M23 rebels controlling the Twangiza gold mine in eastern DR Congo have looted roughly half a ton of bullion worth $70 million, the company said.

It blames Rwanda-backed fighters for seizing its facilities in May and cutting off contact with over 150 employees.

The Takeover and Massive Losses

Twangiza Mining, a Chinese-Congolese firm, said rebels used “underground routes” to move at least 500 kg of gold. Investigators estimate the losses exceed $5 million in equipment.

Independent reports confirm M23 took control of multiple mining areas across South Kivu earlier this year, tightening its financing network through taxation and mineral exports.

Drone Strike and Humanitarian Concerns

A drone strike on 15 October destroyed power generation units at the mine. The company could not verify whether it was carried out by the Congolese army or rebel forces.

Local aid groups say nearby villages were emptied as M23 expelled residents and demolished churches.

Regional and Economic Context

Analysts note that mineral smuggling has become central to the war economy in eastern Congo. U.N. experts estimate M23 earns more than $300,000 a month from taxing trade around Rubaya and other coltan-rich zones.

Recent diplomatic efforts in Doha aim to create a monitoring mechanism for a lasting ceasefire, though fighting persists despite mediation by Qatar and the African Union.