Africa Finance Corporation (AFC) invests in Africa's largest copper complex,
driving mineral beneficiation on the continent

EQS-News: Africa Finance Corporation (AFC) / Key word(s): Investment
Africa Finance Corporation (AFC) invests in Africa's largest copper complex,
driving mineral beneficiation on the continent

26.06.2024 / 15:40 CET/CEST
The issuer is solely responsible for the content of this announcement.

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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

KINSHASA, Democratic Republic of the Congo, June 26, 2024/APO Group/ --

Africa Finance Corporation (AFC) ( www.AfricaFC.org), the continent's
leading infrastructure solutions provider, is pleased to announce the
closing of a US$150 million senior loan with Kamoa Copper to support the
expansion of the Kamoa-Kakula Copper Complex in the Democratic Republic of
Congo. The loan by AFC, who acted both as lender and arranger, aligns with
the Corporation's commitment to support the local beneficiation of Africa's
abundant mineral resources to unlock the continent's economic prosperity.

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 #5 at the Inga II dam. Phase 3 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.

Kamoa-Kakula is operated as a joint venture between Ivanhoe Mines, Zijin
Mining and the Government of the Democratic Republic of Congo. The operation
has consistently demonstrated exceptional operational performance and
delivered expansions on-budget and ahead of schedule. In addition, its
sustainable approach makes it a standout example of responsible mining on
the African continent. 91% of its full-time employees are Congolese and over
$600 million has been paid in taxes and royalties to the DRC since the start
of operations. In 2023, Kamoa-Kakula was directly responsible for 4% of the
country's gross domestic product (GDP) and it is also one of the world's
lowest greenhouse gas emitters per tonne of copper produced, according to
independent consultants Skarn Associates of London, England, and WSP Group
of Montreal, Canada.

"This is a key milestone in our mission to develop infrastructure ecosystems
that help integrate economies and drive economic transformation in Africa,"
said Samaila Zubairu, President and CEO of AFC. "Copper is one of the
critical minerals for the global energy transition and this mine expansion
will not only solidify Africa's position in the global copper market but
contribute to the continent's path to net zero while creating employment
opportunities and generating significant revenue for the DRC."

AFC's involvement in the Kamoa-Kakula project highlights the Corporation's
critical role in catalysing infrastructure development that drives
industrialisation and enhances the continent's global competitiveness. In
late 2023, Kamoa-Kakula became the first industrial user of the Lobito
Atlantic Railway Corridor, a rail line that stretches from the DRC
Copperbelt to the Atlantic port of Lobito, in Angola. AFC acted as financial
adviser to the Trafigura, Mota-Engil and Vecturis consortium, which was
granted a 30-year concession for railway services and logistics. The use of
the Lobito Atlantic Railway Corridor is expected to significantly reduce the
logistics costs and carbon emissions intensity of exporting mineral products
from the DRC's Copperbelt.

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

Download image: https://apo-opa.co/3VXvpWX

Image caption: AFC announces the closing of a US$150 million senior loan
with Kamoa Copper to support the expansion of the Kamoa-Kakula Copper
Complex in the Democratic Republic of Congo

Media Enquiries:
Yewande Thorpe
Communications
Africa Finance Corporation
Mobile : +234 1 279 9654
Email : yewande.thorpe@africafc.org

About AFC:
AFC was established in 2007 and has been the catalyst for pragmatic
infrastructure and industrial investments across Africa. AFC's approach
combines specialist industry expertise with a focus on financial and
technical advisory, project structuring, project development, and risk
capital to address Africa's infrastructure development needs and drive
sustainable economic growth.

Seventeen years on, AFC has developed a track record as the partner of
choice in Africa for investing and delivering on instrumental, high-quality
infrastructure assets that provide essential services in the core
infrastructure sectors of power, natural resources, heavy industry,
transport, and telecommunications. AFC has 43 member countries and has
invested US$13 billion across Africa since inception.

www.AfricaFC.org


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26.06.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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