The Delphos delegation concluded key meetings together with Buenassa, a 100% Congolese-owned limited corporation, with representatives of the Democratic Republic of Congo government. They presented the Buenassa refinery project for LME grade copper cathode and battery grade cobalt sulphate, to date, unprecedented in the country. Delphos interest in the Democratic Republic of Congo’s need to improve its critical mineral value chain, demonstrates that although more complex, financial resources can be raised for the creation of local refineries, a promising initiative from an ESG perspective.
During a visit led by Chair of Delphos International, Ambassador Roya Rahmani, with Buenassa founder and CEO, Eddy Kioni, a number of positive discussions were held with relevant ministries and officials, including the Deputy Prime Minister for the Economy and the Minister for Mines, and their teams. The meetings focused on aligning approaches and the necessary steps to be taken to better prepare the project, including the modalities of government support and strategies for securing financial resources.
“Being on the ground and meeting key stakeholders as well as key partners are crucial to a project that can potentially change the national value chain of critical minerals,” said Ambassador Rahmani.
Senior Managing Director, Wesley Davis, also confirmed that the investor appetite was increasing, specifically around transparent projects and the ability to have a clearer view on the social impact. He added that it could become a leading project for investing in the critical mineral value chain in Africa.
Eddy Kioni, CEO of Buenassa, said, “Project preparation that reflects the national desire to play a part in the energy transition can create a necessary momentum”. He added that “Delphos’ enthusiasm for Buenassa demonstrates the possibility of raising capital despite the complex operating environment. Growth capital for the energy transition is available for the Democratic Republic of Congo when it is focused on ESG.”
Jean Luc Mastaki, Director of the Sub-Regional Office for Central Africa at the United Nations Economic Commission of Africa (UNECA), provided encouragement for the Buenassa project. Delphos visit to the DRC follows the meeting in New York during the United Nations General Assembly. At the UNGA business summit, Antonio Pedro, Acting Executive Secretary of UNECA, stated that, “Africa must fully exploit its abundant critical mineral resources to accelerate sustainable industrialization and clean energy transition.”
Delphos has focused on emerging markets for close to 40 years with an intention to support and enable projects with social and environmental impact. With this view, Delphos is working with Buenassa on securing funding for this project. Delphos sees high value for this type of project and the opportunities it could bring to the people of the Democratic Republic of Congo especially those affected by the global critical minerals value supply chain.
