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

Twangiza Mining has reported that M23 rebels have looted approximately 500 kilograms of gold from its concession in the Democratic Republic of Congo since May.

The mine, located in South Kivu province, has been affected by the presence of Rwanda-backed militants who initiated an offensive earlier this year, capturing extensive areas of territory.

As a Chinese-owned company based in Congo, Twangiza Mining estimates the current value of the stolen gold to be around $70 million.

The company reports that rebels, with assistance from mine employees, initially smuggled out 50 kilograms of gold shortly after the takeover in May. Since then, an estimated 100 kilograms per month have been lost, alongside approximately $5 million worth of equipment and materials.

Twangiza Mining also reported a drone strike last Wednesday that damaged the site's power infrastructure, though the responsible party remains unidentified.

The company has declared force majeure and intends to lodge formal complaints with Congolese authorities and international arbitration bodies.

Additionally, the rebels are accused of displacing residents, demolishing churches, and employing Rwandan technicians to extract geological data for expanded mining operations.

Eastern Congo is known for its rich mineral deposits, which have contributed to prolonged conflict involving rival militant groups and the Congolese army.

Based on reporting by Africanews.