All eyes remain on mineral supply chains in the Democratic Republic of Congo (DRC) following the capture of key eastern trading hubs and gold-rich territories by M23 rebels backed by Rwanda in early 2025. Against this backdrop, this report examines how Congolese gold has continued to move through opaque supply chains, despite government-to-government agreements intended to formalize artisanal mining and curb smuggling.

The report examines the activities of Primera Gold DRC SA, a joint venture established in December 2022 between the Congolese government and a UAE-registered company, and which came to a close in 2024. The venture was granted exclusive rights to purchase artisanal gold from South Kivu and was publicly presented as an effort to clean up the artisanal gold sector and stem smuggling to neighbouring countries. Official Congolese figures show that in 2023, Primera Gold exported more than five tonnes of gold worth over US$300 million.

However, the study raises serious concerns about the integrity of the joint venture’s supply chains. Research shows that gold was sourced from areas where non-state armed groups were present, where child labour was observed, and from a protected forest reserve where gold dredging and environmental damage took place. At the same time, it is unclear where the revenues generated by the joint venture went.

The report situates the Primera Gold deal within a broader geopolitical and economic context. The United Arab Emirates (UAE) has become one of the world’s largest hubs for gold refining and trading and, over the past decade, one of the biggest recipients of Africa’s artisanal gold output, including that sourced from conflict-affected regions. While cooperating with the Congolese government through the Primera joint venture, UAE-based companies have also continued to import gold from Rwanda, which has long been documented by UN experts as an exit point for smuggled Congolese gold.

The report further examines which role influential elites played in shaping the joint venture, exposes the lack of transparency surrounding revenues generated by gold exports, and the unclear destination of gold refined in the UAE. It also documents gaps in oversight by banks, auditors and regional certification mechanisms, including the absence of an International Conference on the Great Lakes Region (ICGLR) audit of Primera Gold’s activities.

Based on more than two years of research, including fieldwork in South Kivu in 2024 and research in early  2025, the report highlights how opaque gold supply chains continue to intersect with conflict, human rights abuses and environmental harm. It raises questions about the effective implementation of current due-diligence frameworks and international oversight, particularly as global demand for gold remains high and scrutiny of mineral supply chains intensifies.