Democratic Republic of the Congo’s state-owned gold trading company plans to increase the amount of artisanal gold it sells to 15 metric tons this year, with the country’s central bank expected to be one of the main buyers, Reuters reported.
The country, the world’s leading supplier of battery metals and home to large untapped gold reserves, created DRC Gold Trading in December 2022 as a joint venture with the United Arab Emirates.
Over the past three years, the company has purchased only 10 tons of gold for trading. The government took full control of the venture in 2024 to help channel artisanal gold production into formal export systems, reflecting similar efforts across Africa to clean up the sector.
In February, DRC Gold Trading signed an agreement with Central Bank of the Congo granting the bank priority access to the gold the company collects, which could be used to strengthen national reserves.
Central banks around the world have increasingly been buying bullion as protection against economic uncertainty.
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Joseph Kazibaziba, chief executive officer of DRC Gold Trading, told Reuters that gold sold to the central bank would be priced according to international benchmarks and national regulations.
However, the amount delivered will depend on the central bank’s requests under the February agreement.
More than 45 foreign buyers have also expressed interest in purchasing gold from DRC Gold Trading, but Kazibaziba said building domestic reserves remains the main priority.
He added that the company, which until 2023 purchased barely 25 kilograms of artisanal gold each year for trading, is expanding its operations into eight provinces as demand continues to grow.
“The quantity to be delivered will depend on (the central bank’s) demand,” he said. “Everything is being done to ensure that we fully meet our obligations.”
The central bank has not disclosed its targets for gold reserves. Rising global bullion prices have fueled a surge in informal gold mining across Africa, where weak oversight often leads to large amounts of gold being smuggled instead of entering official markets.
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Image Credit: Mining Weekly
