M23 Rebels Loot $70 Million Worth of Gold from Twangiza Mining Concession in Democratic Republic of Congo

Twangiza Mining, a Chinese-owned company based in the Democratic Republic of Congo, has reported that M23 rebels occupying its gold concession in South Kivu province have looted at least 500 kilogrammes of bullion since May. The current value of the looted gold is estimated to be around $70 million. The mine, located in the east of the country, has been under rebel control since a lightning offensive earlier this year, which saw the Rwanda-backed militants seize large swaths of territory.

According to Twangiza Mining, the rebels, assisted by mine employees, smuggled out the first 50 kilogrammes of gold shortly after their takeover in May. Since then, an estimated 100 kilogrammes of gold per month has been lost, along with approximately $5 million worth of equipment and materials. The company also reported that a drone strike last Wednesday destroyed the site’s power infrastructure, although it is unclear who was behind the attack.

The M23 rebels have been accused of expelling residents, demolishing churches, and employing Rwandan technicians to extract geological data for expanded mining operations. The eastern region of the Democratic Republic of Congo is known for its rich mineral deposits, which has fueled decades of fighting between rival militant groups and the Congolese army. The area is home to some of the world’s most coveted mineral deposits, including gold, copper, and cobalt.

Twangiza Mining has declared force majeure and plans to file formal complaints with both the Congolese authorities and international arbitration bodies. The company’s actions come as the conflict in the region continues to escalate, with the M23 rebels making significant gains in recent months. The situation highlights the ongoing challenges faced by mining companies operating in the Democratic Republic of Congo, where security risks and instability can have significant economic and humanitarian consequences. The incident also underscores the need for increased efforts to address the root causes of the conflict and to promote stability and security in the region.