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Analysis

Glencore and Orion in Washington. Executing Was the Panel Title, Not the Transaction Status.

Seven months after the photograph, the document is still non-binding. And on the ownership figures already on the record, the transaction does something to Kamoto that nobody on either Washington stage has described.

Essential | Analysis
Update · Essential

The Man Kinshasa Kept on the Gold Tap Now Supplies the Central Bank

On 11 September a presidential ordinance reconducted Joseph Kazibaziba as director general of the state gold trader. Since February that company has been the declared upstream of the Banque Centrale du Congo's monetary gold strategy. A two-year investigation documented what its immediate predecessor's supply chain contained, and no due diligence report has been published since. Reserve quality is now a provenance question, and it runs through one office.

Essential | Analysis

On the ground

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Update · Essential

Kinshasa Now Has a Board for the Partnership. The Board That Can Move Money Has Met Once

A draft decree creating the Congolese task force was taken by the Council of Ministers on 11 September. It is being read as the partnership entering execution. It is not. Three separate bodies are being collapsed into one. The bilateral committee that sits between a Congolese asset and American development finance has not reconvened since February. The copper already arriving in the United States is not moving through any of them.

Essential | Analysis
Update · Essential

Chemaf Is a Restructuring Wearing a Flag, and Four Books Should Already Be Marking It That Way

Washington still calls Chemaf its flagship investment in Congo. Five and a half months after a USD 30 million equity close, Etoile had not restarted as of late July, creditors had agreed to forgo as much as USD 475 million of an USD 804 million stock, about USD 330 million remains, and the additional USD 260 million the owners told investors they need has not been shown as raised. Anyone holding residual debt, offtake, a Gécamines-linked right or another partnership-labelled distressed thesis is marking a restructuring, not a mine.

Essential | Analysis
Update · Essential

The Factory Floor Offer: How DRC’s Mines Minister Courted Beijing Without Selling It a Mine

For eleven months, Louis Watum Kabamba has made Chinese capital the same proposal in three cities: come to Kolwezi, build processing plants, obey the Mining Code. On the opening day of the 28th China Mining Conference in Tianjin, he made it a fourth time. The record shows what he offered, what he withheld, and what a treaty signed in Washington now forbids him to give.

Essential | Analysis

The reference desk

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Register · Live SAR Registry Every publicly reported Strategic Asset Reserve designation and transaction, with sourcing, confidence, and clickable asset profiles. 13 rows · 3 profiles Tracker · Live Regulatory Reform Tracker Every SPA obligation, both parties, held to the treaty text clause by clause, with verdicts. 29 obligations · 12 articles Rating · Live DRC Sovereign & Institutional Rating A sovereign-alternative composite across 14 pillars, plus per-entity ratings for 28 state enterprises. 14 pillars · 28 entities Register · Live CAMI Registry The complete DRC mining-title cadastre, made searchable. 3,448 titles · 984 holders Dossier · Live SPA Glossary Every mechanism and legal term in the agreement, defined against the treaty text. 42 terms Dossier · Active Strategic Asset Reserve The definitive living file on the SAR: mandate drafting, qualification criteria, allocation politics and every operator in contention. 14 briefs · Updated 2 days ago Dossier · Active The Washington Accords Ratification, implementation and the hundred-day test. The complete record of the instrument at the center of the partnership. 11 briefs · Updated 5 days ago Dossier · Active Lobito Corridor Financing, construction phases, operators and the power gap along the route from the Copperbelt to the Atlantic. 9 briefs · Updated 19 Jul 2026

Investment & Markets

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