Congo rebels steal $70M in gold from Twangiza mine

Rebels occupying Twangiza Mining’s gold concession in eastern Democratic Republic of Congo (DRC) have reportedly looted at least 500 kg of bullion, worth about $70 million at current prices, the company said.

Twangiza claims that some of its own employees have helped the M23 rebel group transport gold from the site shortly after the mine was seized in May, according to Reuters. They secretly transported the bullion via underground channels, the mining company said. 

The gold mine, located in South Kivu province, fell under M23 control five months ago after weeks of escalating conflict in the region. Twangiza says it has lost more than 100 kg of gold a month since then, along with $5 million worth of equipment and materials. The company has declared force majeure and plans to file complaints with Congolese authorities and international arbitration bodies.

A drone strike on Oct. 15 destroyed the mine’s power infrastructure. Responsibility for the attack remains unclear.

Chinese firm Baiyin International Investments bought Twangiza in 2020 for a nominal $1 as its liabilities exceeded projected revenue. Canadian mining company Banro Corp. began commercial production there in 2012.

M23 

The M23 group, an ethnic Tutsi-led militia allegedly backed by Rwanda, launched a major offensive early this year, seizing key regional cities including Goma and Bukavu. Congo’s government says more than 7,000 people were killed in eastern DRC just in the first half of 2025.

The mineral-rich region remains a flashpoint in the long-running rivalry between Congo and Rwanda. DRC is the world’s largest cobalt producer, Africa’s leading copper exporter, and a major source of tantalum, tin, tungsten and coltan, all of which are critical to global electronics and green technologies.

A U.S.-led peace initiative between Rwanda and the DRC, inked in June, aimed to stabilize eastern Congo and attract Western mining investment. But a new report released Tuesday by The Oakland Institute, a progressive think tank based in California, suggests the deal is less about peace and more about securing U.S. access to Congolese minerals.

Researchers found that Rwanda’s tantalum exports to the U.S. rose 15-fold between 2013 and 2018, despite Rwanda’s limited production capacity. This surge followed Washington’s decision to lift sanctions after the 2012 M23 rebellion. The study argues that the latest agreement legitimizes smuggling routes through Rwanda while strengthening U.S.-backed infrastructure projects such as the $553 million Lobito Corridor.

Angolan port

The corridor is a 1,700-km railway from Angola’s Atlantic port of Lobito to the DRC’s mining hub of Kolwezi, with an extension planned into Zambia’s Copperbelt province. The U.S. has framed the corridor as a strategic alternative to Chinese-backed infrastructure across Africa. 

Several mining deals along these two routes are already being negotiated by a number of U.S. firms, including some backed by high-profile billionaires like Bill Gates and figures tied to the U.S. military and intelligence community, the report says.

The Oakland Institute also warns that the arrangement enriches U.S. corporations and Rwandan elites while leaving Congolese communities to absorb the environmental and human costs. More than 1,000 civilians have been killed since the deal’s signing, raising doubts about its effectiveness.

Rwanda and Congo missed an August deadline to ratify the accord, blaming each other for the delay. Both sides agreed last week to create a monitoring mechanism for an eventual ceasefire.