Buenassa, a company operating in the metal processing and trading sector, has announced the reception of a subsidy totaling US$3.5 million from the Democratic Republic of the Congo (DRC) Government through the Fonds de Promotion de l’Industrie (FPI). This grant serves as the initial installment for the funding of its Project Preparation Facility.
The funding marks the inception of an innovative copper and cobalt refinery project, specifically a Hydrometallurgical plant. This endeavor represents a significant advancement towards establishing a sustainable and value-centric industry, aligning with the nation’s commitment to Climate-Smart Mining.
The initial funding tranche will facilitate the establishment of the project preparation facility, setting the groundwork for the venture. Located in the province of Lualaba, the project aims to commence operations by 2027, within a 36-month timeframe from initiation. This first tranche is designated to bolster the pivotal first phase of the refinery complex’s development, showcasing Buenassa’s dedication to advancing this transformative and environmentally conscious initiative.
Eddy Kioni, Buenassa’s Founder and CEO, expressed, “This project will play a crucial role in developing an integrated value chain around battery and electric vehicle manufacturing, in line with the Government’s commitment to promoting responsible industrialization and regional green economic development with a lasting positive impact on local communities.”
Key metrics for the first phase of the project include an annual copper cathode output of 30,000 tons, an annual Cobalt sulphate output of 5,000 tons, with plant commissioning scheduled for 2027.
Buenassa has garnered substantial support, with the United Nations Economic Commission for Africa (UNECA) facilitating partnerships with prominent financial institutions such as Afrexim Bank, AFDB, AFC, and BADEA. The company also anticipates collaboration with local, regional, and international funding entities to further drive this critical initiative, particularly in support of the battery and electric cars initiative following the Memorandum of Understanding signed by DRC, Zambia, and the US in December 2022.
With a steadfast commitment to fostering low-carbon mobility and responsible energy consumption, Buenassa aims to establish a leading copper and cobalt refining complex, significantly enhancing DRC’s capabilities as a global supplier of crucial minerals and metals.
In pursuit of this vision, Buenassa has forged crucial partnerships, secured financial backing through the US-based Financial Advisory firm Delphos International, and enlisted technical expertise from reputable mining engineering advisory firms like South Africa’s MET63, the UK’s Bara Consulting, and Germany’s DMT Group.
The company’s upcoming studies, scheduled to commence by the end of March 2024, represent a significant step forward in realizing Buenassa’s mission to reshape global supply chains and bolster DRC’s positioning in the global market.
Marie-Paule Donsimoni-Bupp, Chair of Buenassa’s Advisory Board, emphasized, “Buenassa is dedicated to ensuring an ethical, just, and equitable Energy Transition and supporting DRC’s role in shaping future global dynamics.”
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 controlling metal movements and international market prices, which significantly impact its national economy.
Julien Paluku, the DRC’s Minister of Industry, commented, “The DRC government’s support to Buenassa’s refinery project reflects its aim to accelerate mineral resource-based industrialization by encouraging synergies between the public and private sectors. Backing this initiative is a strategic choice to ensure the coherent development of the battery value chain by supporting the creation of an intermediate value-add stage between mining and the production of battery precursors.”
He added, “President Felix-Antoine Tshisekedi’s promotion of local beneficiation of critical minerals is a key pillar of his presidential program for the prosperity of the Congolese people and his national security strategy, as reflected in his special attention to the Buenassa initiative.”
