Africa Finance Corporation Invests in Africa's Largest Copper Complex

Africa Finance Corporation (AFC) has announced a $150 million senior loan to support the expansion of the Kamoa-Kakula Copper Complex in the Democratic Republic of Congo. This facility is Africa’s largest underground copper deposit, known for its high-grade and low carbon footprint. The investment aligns with AFC's mission to enhance Africa's mineral beneficiation and economic growth.

The Kamoa-Kakula complex began operation in July 2021 and is in its third expansion phase. This phase aims to increase copper production by 33% to over 600,000 tonnes per annum and build Africa’s largest copper smelter. It also includes the refurbishment of a hydroelectric turbine to add 178 MW of renewable energy, expected to complete by the end of 2024.

The project is a joint venture between Ivanhoe Mines, Zijin Mining, and the DRC government. It employs 91% Congolese workers and has contributed significantly to the nation's economy and tax revenues. Additionally, it stands out for its sustainable mining practices, being one of the world’s lowest greenhouse gas emitters per tonne of copper.

AFC's role in this project underscores its critical position in promoting infrastructure that drives Africa's industrialization and global competitiveness. By providing financial and logistical support, AFC is helping reduce costs and emissions associated with copper exports from the DRC.