Africa Finance Corporation invests in the Kamoa-Kakula copper deposit in the DRC

Africa Finance Corporation (AFC) has announced the closing of a USD 150 million loan with Kamoa Copper to expand the Kamoa-Kakula copper deposit in the Democratic Republic of Congo. Located in the copper belt of Central Africa, this project aims to strengthen the enrichment of African mineral resources.

The Kamoa-Kakula deposit, already in production since July 2021, plans to increase its production capacity to 600,000 tonnes per year and build the largest copper smelter in Africa. The expansion will also include an improvement in renewable hydroelectric capacity.

Kamoa-Kakula, a joint venture between Ivanhoe Mines, Zijin Mining and the Congolese government, has contributed significantly to the DRC economy, accounting for 4% of the national GDP in 2023. The site strives to maintain a low carbon intensity in its production.