Dan Gertler – Overview of Business Activities in the DRC
Three decades of transformative investments across diamonds, mining, and natural resources.
Diamond Activities (1996–2006)
Foundations in Diamond Trading
Dan Gertler's involvement in the diamond industry grew from a long-standing family connection to diamonds and a personal fascination with their history, craftsmanship, and global journey from rough stone to finished jewel. From an early age, he developed a deep appreciation for the role diamonds have played not only as luxury goods, but as drivers of economic development in producing countries.
As he began building his business in the mid-1990s, Gertler became increasingly focused on the structure of the rough diamond market. Access to supply was tightly controlled, supply chains were fragmented, and producing countries often remained distant from the full value of their own natural resources. He believed there was room for a different approach, one that encouraged broader access, more transparent sourcing, and stronger links between production and global markets.
Driven by this conviction, Gertler explored diamond sources across Africa and beyond, carefully assessing quality, scale, and long-term potential. The Democratic Republic of Congo stood out. Rich in diamond resources and central to the history of the trade, the country had been largely overlooked by international markets following years of conflict and isolation.
Where others saw uncertainty, Gertler saw possibility: the opportunity to help restore legitimate supply chains, improve conditions for producers, and reconnect Congolese diamonds with the global industry. This vision led to the creation of Dan Gertler International (DGI) in 1996 and marked the beginning of a long-term engagement with the DRC's diamond sector.
IDI-Congo Artisanal Diamond Initiative (2000–2001)
In 2000, through International Diamond Industries (IDI-Congo), Gertler entered into a strategic agreement with the Government of the DRC, granting IDI the exclusive right to purchase artisanal diamond production from designated government-controlled areas for an initial period of 18 months.
The initiative aimed to formalize artisanal mining activities, increase government revenues, reduce diamond smuggling, and align the sector with emerging United Nations certification and traceability standards.
Following the assassination of President Laurent-Désiré Kabila in January 2001, the agreement was terminated approximately six months after signature. Despite its early conclusion, the initiative represented one of the first attempts to integrate informal diamond production into a regulated framework and contributed to subsequent policy thinking around sector formalization.
MIBA Modernization Partnership (2003–2006)
In 2003, Emaxon Finance International Inc., a Canadian company within the DGI group, entered into a marketing and modernization agreement with MIBA, the state-owned diamond company.
The agreement included a USD 15 million loan intended to modernize production equipment and support operating costs, and marketing rights for approximately 88% of MIBA's rough diamond output.
Implementation proved challenging. MIBA faced severe operational and financial difficulties, including delays in installing new equipment, declining production quality and volumes, and significant creditor pressure. Production levels were insufficient to enable effective repayment of the loan, and the company remained in a precarious financial position throughout the period.
Alongside industrial activity, DGI supported local beneficiation efforts, including the establishment of the first diamond polishing facility in Kananga, aimed at developing local skills and increasing value retention within the country.
Fleurette Group – Natural Resources (2007–2017)
Establishment of Fleurette Group
From the mid-2000s, Dan Gertler's non-diamond investments in the DRC were structured under Fleurette Group, which became the holding platform for activities in copper, cobalt, oil and gas, iron ore, gold, and related infrastructure. Fleurette's strategy focused on consolidating fragmented assets, rehabilitating underdeveloped projects, and partnering with international operators capable of developing large-scale industrial operations.
Katanga Mining (Copper)
The Katanga Mining project originated through Global Enterprises Corporate (GEC) and its partnership with the BSGR Group. The development included the consolidation of several surrounding copper assets, including projects previously held by the Forrest Group.
These assets were ultimately consolidated under Katanga Mining, alongside Glencore, to form the Kamoto Copper Company (KCC). In 2006, the assets were listed through the Nikanor plc IPO on London's Alternative Investment Market, raising approximately USD 400 million.
During its involvement, Fleurette invested US$700 million, boosting investor confidence and helping to attract a total of US$3.5 billion of investments into developing the operations. In subsequent years, Katanga Mining became one of the most significant copper operations in the region. Fleurette sold its shareholding in the project to Glencore in February 2017. Royalties linked to certain assets were retained or acquired separately and managed as long-term financial interests.
Mutanda Mining (Copper and Cobalt)
Mutanda Mining combined two initially separate projects: the Mutanda copper-cobalt project and the Kansuki project, which was indirectly related to the Comide concession. Fleurette participated in the development and eventual merger of these assets into a single large-scale operation.
Royalties were acquired as part of share purchases from Gécamines in both the Kansuki and Mutanda Mining projects, at a time when neither project had entered production. Fleurette has invested over US$500 million in acquiring and developing the project in partnership with Glencore. The site has 7 MT of copper reserves and 2 MT of cobalt reserves.
Fleurette sold its equity interests in Mutanda Mining to Glencore in February 2017.
Moku Goldmines Project
Moku Goldmines was one of Fleurette Group's flagship gold exploration projects, developed through a joint venture with SOKIMO, the Democratic Republic of Congo's state-owned gold mining company. Fleurette held a majority interest in Société Minière Moku-Beverendi (SMB) and invested approximately US$51 million to advance Phase 1 and Phase 2 exploration programs.
The project comprised two large, contiguous gold concessions totaling approximately 1,250 square kilometers in northeastern DRC, located along the same highly prospective geological belt as the Kibali gold district, home to one of Africa's largest gold developments. Extensive exploration programs confirmed the project's strong potential for large-scale gold mineralization, positioning Moku as a strategically significant gold asset. Exploration and assay results highlighted high-grade gold mineralization, with individual samples returning grades of up to 11 g/t.
In February 2022, Ventora Group entered into a comprehensive settlement with the Government of the Democratic Republic of the Congo under which all remaining mining and oil assets, including the Moku Goldmines project, were transferred to full State ownership. The agreement was publicly welcomed by Congolese civil society and marked a transition toward strengthened State stewardship of strategic natural resources.
Lake Albert Basin Oil Project
Fleurette Group also held a majority interest in a frontier oil exploration project in the Lake Albert basin, one of the most prospective hydrocarbon regions in Sub-Saharan Africa. The project comprised two large blocks covering approximately 8,000 square kilometers within the Albertine Graben, directly adjacent to major oil discoveries on the Ugandan side of the lake.
Seismic work conducted on the DRC side confirmed the basin's strong potential and highlighted the project's strategic importance for the country's future energy development. The structure of the project reflected a partnership model from the outset, with the DRC State participating alongside Fleurette.
In February 2022, the Lake Albert basin oil exploration concessions were included in Ventora Group's comprehensive settlement with the Government of the Democratic Republic of the Congo, under which the assets were transferred to full State ownership. The agreement was publicly welcomed by Congolese civil society and marked a step toward strengthened State stewardship of the country's strategic energy resources.
Mukondo Project
The Mukondo copper-cobalt project in the Democratic Republic of the Congo is one of the highest-grade cobalt deposits ever developed, with ore grades historically reported at up to 10–15% cobalt. The project was consolidated in the mid-2000s from several private entities, including companies listed on the Toronto Stock Exchange, and underwent initial development before being sold to Eurasian Natural Resources Corporation (ENRC) around 2009–2010.
During peak production in the early 2010s, Mukondo produced an estimated 20,000–25,000 tonnes of cobalt annually, at times accounting for a significant share of global cobalt supply, before later being placed on care and maintenance.
Mount Mbombo Iron Ore Project
The Mount Mbombo iron ore project was acquired through the national mining cadastre (CAMI). It represented a long-term effort to evaluate and develop iron resources in a remote region of the DRC. Fleurette financed on-the-ground geological studies and development planning. The site was geologically promising, with a significant reserve of high-quality ore, representing a significant long-term development opportunity.
In February 2022, the Mount Mbombo iron ore project was included in Ventora Group’s comprehensive settlement with the Government of the Democratic Republic of the Congo, under which the asset was transferred to full State ownership. The agreement was publicly welcomed by Congolese civil society and framed as a step toward strengthening State stewardship of strategic mineral resources.
Other Investments and Royalties
Beyond core mining projects, Fleurette invested in supporting activities, including: Kitoko food and agricultural operations, and the acquisition in 2018 of Metalkol-related royalties from Gécamines for approximately EUR 83 million, providing Gécamines with capital to develop its first new operating mine at Deziwa.
Ventora Group and Transition to State Ownership (2018–Present)
Restructuring and Compliance
In December 2017, Dan Gertler had been designated under U.S. sanctions. Since that time, he has engaged with U.S. regulatory authorities and professional advisors to address compliance requirements and to ensure that his business activities operate within applicable regulatory frameworks.
Beginning in 2018, Dan Gertler's remaining business activities were consolidated under a new entity, Ventora Group, marking a restructuring phase focused on governance, transparency, and regulatory alignment.
In 2019, Ventora implemented global best-practice Anti-Bribery and Corruption (ABC) policies, aligning its internal controls and compliance framework with internationally recognized standards.
Other Investments and Royalties
Beyond core mining projects, Fleurette invested in supporting activities, including the acquisition in 2018 of Metalkol-related royalties from Gécamines for approximately EUR 83 million, providing Gécamines with capital to develop its first new operating mine at Deziwa.
Asset Transfer Agreement
In February 2022, Ventora Group entered into a comprehensive settlement agreement with the Government of the Democratic Republic of Congo. Under the terms of this agreement, all remaining mining and oil licenses and related assets held by Ventora were transferred to full State ownership. These included strategic assets such as the Mount Mbombo iron ore project, the Moku Goldmines project, and oil exploration concessions in the Lake Albert basin.
The agreement was publicly welcomed by Congolese civil society and was widely regarded as a constructive step toward strengthening State stewardship over key natural resources. For Dan Gertler, this transition was consistent with a long-standing emphasis on partnership with the DRC and on ensuring that the country's natural resource development delivers lasting national benefit. It reflected a continued belief in the DRC's long-term economic potential and the importance of aligning private investment outcomes with the public interest.
A Legacy of Partnership
Dan Gertler's business activities in the DRC span nearly three decades, from pioneering diamond trading initiatives in the 1990s through major mining developments in copper, cobalt, gold, and iron ore, to the transition of assets to State ownership in 2022. Throughout this period, his approach has emphasized long-term partnership with the Congolese government and people, responsible investment practices, and alignment of private enterprise with national development objectives.