Update · Essential
Three Septembers in New York
A Congolese refinery with no mine now has a U.S. study grant. First metal still depends on feed, power, and a quota Kinshasa hands out at its discretion.
On the ground
View all →
US DRC SPA Intel
US-DRC SPA Intelligence Brief | 25 September 2026
The partnership is producing transactions faster than institutions. A reserve commitment, a corridor power study, a delisting. The commercial steering body has met once. The reform clock runs to early December. The only public description of a one-stop shop is an unpromulgated, source-level sketch that names Sicomines.
Update · Essential
The US-DRC SPA’s Article XI Put the Reserve in Congo. VaultCo Put It in Ohio.
The treaty said explore a coordinated stockpile on Congolese soil. This week EXIM hired Glencore to fill an American one. Mercuria wrote $500 million next to it. That is not delivery. That is a relocation.
Analysis
A Reported 35 to 40 Percent at Matadi Gateway Keeps Kabila Below OFAC’s 50 Percent Rule. That Is the Exposure
Below the threshold is not outside the exposure. Four months after the Kabila designation, Matadi Gateway has three shareholding versions, a state representative nobody can trace, and 50 of 58 subcontracts ordered cancelled.
The reference desk
All registers →
Register · Live
SAR Registry
Every publicly reported Strategic Asset Reserve designation and transaction, with sourcing, confidence, and clickable asset profiles.
Tracker · Live
Regulatory Reform Tracker
Every SPA obligation, both parties, held to the treaty text clause by clause, with verdicts.
Rating · Live
DRC Sovereign & Institutional Rating
A sovereign-alternative composite across 14 pillars, plus per-entity ratings for 28 state enterprises.
Register · Live
CAMI Registry
The complete DRC mining-title cadastre, made searchable.
Dossier · Live
SPA Glossary
Every mechanism and legal term in the agreement, defined against the treaty text.
Dossier · Active
Strategic Asset Reserve
The definitive living file on the SAR: mandate drafting, qualification criteria, allocation politics and every operator in contention.
Dossier · Active
The Washington Accords
Ratification, implementation and the hundred-day test. The complete record of the instrument at the center of the partnership.
Dossier · Active
Lobito Corridor
Financing, construction phases, operators and the power gap along the route from the Copperbelt to the Atlantic.
Investment & Markets
View all →
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.
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.
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.
Subscriber Access Platform
Unlock Complete US-DRC SPA Analysis
Subscribe for full access to weekly briefs, gated analysis, reference registers, and flagship dossiers.