Primera Gold DRC, a joint venture between the United Arab Emirates (UAE) and the Democratic Republic of Congo (DRC), aims to quadruple shipments of hand-dug gold from the central African nation in 2024, Bloomberg reported.

The DRC government and Abu Dhabi’s Primera Group formed the venture at the end of 2022.

The JV marked its first year of operation in 2023 by dispatching five tonnes of gold, valued at nearly $300 million, the report said.

“This year, we are thinking about moving to between one or two tonnes per month, which would bring us to 12 to 24 tonnes per year,” the news agency reported, citing Primera Gold CEO Joseph Kazibaziba.

The Primera collaboration is part of a growing partnership between DRC and the UAE, including potential investments in tin, coltan, copper and cobalt, Bloomberg said.

Although the joint venture was profitable in its inaugural year, the announcement of DRC's share from the partnership awaits the release of audited financial results, the report noted.

(Editing by Seban Scaria seban.scaria@lseg.com )