Trafigura Secures US $600 Million for Congo Cobalt and Copper Mines
Singapore-based commodities trader Trafigura has closed a syndicated financing facility with Eastern and Southern African Trade and Development Bank (TDB) to develop copper and cobalt mines in the Democratic Republic of the Congo (DRC).
The facility will enable the completion of the new mechanized Mutoshi mine and processing plant in Kolwezi, and the expansion of the Etoile mine and processing plant in Lubumbashi.
The Mutoshi mine is expected to start production by the fourth quarter of 2023, and will become the world’s third largest cobalt mine, with a production capacity of 16,000 tonnes of cobalt hydroxide and 48,000 tonnes of copper cathodes per year.
In January 2022 Trafigura concluded an initial US$600 million financing agreement with Chemaf Resources Ltd (formerly Shalina Resources) and Chemaf SA, a vertically integrated copper and cobalt producer in the DRC. Chemaf owns both the Mutoshi and Etoile mines.
Photo courtesy of Responsible Sourcing Network.