Buenassa, a prominent player in the metal processing and trading sector, has announced the acquisition of an initial tranche of US$3.5 million from the Democratic Republic of the Congo (DRC) Government through the Fonds de Promotion de l’Industrie (FPI). This funding marks a significant milestone in the advancement of an innovative copper and cobalt refinery project, reinforcing the nation’s commitment to Climate-Smart Mining while fostering a sustainable and value-centric industry.

The allocation of this initial tranche will facilitate the establishment of the project preparation facility, laying the foundation for the ambitious venture. Situated in the province of Lualaba, the project aims for operational readiness by 2027, within a 36-month timeframe from commencement. This initial funding phase is dedicated to bolstering the crucial first phase of development for the refinery complex, underscoring Buenassa’s unwavering dedication to driving forward this transformative and environmentally conscious initiative.

The project is poised to play a pivotal role in fostering an integrated value chain focused on battery and electric vehicle manufacturing, in alignment with the Government’s commitment to promoting responsible industrialization and regional green economic development with a profound and lasting impact on local communities. The key figures for the initial phase of the project include an annual copper cathode output of 30,000 tons and an annual cobalt sulphate output of 5,000 tons, with plant commissioning slated for 2027.

Buenassa has garnered extensive support from key stakeholders, with the United Nations Economic Commission for Africa (UNECA) facilitating partnerships with leading financial institutions such as Afrexim Bank, AFDB, AFC, and BADEA. The company also anticipates collaborating with local, regional, and international funding entities to further propel this critical initiative, particularly in support of the battery and electric car initiative, following the signing of a Memorandum of Understanding by DRC, Zambia, and the US in December 2022.

With a steadfast commitment to advancing low-carbon mobility and responsible energy consumption, Buenassa is well-positioned to establish a leading copper and cobalt refining complex, significantly enhancing the DRC’s standing as a global supplier of essential minerals and metals for various industries worldwide.

To support its mission, Buenassa has established vital partnerships and secured financial backing through collaboration with the US-based Financial Advisory firm Delphos International. Additionally, the company has engaged the technical expertise of renowned mining engineering advisory firms such as MET63, Bara Consulting, and DMT Group.

Scheduled to commence by the end of March 2024, Buenassa’s upcoming studies represent a significant stride toward realizing its vision of reshaping global supply chains and bolstering the DRC’s positioning in the global market. Focused on responsible production and equitable access to critical minerals, Buenassa is committed to integrating blockchain-based traceability solutions and deploying critical minerals warehouse infrastructure to support the DRC Government in better regulating metal movements and international market prices, which significantly impact its national economy.

The support extended by the DRC government to the Buenassa refinery project underscores its commitment to accelerating mineral resource-based industrialization by fostering synergies between the public and private sectors. By endorsing this initiative, the government strategically aims to ensure the coherent development of the battery value chain, supporting the creation of intermediate value-added stages between mining and the production of battery precursors.

President Felix-Antoine Tshisekedi of the Democratic Republic of Congo has emphasized local beneficiation of critical minerals as a key pillar of his presidential program for the prosperity of the Congolese people and national security strategy. His special attention to the Buenassa initiative underscores its significance in driving economic growth and enhancing national security through the strategic utilization of the country’s mineral resources.