Buenassa Forms a Strategic Partnership with the Government of the DRC for the Development of Its Copper and CobaltRefinery Project

Kinshasa, DRC – June 25^th, 2025

Buenassa S.A.R.L., a Congolese company committed to building value-added capacity across the critical minerals value chain, is proud to announce a significant milestone in the development of its flagship copper and cobalt refinery project. The Government of the Democratic Republic of Congo has officially joined as a strategic equity partner in Buenassa Resources S.A., a subsidiary of Buenassa S.A.R.L.

Buenassa Resources will lead the development of the DRC’s first integrated copper and cobalt refinery, a transformative initiative that places local value addition, responsible sourcing, and strategic independence at the center of national industrial policy.

This strategic partnership reflects a bold, shared commitment to reshaping the global critical minerals supply chain starting in the DRC, home to some of the world’s most essential energy transition minerals. Through this equity participation, the Congolese government becomes a strategic partner in a company designed to deliver long-term national benefits through transparency, sustainability, and sovereign control of mineral processing.

“This is more than a transaction; it is a strategic turning point for the DRC’s mineral future and its position within the global energy transition,” said Eddy Kioni, CEO of Buenassa S.A.R.L.

“By welcoming the State as a 10% golden-share partner in Buenassa Resources, we are anchoring national ownership, preserving strategic interests, and opening a new chapter of collaboration aligned with the DRC–Zambia–U.S. EV battery initiative, the Lobito Corridor, and the DRC–U.S. Critical Minerals Security Partnership.”

“The Government’s participation is a powerful reaffirmation of our shared commitment to building a sovereign mineral economy — one rooted in local transformation, regional alignment, and global relevance. We are proud to walk this path with the State, our people, and our partners.”

The announcement comes as Buenassa Resources advances into full feasibility studies, following the completion of scoping studies. This strategic equity milestone lays the groundwork for investment structuring, infrastructure planning, and sustained collaboration with institutional partners at national, regional, and international levels.

In the presence of key stakeholders — including representatives from global professional services firm Ernst & Young (EY) and international law firm KMK Africa, whose DRC-based teams are supporting Buenassa across tax, legal, regulatory, and strategic matters — the event reaffirmed Buenassa’s commitment to meeting the highest international standards in project structuring and governance.

“This partnership is a strong demonstration of our commitment to reshaping the narrative around Congolese minerals in a social, economic, and national security-related perspective. Our participation as a shareholder reflects our ambition to align national priorities with strategic, future-facing initiatives that generate value for the Congolese people,” said a spokesperson from the Ministry of Portfolio of the DRC.

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About Buenassa

Buenassa S.A.R.L. is a Congolese company focused on driving responsible growth across the critical minerals supply chain. Through strategic initiatives in refining, traceability, and market innovation, Buenassa is enabling a new model of local beneficiation that supports sovereign development and global sustainability goals.

About Buenassa Resources

Buenassa Resources S.A. is a dedicated entity of Buenassa S.A.R.L., established to lead the development of the DRC’s first integrated copper and cobalt refinery. Through a strategic partnership with the Government of the DRC, Buenassa Resources is advancing a national vision for value-added mineral processing anchored in transparency, environmental stewardship, and long-term economic transformation.

Located in Lualaba Province, the refinery is designed to process Congolese copper and cobalt ores into refined, battery-grade materials. Phase one of the facility, expected to be operational by 2029, will produce 30,000 tons per year of LME-grade copper cathode and 5,000 tons per year of battery-grade cobalt sulfate, followed quickly by a ramp-up to 120,000 tons of copper and 30,000 tons of cobalt per year, with additional phases to follow as per the market conditions.

The refinery project has already secured an initial grant of USD 3.5 million from the DRC government’s Fonds de Promotion de l’Industrie (FPI) to start financing its Project Preparation Facility. The total capital expenditure for the refinery is estimated at USD 700 million.