Gold Concession Crisis: Rebels Loot $70 Million in DRC

Rebels, possibly aided by insiders, have looted 500 kilograms of gold worth $70 million from Twangiza Mining's concession in DRC. M23 rebels seized the mine, forcing the company to consider international arbitration. The crisis compounded with a drone strike destroying key infrastructure, amidst ongoing regional instability.

Twangiza Mining's gold concession in eastern Democratic Republic of Congo has been looted by rebels, with the company reporting theft of at least 500 kilograms of gold since May. This gold is currently valued around $70 million, illustrating the magnitude of the loss.

The M23 rebels, backed by Rwanda, took control of the mine in May following a swift offensive across South Kivu province. Allegations suggest that some company employees assisted in smuggling the initial batch of over 50 kilograms of gold. The rebels have allegedly used Rwandan technicians to expand mining operations.

Efforts to negotiate peace have been challenging, despite interventions like a U.S.-brokered peace deal. Explorations continue with Qatar mediating discussions, but resolutions remains elusive, as evidenced by missed deadlines and ongoing violence, including a recent drone attack on October 15.

(With inputs from agencies.)