The U.S. Treasury Department has blacklisted Gasabo Gold Refinery and its CEO, Jean Malic Kalima, alleging their involvement in transporting and refining gold illegally mined in eastern DRC to bankroll the M23 insurgency.

According to Washington, Rwandan soldiers and M23 fighters jointly secured gold shipments from mining sites in DRC to Bukavu—near the Rwanda border—before transferring the cargo to Gasabo’s refinery in Kigali. In early 2026 alone, authorities claim 60 kg of gold, worth several million dollars, followed this route.

“Illegal mineral trade will not fund instability in central Africa”

U.S. officials condemned the scheme, asserting that DRC’s natural wealth belongs to its people. Treasury Secretary Scott Bessent emphasized that Washington would block any attempts to destabilize the region through illicit mining revenues.

The sanctions freeze all assets held in the U.S. by the targeted individuals or entities and bar American citizens, businesses, and foreign firms with U.S. operations from engaging with them.

M23 exploits mineral wealth to sustain operations

Since resurging in late 2021 with alleged support from Kigali, the M23 has seized control of key mineral-rich zones in eastern DRC—territory plagued by decades of conflict. Investigations reveal the group imposes taxes on coltan production and trade, with roughly 120 tons of the mineral shipped monthly to Rwanda between May and October 2024. The insurgents also seized Rubaya, a mining hub supplying 15% of global coltan, in April 2024.

Global Witness reports highlight that hundreds of tons of coltan were looted in DRC, smuggled into Rwanda, and later exported to international smelters linked to major electronics manufacturers.