The Democratic Republic of Congo (DRC) has acquired a 10% stake in Buenassa Resources SA, the company spearheading the development of the country’s first copper and cobalt refinery.
The agreement was formalized on June 25 through a memorandum of understanding signed by Jean-Lucien Bussa, Minister of State Portfolio, and Eddy Kioni, CEO of Buenassa Resources.
Though a minority stake, the 10% is classified as a “golden share,” granting the Congolese government veto power over strategic decisions that impact national interests.
These include issues related to employment, taxation, environmental standards, local content, and the company’s long-term strategy. To reflect this new arrangement, Buenassa Resources has transitioned from a limited liability company to a public limited company, with a board of directors that now includes government representatives.
The deal is being hailed as a strong signal to investors and strategic partners, paving the way for fundraising efforts. According to internal sources, Buenassa is seeking to raise between $7 million and $8 million to fund a comprehensive feasibility study.
The Congolese government has already contributed $3.5 million via the Industry Promotion Fund (FPI) to support the initial scoping phase.
The preliminary study estimates that the first phase of the refinery will require $600 million in investment.
Once operational—targeted for the end of 2027—the facility is expected to produce 30,000 tonnes of copper cathodes and 5,000 tonnes of cobalt sulfate annually.
Future plans include ramping up production to 120,000 tonnes of copper and 20,000 tonnes of cobalt per year.
A 12-month feasibility study, set to begin by September, will define the technical and economic framework of the project.
It will also outline the refinery’s supply strategy. Two supply models are under consideration: leveraging the state’s share of mining output or using cobalt quotas designated for local processing.
During the Council of Ministers meeting on March 14, 2025, the government reaffirmed its commitment to regulating cobalt exports and promoting domestic value addition.
While preparations for the study are underway, the final site for the refinery has yet to be confirmed.
A location in Lualaba Province has been identified as a strong candidate, but a final decision is still pending.
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