Eurasian Resources Group (ERG) reports that military-backed intruders have resumed illegal mining at its Metalkol operation near Kolwezi in the Democratic Republic of Congo. The intruders, affiliated with Societe Cooperative Miniere Hosanna and led by businessman Fatou Ntete Etumba, claim they are performing riverbed remediation work.
The incursion threatens to reduce the mine's operational life from nine years to three. ERG estimates that at current commodity prices, this puts approximately $10 billion in future revenues at risk.
Metalkol's value is based on more than 100 million tonnes of tailings, which are reprocessed mining waste containing cobalt and copper. ERG states that thousands of tonnes of these mineral-rich tailings are being hauled away daily using excavators and dump trucks.
The Congolese General Inspectorate of Mines is currently mediating the dispute. This is not an isolated incident, as ERG has documented illegal mining activities at its concessions since at least 2022 and 2023, leading to estimated annual losses of nearly $2 billion across its DRC operations.
