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The Democratic Republic of Congo has officially launched the Great Eastern Iron Ore Project, known as Mifor, positioning it as a flagship industrial and infrastructure program at the heart of the country’s long-term economic strategy. Government officials describe this initiative as a structural pillar for future growth, built around exploiting the DRC’s vast, largely untapped iron ore resources.
National estimates place the country’s iron ore reserves between 15 and 20 billion tonnes, with average grades exceeding 60%, a scale that would rank the DRC among the world’s largest iron ore holders. The project was formally presented at a recent Council of Ministers meeting, where authorities detailed an initial investment of US$28.9 billion for the first phase. Over a projected 25-year lifespan, the program is expected to generate an overall economic impact exceeding US$679 billion, along with a projected net cash flow surplus of US$308 billion and a strong internal rate of return under conservative price assumptions. Although the reported net present value remains negative, officials emphasize that the project’s broader macroeconomic and strategic benefits justify its design.
Iron ore prices are currently fluctuating around US$108 per tonne, underscoring its role as a critical upstream input for the global steel industry, where a tonne of stainless steel commands prices close to US$900. By prioritizing domestic processing and industrialization, the DRC aims to move beyond its traditional role as a raw material supplier and progressively integrate higher-value-added activities into its national economy.
It was emphasized that Mifor is designed as much more than a simple mining operation. It is envisioned as an integrated development platform combining mining, transport and energy infrastructure, and industrial processing. The initiative seeks to strengthen state capacity, promote regional economic balance, stabilize macroeconomic fundamentals, and create sustainable national assets that support long-term revenue generation.
To oversee implementation, the government has established an inter-ministerial commission tasked with coordinating strategic planning, aligning institutional responsibilities, and deploying the project in phases according to national development priorities. Preliminary studies and consultations are reported to have attracted interest from experienced international institutional investors in financing large-scale development and infrastructure programs.
The project’s timeline coincides with sustained resilience in global iron ore markets, which have proven relatively robust even in the face of disruptions such as the COVID-19 pandemic and associated supply chain challenges. Historically, the DRC’s mining sector has been dominated by copper and cobalt—minerals vital for the global energy transition but also exposed to cyclical price volatility. Expanding into iron ore introduces a new strategic dimension to the country’s extractive profile.
Across Africa, the persistent challenge has been to transform abundant mineral resources into sustainable and inclusive development. In this regard, the DRC’s approach reflects a broader continental push to build domestic capacity in processing, logistics, and industrial production. While countries such as South Africa, Guinea, Mauritania, and Cameroon have long-standing iron ore industries, many remain heavily export-oriented and externally financed. Mifor seeks to move away from this model by anchoring sovereign infrastructure and domestic value chains at the project’s core.
As African states increasingly pursue development pathways based on economic self-determination, initiatives like Mifor are seen as potential catalysts for redefining the continent’s relationship with global commodity markets. Nevertheless, analysts warn that success will depend on robust governance, environmental safeguards, community engagement, and prudent fiscal management. While projected returns are substantial, translating promise into performance will hinge on institutional credibility, transparency, and inclusive execution.
By integrating Mifor into a coordinated national framework, the DRC has laid an initial foundation for managing these challenges. If implemented effectively, the project could not only transform the Congolese economy but also contribute to broader debates on equitable and sustainable resource governance across Africa.