US Blacklists Gold Refinery, Mining Firms Over DRC Conflict Links

June 26, 2026
By Mintesinot Nigussie

The United States has imposed sanctions on a Rwandan gold refinery and three other mining companies accused of supporting illicit mineral networks linked to the M23 armed group in the Democratic Republic of the Congo.

The measures target Gasabo Gold Refinery Ltd and its chairman Jean Malic Kalima, alongside three other Rwandan mining entities. Washington said the companies were involved in networks moving conflict minerals from eastern DRC, with revenues allegedly used to finance armed activities, purchase weapons and sustain the insurgency.

The action is part of a wider US effort to disrupt illegal mineral flows from the DRC, which holds significant deposits of resources used in global industries. The US government said proceeds from illicit mineral trade have contributed to instability and a humanitarian crisis in eastern Congo.

The sanctions also support the implementation of the Washington Accords for Peace and Prosperity, an agreement between the DRC and Rwanda aimed at promoting regional stability and economic cooperation. The framework includes plans for transparent, traceable and legal mineral supply chains.

Washington said improving oversight of mineral exports could help redirect the region’s resources toward economic development, attract responsible investment and strengthen access to critical minerals needed by global industries.

The US urged companies, buyers and financial institutions involved in mineral supply chains to strengthen responsible sourcing practices and prevent revenues from supporting armed groups, forced labour, child labour and abuses in mining areas.

The latest designations follow earlier US sanctions against conflict mineral traffickers in August 2025. The administration said it would continue targeting actors benefiting from instability in eastern DRC while supporting efforts to develop a legal and transparent minerals sector.

Source: FSX Business News