Press Release
11 December 2023
Kinshasa, Democratic Republic of the Congo

The Democratic Republic of the Congo (DRC), represented by the Congolese Battery Council, together with CVMR Corporation (CVMR) of Toronto, Canada, under the auspices of the Congolese Battery Council (CCB) of Kinshasa, are pleased to announce that they have jointly launched their strategic initiative to build a critical mineral refinery in the DRC as a strategic initiative of His Excellency, President Félix Antoine Tshisekedi Tshilombo.

Today, the two parties launched the first phase of this partnership to perform detailed technical engineering studies assessing the opportunity to build a state-of-the-art critical mineral refinery in DRC. These studies will inform the partners as to the best location(s) with most readily available infrastructure, financial aspects of the project, and all components necessary to construct and operate the refinery, along with associated infrastructure rehabilitation. The total investment by CVMR is expected to exceed US $1
Billion.

Mr. Denis Lecouturier, Director General of CBC welcomed the esteemed guests, explaining that this flagship initiative of the CCB “brings Congo into the future of the global energy transformation.” By adding value to Congo’s raw minerals – in Congo – DRC can expect to embed itself even further in the global value chain for strategic minerals. Mr. Lecouturier added that DRC “has pursued policies to ensure that value-addition of minerals occurs within DRC, which is why the President created CBC to facilitate this objective.”

Mr. Jérôme Makimba, Chairman of the Board of CBC, expressed his pleasure that CBC is able to rapidly advance the objectives that were given to CCB upon its formation one year ago, to “transform the battery material value chains within the vision of the President, to include cobalt, nickel, lithium, manganese, graphite and copper, which will create regional industrial diversification of the economy of Africa, in Africa, for Africans.”

As delivered by the General Secretary of Industry, His Excellency Mr. Julien Paluku Kahongya, Minister Industry, welcomed the initiative, adding “We are moving forward in implementing His Excellency President Tshisekedi’s transformational objectives by launching the technical studies today. CVMR, based in Toronto, is at the cutting edge of metal refining, and this will be the first step to extend the value chain in DRC. The technical studies will last six to eight months, while the refinery will be constructed within two years.”

Thanking the hosts and guests, Mr. Kamran Khozan, Chairman and CEO of CVMR shared “We are here
to fully partner with the Government of the Democratic Republic of the Congo. Rather than export concentrates to global refineries, we intend to refine minerals here in DRC and export the finished product.”

CVMR USA Vice President of Global Affairs, Mr. Brian McCollow explained that “We are here at the invitation of the Congolese Government. We thank the DRC and Congolese Battery Council for their hospitality and look forward to growing this monumental, strategic joint venture which will leave a mark on the global transition to a clean energy economy.”

The partners intend to begin refining nickel and cobalt concentrates and will expand volumes and diversify into additional minerals as market demands increase. These goals are developed in line with Congo’s global commitments to net zero emissions, will amplify the Congo’s role in global sustainable critical mineral supply chains, and place Congo at the heart of the energy future.

About The Congolese Battery Council: The Congolese Battery Council (CBC) is a public institution that was created for the purpose of setting up, promoting, and managing value chains for the minerals used in the manufacture of batteries. New strategies are needed for the transition to clean and renewable energies, and the CCB places the Democratic Republic of Congo is at the center of this energy transition, with its large reserve of natural resources necessary for the manufacture of various batteries and related materials. For more information, visit: www.ccb.cd

About CVMR Corporation: CVMR Corporation is a multinational corporation headquartered in
Toronto, Canada, with global mining and refining operations. CVMR refines 36 different metals in varying morphologies using its proprietary patented technology. In its 40 year operating history, CVMR is proud to have zero safety incidents or environmental hazards, thanks to its environmentally neutral, safe operating approach to metals refining which uses zero acids and leaves no impact to air, water or soil. For more information, visit: www.cvmr.ca