TDB seals $600 mln syndicated mining transaction with Trafigura

The Eastern and Southern African Trade and Development Bank (TDB), acting as a mandated lead arranger, has closed a syndicated $600 million copper and cobalt development financing facility with Trafigura in the Democratic Republic of Congo (DRC).
The facility will enable the completion of the new mechanised Mutoshi mine and processing plant in Kolwezi, and the expansion of the Etoile mine and processing plant in Lubumbashi. 
The Mutoshi mine, which will become the third largest cobalt mine globally, is expected to start production in the fourth quarter of 2023, with a production capacity of 16,000 tonnes of cobalt hydroxide and 48,000 tonnes of copper cathodes per year.
 “Over the past few years, TDB and Trafigura have been working together to meet the energy needs of TDB member states,” said TDB chief executive Michael Awori.
“We are delighted to expand our collaboration with this impactful facility in the DRC, which will not only make its mark in terms of job creation and economic development for the country but also boost our efforts towards climate change imperatives, by contributing to an increase in supply of metals which are essential to the energy transition.”
Trafigura also concluded an initial $600 million financing agreement with Chemaf Resources and Chemaf last January.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished