After exporting 16,000 tonnes in 2021, the Democratic Republic of Congo (DRC) saw its zinc exports slump in the following two years. However, the tides turned last year. Drastically so.

Zinc exports from the Democratic Republic of Congo (DRC) exploded in 2024. After declining the previous two years, the exports stood at 43,590 tonnes last year, soaring 225% year-on-year. The Ministry of Mines released this data in its annual mining statistics report for 2024, published this month.

The DRC exported 16,000 tonnes, 13,578 tonnes, and 13,403 tonnes of zinc in 2021, 2022, and 2023, respectively. The rebound in 2024 marked a 172% increase compared to 2021 levels, according to the Ecofin Agency’s calculations.

The surge coincided with the launch of the Kipushi mine, which Ivanhoe Mines, a Canadian firm, runs. Kipushi is the DRC’s largest zinc mine and the fourth largest worldwide. Production at the mine commenced in June 2024. According to Ivanhoe, Kipushi produced 50,307 tonnes of zinc last year, meeting its forecast of 50,000–70,000 tonnes. 

The Canadian company expects the mine to produce between 180,000 and 240,000 tonnes in 2025. Over its first five years of activity, Ivanhoe expects Kipushi to deliver an average of 278,000 tonnes.

However, the anticipated drop in global zinc prices, spurred by oversupply and weak demand in China and Europe, could hamper the DRC’s zinc export revenues. 

While zinc futures for delivery in 3 months currently stand at $2970 on the London Metal Exchange, Fitch expects prices to fall to $2600/t in 2025, based on an annual surplus of 270,000 tonnes for that year. This echoes Macquarie’s projection of an average zinc price of $2650/t in 2025.

This article was initially published in French by Aurel Sèdjro Houenou (Intern)

Edited in English by Ola Schad Akinocho