Unleashing the potential: Buenassa’s vision for the development of the DRC’s mining sector
The Congolese mining industry offers diversified potential scattered across several of its provinces, and its large-scale development could play a vital role in the economy and make it a worldwide power, but it often faces challenges in terms of traceability, illegal exploitation, corruption, human rights violations and social and environmental responsibility.
At the heart of this mix revolving around the Congolese mining industry emerges an innovative and promising company: Buenassa, a company based in the Democratic Republic of Congo, which is taking a position in the metal trading market and is also developing solutions for the financing, processing, recycling and trading of minerals considered critical and strategic, while contributing to the implementation of local mineral recovery programs for the development of its national mining industry.
Buenassa’s mission is to be a key player in the market for processed minerals, from extraction to export, based on the philosophy of enhancing the value of Congo’s natural mining resources, from which the country derives very little benefit, by processing them locally
Buenassa was founded by Mr. Eddy B.K Kioni, a multi-entrepreneur with experience of managing public companies in sectors as diverse as agriculture, energy and air transport, and a passionate advocate of climate action, energy transition, the digital economy and the DRC’s transition to a more advanced economy, who also serves as its CEO and has surrounded himself with a group of experts passionate about adding value to local mining. Their vision is to cover the entire mineral supply chain, from extraction to export, promoting responsible practices integrated with climate action awareness and benefiting local communities, supporting inclusive youth and gender economic development.
Buenassa’s signature project is the creation of a refinery to process two essential minerals: copper and cobalt, focusing on products such as copper cathodes and cobalt hydroxide, with plans to produce cobalt sulfate and lithium at a later stage.
By opting for an innovative and long-awaited approach, Buenassa aims to reduce the Congo’s dependence on the export of raw minerals, enabling it to capitalize on the country’s comparative advantages in terms of mineral resources, in line with the vision of Head of State Félix-Antoine Tshisekedi Tshilombo, whose full support the company enjoys as the Congolese government seeks greater control over its mineral resources, particularly copper and cobalt, which are essential for the energy transition and as precursor materials for electric vehicle batteries, and by meeting the expectations of the Congolese people not only in terms of job creation, but also in terms of quality jobs for women and young people to ensure greater inclusion.
Indeed, these minerals are increasingly in demand, particularly for new-generation rechargeable batteries and emerging technologies. Buenassa is thus seizing the opportunity to diversify its offerings and establish itself as a major player in the Congolese mining industry on a global scale.
Buenassa’s CEO, Mr. Eddy B.K Kioni, , emphasizes the importance of the company’s integrated approach to maximizing the positive impact of its mining operations. He says: “We understand that to truly unlock the potential of the mining sector in the DRC, we need to take a holistic approach. Our comprehensive service offering enables us to manage all aspects of the supply chain, ensuring that every step meets the highest standards of social and environmental responsibility.”
As announced last September, this large-scale project has found a reliable partner in Delphos, the benchmark for innovative financial solutions for businesses and development projects, specializing in the mobilization of long-term, competitively priced capital for companies, fund managers, developers, SMEs, states and entrepreneurs worldwide. Delphos has focused on emerging markets for nearly 40 years, with the intention of supporting and enabling projects with social and environmental impact, and its partnership with Buenassa to secure financing for this project, recognizing the high value of the company and the opportunities it could bring to the people of the Democratic Republic of Congo, particularly those affected by the global supply chain for critical minerals.
Delphos intends to raise funds worth US $350 million to build a modern refinery that will produce copper cathode to the London Metal Exchange -LME- standard of 99.99% purity and make cobalt sulfate, a step above locally available cobalt sulfate, for use as a battery precursor. This opportunity is in line with the Memorandum of Understanding signed between DR-Congo, Zambia and the United States to develop local battery manufacturing for electric vehicles.
Eddy Kioni, CEO of Buenassa, said at the UNGA 2023: “Preparing a project that reflects the national will to play a role in the energy transition can create much-needed momentum”. He added that “Delphos’ enthusiasm for Buenassa demonstrates that it is possible to raise capital despite the complexity of the operating environment. Growth capital for the energy transition is available for the Democratic Republic of Congo when it is ESG-focused”.
The company will take care of all stages, from extraction to export, enabling it to guarantee the quality and traceability of its products, thus ensuring efficient and reliable management of the entire process. As a result, it will rely entirely on blockchain, a distributed ledger technology that enables transactions to be stored and verified in a transparent and immutable way. Using this technology, Buenassa can securely record every stage of the supply chain. This ensures that the minerals mined by Buenassa are produced ethically, complying with international standards and avoiding minerals from illegal or conflictual sources.
By using blockchain technology, the company can provide stakeholders, such as customers and investors, with verifiable information on the origin of minerals and the conditions under which they were mined. This builds confidence in the ethical provenance of Buenassa’s products.
But Buenassa is also strongly committed to responsible practices in all its mining operations. The company recognizes the importance of the “Climate Smart Mining” initiative, which aims to promote climate-friendly mining, minimizing greenhouse gas emissions and promoting energy efficiency. By integrating this initiative into its operations, Buenassa is contributing to the global fight against climate change by improving energy efficiency. Buenassa is committed to minimizing its impact on climate change by implementing environmentally friendly technologies and processes in its mining operations.
Buenassa’s External Affairs Director, Ms. Thynna Ngangura, also highlights the company’s commitment to sustainable development and social and environmental responsibility. She says: “The mining sector in Democratic Republic of Congo (DRC) has long been a crucial economic pillar for the country. With its vast resources, the DRC has enormous potential to stimulate economic growth and improve living conditions for its people. However, to fully realize this potential, it is essential to adopt responsible and sustainable practices of investing in projects that improve the quality of life of local populations and protect its environment.”
Buenassa recognizes that it has a long way to go to achieve its goals in a complex market, but is incredibly enthusiastic about the opportunities that exist to make an active contribution to the Congolese national economy.