DRC Grants Buenassa SARL $3.5M for Copper-Cobalt Plant
Buenassa SARL, a prominent player in the mining industry, has received a significant boost with a $3.5 million grant from the Democratic Republic of Congo’s Industry Promotion Fund.
The funding is earmarked to facilitate the establishment of a copper and cobalt refinery in the Lualaba province, marking a pivotal step towards enhancing the region’s industrial capacity.
The announcement of this funding was made by Buenassa SARL in a recent press release, signaling a noteworthy development in the country’s efforts to leverage its rich mineral resources for economic growth.
Industry Minister Julien Paluku allocated the funding with the aim of kickstarting the project, which is designed to bridge the gap between mining and the production of battery precursors. The initiative aligns with broader objectives to enhance the value chain and promote downstream processing of minerals within the country.
The initial phase of the project will focus on conducting comprehensive studies, with production operations slated to commence in 2027. Buenassa SARL has set ambitious targets, aiming to produce 30,000 tonnes of copper cathodes and 5,000 tonnes of cobalt sulfate annually.
Eddy Kioni, the founder and managing director of Buenassa SARL, expressed profound optimism regarding the project’s potential to catalyze the development of an integrated value chain for battery and electric vehicle manufacturing.
He highlighted the company’s unwavering commitment to responsible industrialization and sustainable economic development, emphasizing the importance of generating tangible benefits for local communities.
In addition to the grant from the Industry Promotion Fund, Buenassa SARL is actively pursuing additional support from various funding sources, including local, regional, and international entities.
Additional source: Battery Metals Africa
