Africa Mining News of Week 50, 2025

Dear Africa Mining Community,

Welcome to this week’s roundup of the key stories shaping Africa’s mining and exploration landscape as we close out Week 50. The past few days have highlighted just how dynamic and interconnected the sector remains, with policy decisions, capital flows, and project milestones continuing to influence investment sentiment across the continent.

In this edition, we cover major developments in the DRC’s critical minerals sector amid shifting regulations and surging cobalt prices, important policy moves in Ghana and Mali, and a wave of strategic funding, leadership changes, and technical progress across gold, iron ore, graphite, lithium, and base metals projects from West to East Africa. From advanced exploration results to projects edging closer to production, the momentum across Africa’s mining pipeline remains strong, even as regulatory clarity and stability stay firmly in focus.

As always, our aim is to keep you informed, engaged, and connected to the evolving story of Africa’s mining industry.

Enjoy this week’s insights,

Team AFMICO

Africa Mining News of Week 50, 2025

D.R. Congo’s Critical Minerals Sector Enters New Era Amid US Investment and Rising Regulatory Tensions

The Democratic Republic of the Congo is entering a pivotal phase as the United States commits over 1 billion dollars to mineral projects and railway infrastructure, aiming to secure access to copper and cobalt and reduce reliance on China, while the expansion of the Lobito Corridor is set to improve export routes for Congo’s rich mineral reserves. At the same time, new cobalt export rules that demand fast royalty prepayments, multiple certificates, and strict inspections have caused confusion and delays, stalling shipments despite rising cobalt prices and newly assigned quotas. These measures have led the mining lobby to call for urgent talks with the government, warning that unclear procedures and legal concerns could damage investor trust and disrupt global supply chains for batteries and electric vehicles. Overall, Congo faces a complex period where growing US involvement and better transport links could boost economic opportunities, but regulatory uncertainty may hinder production and weaken the country’s position in global energy transition markets.

Arcadia Minerals Announces Leadership Changes Amid Strategic Review

Arcadia Minerals has announced leadership changes as part of a broader strategic and operational review, with Chief Executive Officer Philip le Roux stepping down from his role and board position, and Johan le Roux resigning as a non-executive director, while the board thanked both for their contributions to building the company’s technical foundation and project portfolio, as the company now focuses on repositioning for future growth across its Namibian assets by reviewing operations and actively assessing new acquisition opportunities in gold and critical minerals that are expected to provide value accretive growth and potential asymmetric upside.

Zanaga Strengthens Broker Line-Up to Advance Iron Ore Project

Zanaga Iron Ore Co Ltd has appointed Tamesis Partners as a joint broker to strengthen its advisory and market support as development accelerates at its flagship Zanaga iron ore project, while Panmure Liberum continues as nominated adviser and joint broker and Shard Capital remains in its joint broking role, with the appointment aimed at broadening investor awareness and adding market and mining expertise as the company moves towards construction of its globally significant iron ore project in the Republic of Congo, where ongoing technical work is focused on producing high grade pellet feed suitable for direct reduced iron, supporting cleaner steelmaking routes and lower carbon emissions.

Ariana Secures Funding to Advance Dokwe Gold Project

Ariana Resources PLC has agreed a funding term sheet with Hongkong Xinhai Mining Services to inject A$8 million into its wholly owned Dokwe gold project in Zimbabwe, bringing the project closer to production, with the investment made via Australian listed depositary interests at A$0.30 per share and including an immediate A$500,000 signing fee, alongside commitments for Xinhai to carry out A$1 million of metallurgical sampling and testwork and complete a definitive feasibility study costing up to A$2 million, both paid in shares, while Xinhai will also receive up to 18.3 million options exercisable at A$0.50 until the end of 2027, gain the right to appoint a board member once definitive agreements are completed by 31 January 2026, and potentially participate in a follow on placing of up to A$2 million, with the partnership expected to accelerate development and support a faster pathway to gold production.

Cobalt Prices Surge as Congo Tightens Export Controls

Cobalt hydroxide prices used in electric vehicle batteries have surged to multi year highs in 2025 after the Democratic Republic of Congo, which produces over 70 percent of global cobalt supply, imposed strict export controls that tightened the market, first suspending exports in February and later introducing quotas in October, with analysts estimating that 160,000 to 170,000 tonnes of material have been removed from the market, driving cobalt metal prices up to around $24 per pound from $10 per pound earlier in the year, lifting cobalt hydroxide payables in China to 100 percent of the metal price and pushing Indonesian payables to about 90 percent from 50 percent, while new export conditions add further complexity, some sellers demand premiums above metal prices, high costs begin to slow demand, and supplies to Chinese EV battery makers are expected to remain constrained until at least February or March next year, keeping price volatility high.

Strategic Funding Boosts Volt Resources’ Bunyu Graphite Project

Volt Resources Ltd has signed a binding term sheet with Unbounded Opportunities Fund SPC for a conditional US$11.1 million equity investment to jointly develop the Bunyu Graphite Project in Tanzania, introducing a new funding pathway and revised project design aimed at improving economics and accelerating development, with the investment supporting a redesigned Stage 1 project targeting higher production rates, lower unit operating costs and improved capital efficiency, ownership held through Volt Graphite Tanzania plc with UOF holding 62 percent and Volt 38 percent alongside a free carried interest for the Tanzanian government, planned Stage 1 capital costs of about US$37 million, target production of 40,000 tonnes per year of 94 percent TGC graphite concentrate at an estimated operating cost of US$450 per tonne FOB Mtwara, while UOF prepares an updated feasibility study and manages EPC and operations and Volt focuses on securing debt financing, offtake agreements, permitting and advancing downstream graphite refining work in the United States.

Mali Clears Domestic Arrears After Mining Revenue Boost

Mali has approved payments of 312 billion CFA francs to local companies to clear long outstanding arrears for services provided to the government in 2023 and 2024, with some invoices from 2025 also included, after state finances were strengthened by the recovery of 761 billion CFA francs from mining companies under enforcement of the 2023 mining code, a process that began in September 2024 and required miners to transition to the new legal framework, with the government stating that the improved mining revenues are helping support public finances and meet domestic obligations at a time of increased security spending following reduced military cooperation with Western partners.

Anglo American and Teck Clear Shareholder Vote for Landmark Copper Merger

Shareholders of Anglo American and Teck Resources have approved the proposed merger, clearing a key milestone toward forming a new copper focused mining major to be called Anglo Teck and headquartered in Canada, with both boards backing the deal as a long term growth strategy aimed at creating one of the world’s top five copper producers through operational and industrial synergies, giving investors more than 70 percent exposure to copper, while the transaction now awaits regulatory approvals across multiple jurisdictions including competition authorities and the Investment Canada Act, a process expected to continue through 2026.

Blencowe Secures New Graphite Offtake MOU for Orom-Cross Project

Blencowe Resources has signed an additional non-binding memorandum of understanding for natural medium flake graphite concentrate from its Orom-Cross project in Uganda with Yunasko, an advanced energy storage technology company, covering an initial niche and high value offtake volume of 500 tonnes per annum that is expected to grow as the relationship develops, with strong market interest supported by consistently positive test work confirming product quality, plans for further upgrading of the material in the United States, ongoing engagement with OEMs and downstream processors in the US and Europe, multiple qualification test programmes underway, and expectations for further MOUs to be signed as the project moves closer to first production.

Ghana Bans Mining in Forest Reserves to Protect Environment

Ghana has imposed a nationwide ban on all mining activities in forest reserves, reversing 2022 regulations that had allowed controlled mining in nearly 90 percent of these areas, as part of a major policy shift to protect forests, rivers, water sources and farmland from extensive damage caused largely by illegal small scale mining, which now affects 13 of the country’s 16 regions and has heavily impacted cocoa farms and waterways, while industrial miners have faced repeated incursions on licensed concessions and rising security costs, with the ban taking effect after a 21 day constitutional period and the government stating it will strengthen enforcement, restore environmental protections and support long term forest restoration and sustainable land management.

D.R. Congo Allows Cobalt Miners to Retain 2025 Export Quotas Amid Delays

The Democratic Republic of Congo has confirmed that cobalt mining companies will be allowed to retain their allocated 2025 export quotas despite delays in restarting shipments under a new quota system, after exports were suspended in February 2025 and new procedures were slow to be implemented, with quotas potentially carried forward into 2026 to reduce disruption for miners, as the DRC, which produces about 75 percent of global cobalt, uses the system to curb oversupply and support prices, while regulator ARECOMS continues pilot testing of export processes, shipments that were expected to resume in mid-October remain limited, benchmark cobalt prices have more than doubled since the ban, cobalt hydroxide prices have quadrupled, only around 18,000 tonnes were approved for export late this year, and future annual quotas for 2026 and 2027 are set at less than half of 2024 production levels.

Ghana Pauses Ewoyaa Lithium Lease Approval

Ghana’s parliament has temporarily halted the approval process for the mining lease of Atlantic Lithium’s Ewoyaa project as part of a broader review and consultation on the country’s mining code and royalty framework, with authorities stressing that the pause is not related to any project specific concerns, while Ewoyaa remains Ghana’s most advanced lithium development and is intended to become the country’s first lithium mine, mining leases require parliamentary ratification, and Atlantic Lithium continues discussions with the government, supporting the national critical minerals strategy and focusing on securing terms that deliver long term benefits for shareholders and local communities.

Aurum Delivers High Grade Gold Hits at Tchaga

Aurum Resources has reported strong high grade gold drill results at the Tchaga deposit within its Napié Gold Project in Côte d’Ivoire, including a standout intercept of 5 metres at 10.09 g/t gold with 1 metre at 49.10 g/t, alongside other significant intersections such as 10.8 metres at 4.52 g/t and 6 metres at 3.82 g/t, confirming shallow open pitable mineralisation with clear potential to grow resources beyond the current estimate, as several results sit outside the existing 0.54 million ounce resource at 1.16 g/t gold, with mineralisation defined over 2,300 metres of strike and remaining open at depth and along strike, supported by an extensive 30,000 metre drilling program at Napié, multiple rigs operating across Napié and Boundiali, more than 130,000 metres of drilling planned in 2025, updated resource estimates and a pre-feasibility study scheduled for Q1 2026, and a strong cash position of around $43 million to fund ongoing exploration and development.

Mali Returns Seized Gold to Barrick After Settlement Deal

Mali has ordered the return of 3 metric tons of gold seized from Barrick Mining’s Loulo Gounkoto complex, valued at around $400 million, following a settlement that helps resolve a long running dispute linked to the country’s new mining code, with the gold seized in January last year and stored in Bamako, Barrick responsible for transporting it from bank vaults, and the agreement coming after the company suspended operations in January, accepted a court appointed provisional administrator in June, agreed to a settlement worth about $430 million, secured the release of four detained employees, dropped its international arbitration case, and is now expected to regain control of the mining complex next week, signaling a clear de-escalation in tensions and a path toward resuming full operations.

Blencowe Uncovers New High Grade Graphite Mineralisation at Iyan

Blencowe Resources has confirmed the discovery of a new high grade graphite zone at the Iyan deposit within its Orom Cross project in Uganda, based on first assay results from the Stage 7 drilling programme, which show near continuous graphite mineralisation from close to surface down to about 100 metres and include a standout intercept of 18.85 metres at 7.01 percent total graphite content, with mineralisation remaining open at depth beyond current drilling, Iyan located adjacent to and interpreted as a western continuation of the Northern Syncline, not yet included in the current Jorc compliant resource, offering potential operational synergies near the proposed plant site, and indicating significant upside and scope for material resource expansion, with further assay results pending and an updated resource estimate targeted for early 2026 as the company advances toward first production.

Sanu Gold Confirms District Scale Gold System at Daina

Sanu Gold has confirmed a broad and continuous gold mineralised corridor at its Daina property in Guinea’s Siguiri Basin following an extensive FY 2025 drilling program, with 12,896 metres drilled at Daina and significant mineralisation defined over several kilometres, including the Daina 2 target extended over more than 4 kilometres of geophysical trend with intercepts such as 16 metres at 1.81 g/t gold and a higher grade interval of 2 metres at 12.24 g/t, while drilling at Salat East, Daina 1 South, Bantabaye and Diguifara confirmed near surface and deeper gold mineralisation controlled by strong structures, all zones remaining open along strike and at depth, supporting the interpretation of a large scale district wide gold system, with Sanu Gold completing 17,802 metres of drilling across its portfolio in FY 2025, maintaining a strong cash position of about CAD 22 million, and planning expanded drilling at Daina in early 2026 to further test scale and continuity of the system.

Askari Advances Gold and Copper Exploration in Ethiopia

Askari Metals is advancing a well-funded exploration strategy in Ethiopia with a maiden Phase 1 drilling program planned at the Nejo gold project, where up to 5,000 metres of an overall 20,000 metre drilling proposal will initially target near surface high grade gold at priority areas including Guji, Komto 1 and Komto 2, while drilling preparations, camp construction and environmental permitting are underway, alongside expanded regional exploration across the Guji Gudeya and Guliso gold trends and follow up work targeting high grade copper at the Katta area using geophysics, detailed mapping and sampling, supported by planned airborne and ground geophysical surveys to refine drill targets, with the company holding about $3.2 million in cash and assets for sale to fund programs in Ethiopia and Namibia, and benefiting from strong in country engagement and a supportive operating environment as it continues discussions on future collaboration and strategic partnerships.

Langpan Commissions Second Chrome Processing Plant

Mantengu Mining has confirmed the successful commissioning of Langpan Mining’s second chrome processing plant on December 10, increasing processing capacity with a 50 tonne per hour plant that will be fed by existing chrome tailings, requiring about 31,500 tonnes of ore feedstock, with around 300,000 tonnes of tailings already available on site providing roughly 10 months of feed at current rates and carrying no immediate mining cost as they are held as work in progress inventory, while the two chrome plants together will require about 60,000 tonnes of feed per month, testwork on the tailings and plant has been completed by Gravitas Innovations, and platinum group metals identified in the tailings will now undergo further testwork, with this material not yet valued or recorded on the balance sheet, as Mantengu continues to unlock additional value following its acquisition of Langpan Mining in July 2022.

Robex Nears First Gold at Kiniéro Project in Guinea

Robex Resources has delivered first ore to the processing plant at its Kiniéro Gold Project in Guinea, marking a major milestone as the company moves closer to first gold production, with commissioning of mechanical, electrical and instrumentation systems now underway and performing in line with expectations, first gold pour targeted for December 2025, ramp up to commercial production expected in the first quarter of 2026, and Kiniéro positioned as Robex’s flagship project supporting its goal of becoming a new mid tier gold producer in West Africa, as steady progress continues to de risk the project and strengthen its long term growth outlook in Guinea.

Editor: Vural Burç ÇAKIR