financial return. In doing so we ourselves are digging our grave, one of a missed opportunity, one of a unique opportunity offered to us as the world’s leading cobalt-producing nation to contribute intelligently to the energy transition revolution.

The policy defined by the Board of Directors of Gécamines, and endorsed by its shareholder the State, therefore consists of promoting the mining production of Gécamines, its subsidiaries and its partnerships as best as possible and sustainably. The word “sustainably” is very important because we do not have a strategy based on the spot market price, nor than we have a strategy based on exported volumes.

We define objectives based on the fundamentals of global demand that Congolese production will encounter, taking into account changes in cobalt consumption behavior, participating in the value chain that our cobalt creates and favoring local processing or at least, in partnership with us.

It is therefore to get out of the current system, which is deeply unbalanced, that we have rethought our cobalt approach. The current system, which we are subjected to, even though the DRC remains for a short time in a situation of quasi-monopoly, is a system which is no longer based on the normal and healthy fundamentals of a metals market, we must together carry out healthy changes with the help of all players in the value chain.

The facts are simple, they are the representation of excess supplies compared to expressed demand. Without doing much specific foresight and modeling, the arrival of Indonesian production and the gradual rise in the share of recycled cobalt in the industry consolidate volumes in the face of demand in the battery sector which has deeply evolved, with the emergence of the LFP battery, the permanent reduction in the weight of cobalt in the battery but also, and this is new, the slowdown in demand for electric vehicles with the attenuation of the tax incentives which accompanied the acquisition of these vehicles.

We therefore have stocks that will accumulate even though this in no way corresponds to a desirable balance for everyone, both buyers and producers. If the fall in prices persists, Congolese mining operations, several of which are our JVs, will encounter profitability problems, which the rise in the price of copper will not necessarily compensate for.

Then, everything suggests that the refiners are now the ones who set the fundamentals. With the exception of certain operators with strong capital links with battery producers, the volume distortion between expressed demand and volumes amounts to gradually building up stocks outside the production jurisdiction. This could be similar to transfer price to the detriment of mining operations.

This concentration of power at the level of intermediary operators is not acceptable and becomes the possible speculative basis that we must all avoid together. Seeing the SMM index replacing the LBMA without the fundamentals justifying it, was a clear signal for us. The drop in cobalt prices is a result of the creation of stocks. For those who are almost vertically integrated, it is an inexpensive input, for others, it is the impossibility of developing any activity without being dependent on refineries.

This is an opportunity for us to highlight the recent announcements made by His Excellency the President of the Republic, Félix-Antoine Tshisekedi Tshilombo on the need to better control the marketing of cobalt in the DRC, because beyond the price, we are witnessing to an acceleration in the consumption of resources, unrelated to feasibility studies and the needs of global demand for the ecological transition. This harmful situation must be brought to an end. The DRC is not intended to be a free trade zone for global economic industry, but rather to become a space of equity with regard to its fair contribution made in this period of global energy transition.

From the above and to conclude, Gécamines expresses the hope that the Government will be able to launch a transparent and objective public policy for the proactive regulation of export flows in line with the needs of the expressed demand and in full synergy with countries which will now are important market player as Indonesia.

This is the purpose of the orientation given by the President of the Republic His Excellency Félix-Antoine Tshisekedi Tshilombo, during the Council of Ministers of February 9, 2024, to take the necessary measures to rationalize exports and preserve the value of cobalt on the markets. It seems clear to me that without a concerted and ambitious policy, the situation will not change to the detriment of most stakeholders and for the sole benefit of some.

I will not dwell on this subject which primarily concerns the State, but in which our company and its partner companies are interested in order to preserve or increase their turnover and therefore their profits.

At the same time, Gécamines has been promoting for more than a year now a proactive marketing strategy for Congolese production from its factories, its subsidiaries and its partnerships in order to achieve the best selling prices for its products, to ensure the availability of Congolese cobalt for all horizons and thus put an end to this implicit fatwa on its cobalt, considered Chinese or probably extracted with the help of children or any fragile person.

We refuse this unfair and penalizing storytelling and wish to offer everyone another experience for Congo cobalt. This policy has two main objectives. On the one hand, introduce more competition into the current market which is characterized by the consanguinity of the producer and the buyer, the two often being subsidiaries of the same group. On the other hand, to allow the DRC to choose its customers and therefore to use its position on the markets as an instrument of sovereignty.

This approach will be disseminated across most of our JVs because it provides transparency in setting sales prices, avoids transfer price , accelerates the repayment of JV debts and makes it possible to discount a dividend payable to all shareholders.

Another area that is important to us is to quickly and fully operationalize EGC, our artisanal production trading subsidiary. Here too, we aim for transparency and the right price but Eric Kalala, EGC CEO, will be able to talk about it during the sessions in which he participates.

Our last axis is that of local transformation. We are of the opinion that cobalt should leave the Congo in a form directly compatible with the needs of the market, sulfate or metal and not necessarily that of refineries, hydroxide.

You may have heard about it, Gécamines has just signed a partnership with UMICORE with a strong technological focus in the field of Germanium. What we did for germanium, we are ready to do for cobalt, that is to say, to diversify refining sources by developing the value chain of all metals in the DRC. There is no objective reason that 100% of the cobalt hydroxide produced in the DRC should go abroad to be refined.

As for Germanium, we are therefore keen to increase the added value of our national production, by promoting local processing which should also have a natural outlet since the agreement between the DRC and Zambia for the production of batteries in Africa, in partnership with the USA.

All these actions are short, medium and long term objectives, some dependent on third parties, the regulatory State and also consumer behavior. We are now agile, alert to the needs of the market that we refuse to submit to.

Ladies and gentlemen, As you see, we have clear ideas about what we want to achieve for our country and our company. Cobalt is a cause that deserves global attention. We have no enemies, only partners, from whom we ask to kindly respect our interests.

As the President of the Republic says, the DRC is a solution country in the great challenges that the world faces. Ecological challenge with our forests, food challenge with our arable land and the majestic Congo River, energy challenge with lithium, copper and cobalt in particular.

But if the DRC has a lot to contribute to the world, it is also essential that the world also contributes to it.

Thank you,