Update
Extract
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…
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Analysis
Extract
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…
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Extract
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…
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analysis note
Extract
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,…
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Analysis
Extract
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…
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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…
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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…
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Extract
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…
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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.…
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9/11: Twenty-Five Years After, Can the DRC Help America Fight Terror as It Supported Its Previous Major World Engagements?
The uranium was Congolese. The war on terror's newest front should be too.
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Extract
The Washington Roster: Twelve Agencies Work the Congo. One Can Award a Mine. It Has Met Once.
The money moves through three doors. The decisions wait behind one. Every US institution on the Congo, what each controls, and how to position for what…
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Explainer
Who Signed the US-DRC Strategic Partnership, and Who Are the Key Players?
Who signed the US-DRC Strategic Partnership and who runs it, explained: the two governments, the agencies and financiers on each side, and who is allowed to…
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Update
Extract
The Quota Was Supposed to Squeeze Them. They Posted Records.
Chinese operators kept mining cobalt, stopped selling it, and poured everything into copper. Six months on they are richer, more liquid, and holding the tonnes the…
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Analysis
Extract
US-DRC SPA Intelligence Brief | September 4, 2026
Alert level: Elevated on the constitutional track. The treaty has entered the mandate fight.
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Extract
One Word, Four Instruments: Why “Strategic Reserve” Now Means Different Things in the Congo, and What That Is Worth
An investor can hold a treaty-backed first claim on a Congolese asset and still lose the tonnes it produces. Nothing in either instrument says which claim…
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Extract
He Skipped Kinshasa. That’s Not the Story. The Story Is What He’s Selling Everywhere Else.
America's new Africa envoy is on his second tour of the continent, and the deal his pitch is built on isn't on the itinerary. The omission…
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Update
Extract
The Shareholder Died in Brussels. The Shares Are Still Voting.
Sibéka was judicially dissolved in Belgium in December 2023. It still holds 20 percent of MIBA, the Congolese state diamond producer. That stake has outlived three…
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Analysis
Extract
US-DRC SPA Intelligence Brief | August 28, 2026
Alert level: Elevated on institutions and corridors. Not on signature theater.
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Update
Extract
Ten Percent of the Company, 7.5 Percent of the Revenue: Congo Just Priced Its Corridor
The first published economics of the Dilolo-Sakania concession settle what the state gets. They leave open who pays for it, and that answer is written in…
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One Railway, Two Theories: Kinshasa Signed a Transformation Corridor. Washington Toasted an Export Line.
Hours apart, on the same instrument, the two capitals described different corridors. Neither was wrong. The gap between their theories is where the politics of this…
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Extract
The Man Who Helped Write the Treaty Now Runs the Company It Points At.
President Tshisekedi did not send a mining engineer to fix Gécamines. He sent the EY partner who sat on the cell negotiating the US deal, and…
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Update
Extract
Congo’s Parliament Rejected a Grand Inga Law Once. The Same Objection Is Blocking the Next One.
The World Bank counts a legal framework among its two conditions for reaching financial close on Inga 3. Congolese deputies threw out a Grand Inga law…
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Extract
The Power Line Nobody Negotiated: Angola Is Wiring the Copperbelt While the Treaty Watches Inga
Katanga is short 2,000 MW. Angola has the surplus. The capital wiring the two together answers to Luanda and the Gulf, not to Washington's treaty.
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Update
Extract
Glencore Made Four Congolese Appointments and Moved the Reporting Line Above the Country in the Same Announcement.
Both things are true, they are in the same release, and only one of them made the headlines. The localisation is real. So is the relocation…
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Regulatory Reform Tracker
Extract
Washington Keeps Asking Where Kinshasa Fund’s Money Comes From. The Fund’s Own Answer Is the Problem.
Three consecutive US assessments have asked the DRC to disclose how its sovereign wealth fund is financed. The disclosure exists. It cites a decree the government…
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Analysis
Extract
The Money Isn’t Coming. A US Official Just Said So Out Loud.
The officials gave two reasons investors stay away. Both matter, and they are usually collapsed into one.
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Update
Extract
Kabila v. OFAC | Political Risk Note
The Sanctions Architecture of the Washington Accords Faces Its First Courtroom Test with Joseph Kabila, sanctioned by the US Treasury on April 30, 2026 for material…
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Dossier
Professional
The Washington Accords
Ratification, implementation and the hundred-day test. The complete record of the instrument at the center of the partnership.
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Dossier
Professional
Security & Regional Stability
The security conditions the partnership rests on, from the eastern provinces to cross-border exposure.
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Dossier
Professional
The Inga File
Generation capacity, transmission commitments, energy dependency, geopolitical and ecomonical stake underwriting the Inga project.
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Dossier
Professional
Governance Reform Program
The reform calendar, milestone by milestone, with compliance tracking and the actors accountable for each.
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Dossier
Professional
Strategic Asset Reserve
The definitive living file on the SAR: mandate drafting, qualification criteria, allocation politics and every operator in contention.
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Professional
Corridor Project Register
Financing, contractors and completion status for each Lobito Corridor works package.
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Update
Extract
The DRC Tripled Its List of Strategic Minerals. Seven Things to Know.
In May 2026, the Council of Ministers adopted a decree adding six more. Three to nine, in one act yet most coverage reported the royalty. The…
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Update
Extract
Seoul Financed Glencore, Washington Wants a Seat, The DRC Is What They Bought.
Two states moved on the same company for the same metal within six months. Neither named the Congolese mines that make both deals work, and neither…
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Update
Extract
The Congolese People Have Made the Choice. Kinshasa’s Hedge Now Has a Paper Trail.
Two months after 56 percent of Congolese conditionally endorsed the American bargain, the treaty they priced sits adopted, unpromulgated, and overtaken on both sides of the…
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Analysis
Extract
Fifty-Four House Democrats Read the Congo Deal. The Clause That Answers Them Is on Page Nine.
The 17 August letter is right where it has been doubted, wrong where it is most confident, and blind to the provision that would have made…
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Analysis
Extract
Lobito Corridor Analysis: Central Africa Impact Report
This strategic intelligence briefing explores regional infrastructure developments in Central Africa, highlighting the role of Lobito Corridor, transport link in shifting trade flows.
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Extract
Two Atlantic Export Architectures for Congolese Minerals. Only One Is in the Treaty.
Washington is financing a route through Angola. Abu Dhabi is signing terms for terminals on the Congolese coast. The obligations and the capacity are moving in…
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Dossier
Professional
The Lobito Corridor: the Congolese segment
The Lobito Corridor's Congolese segment dedicated dossier
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Explainer
Essential
What Is the Lobito Corridor, and Why Does the SPA Depend on It?
The Lobito Corridor, explained: the railway the US-DRC Strategic Partnership names as its export spine, the five-year volume targets, and why it turns Congolese metal west.
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Explainer
Essential
Where Is the Money in the US-DRC Strategic Partnership?
How the US-DRC Strategic Partnership is financed, explained: why the agreement carries no money, where the capital actually comes from, and why that makes it a…
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Explainer
Essential
How Is the US-DRC Strategic Partnership Enforced?
How the US-DRC Strategic Partnership is enforced, explained: why it has no penalty clause, what happens if commitments are missed, and where the real teeth actually…
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Analysis
Extract
Kinshasa’s 9 Billion Dollar Gamble: The DRC Between the US and China
The DRC used a 9 billion dollar US mining deal to extract a Chinese trade concession. But the Orion-Glencore MOU cannot close, and Kinshasa's leverage has…
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Analysis
Extract
Kabila Is Now an OFAC Blocked Person: What Every SPA-Aligned Investor Must Do
OFAC designated Joseph Kabila on 30 April 2026. Five immediate compliance steps for SPA-aligned investors and operators with DRC exposure.
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Explainer
Essential
How Is the US-DRC Strategic Partnership Different From China’s Approach?
The US-DRC Strategic Partnership versus China's approach in the Congo, explained: barter against rules, why owning the mines is not enough, and which model has delivered.
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Explainer
Essential
What Is the Strategic Asset Reserve (SAR)?
The Strategic Asset Reserve, explained: how the US-DRC Strategic Partnership decides which Congolese mineral assets US investors see first, and the first-offer clock on each one.
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Explainer
Essential
What Is a Qualifying Strategic Project (QSP)?
The Qualifying Strategic Project, explained: the ownership and control test under the US-DRC Strategic Partnership, the twenty-year equity clock, and how it differs from the SAR.
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Explainer
Essential
What Does Article XII Require, and How Does the Reform Clock Work?
Article XII of the US-DRC Strategic Partnership, explained: the reforms the Congo must enact, the twelve-month clock and its two deadlines, and why these reforms matter.
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Explainer
Essential
What Is the Joint Steering Committee (JSC)?
The Joint Steering Committee, explained: the ten-member body that runs the US-DRC Strategic Partnership, what it decides, why consensus matters, and why it is the body…
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Explainer
Essential
What Does the US-DRC Strategic Partnership Agreement Cover?
What the US-DRC Strategic Partnership covers, explained: the four areas of cooperation, why it is not only a minerals deal, and what the agreement does and…
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Dossier
Essential
SPA Glossary
Every mechanism, institution, and legal term in the US-DRC Strategic Partnership Agreement, defined against the treaty text. Read The SPA, Explained for how the mechanisms fit...
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Analysis
Extract
Strategic Corridor Analysis: What is the Sakania-Lobito Corridor?
The Sakania-Lobito Corridor is a strategic transit railway routing project designed to connect the mineral-rich Katanga region of the Democratic...
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Analysis
Extract
What is the US-DRC Strategic Partnership?
The US-DRC Strategic Partnership is a bilateral framework between the United States and the Democratic Republic of Congo, announced in...
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Dossier
Professional
Strategic Asset Reserve: Application to Cobalt — Methodology and Implications
This dossier contains version-controlled analysis tracking the application of the Strategic Asset Reserve framework to the Katanga cobalt market. It...
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Analysis
Extract
Lobito Atlantic Railway: Strategic Implications of the May 2026 Concession Award
The concession award for the Sakania-Lobito Corridor logistics consortium marks a structural change in the financing and risk structures of...
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