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Africa Finance Corporation (AFC), one of the continent’s leading infrastructure solutions providers, has announced the closing of a $150 million senior loan with Kamoa Copper to support the expansion of the Kamoa-Kakula Copper Complex in the Democratic Republic of Congo.

AFC said the loan, for which it acted both as lender and arranger, aligns with its commitment to support the local beneficiation of Africa’s abundant mineral resources to unlock the continent’s economic prosperity.

According to AFC, Kamoa-Kakula is a “world-class, high-grade, low carbon-intensive”, underground copper deposit situated on the western edge of the prolific Central African Copperbelt. It started production in July 2021 and is currently undergoing its third phase of expansion, which consists of a 33% increase in copper production capacity, to over 600,000 tonnes per annum (tpa), and the construction of Africa’s largest copper smelter with a capacity of 500,000 tpa of 99% pure copper anodes.

The expansion also includes restarting 178 megawatts (MW) of renewable hydroelectric generation capacity by refurbishing turbine Number 5 at the Inga II dam.

The third phase of the project is expected to be completed by the end of 2024, making Kamoa-Kakula Africa’s largest copper producer, as well as the third largest globally.