Twangiza Mining says M23 rebels have been occupying its gold concession in South Kivu province since May.

South-Kivu

Twangeza Mining, a Chinese-owned company based in the Democratic Republic of the Congo, reports that M23 rebels have looted at least 500 kilograms of gold bullion from its concession in South Kivu province. The company estimates the value of the stolen gold at approximately $70 million and claims the losses began after the rebels took control of the site.

According to Twangeza, the rebels, with assistance from some mine employees, have been smuggling gold and equipment since their takeover. The company also reports a recent drone strike that destroyed the site's power infrastructure, though the perpetrator remains unidentified. Twangeza has declared force majeure and intends to file complaints with Congolese authorities and international arbitration bodies.

Company says M23 rebels looted millions of dollars of gold in Congo

Twangeza Mining says M23 rebels occupying its gold concession in the Democratic Republic of Congo have looted at least 500 kilograms of bullion since May. The mine is in South Kivu province in the east of the country, where the Rwanda-backed militants staged a lightning offensive earlier this year, seizing swathes of territory. Describing itself as a Chinese-owned, Congo-based company, it told news agency Reuters that the current value of the looted gold is around $70 million. It claims the rebels, assisted by mine employees, smuggled out the first 50 kilograms shortly after their takeover in May. An estimated 100 kilograms per month has been lost since then, it says, together with about $5 million worth of equipment and materials. Twangeza says a drone strike last Wednesday destroyed the site's power infrastructure, though it remains unclear who was behind the attack. It has declared force majeure and plans to file formal complaints with both the Congolese authorities and international arbitration bodies. Congo sits atop some of the world's most coveted mineral deposits, which has fueled decades of fighting between rival militant groups and the Congolese army.

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Breakdown