CASE STUDY 2 Rawbank-led financing for the Kamoa-Kakula copper project Local banks can structure complex transactions and drive development in high-stakes mining projects. Rawbank’s leadership underscores the importance of empowering local financial institutions, not only as financiers but also as architects of sustainable development. By aligning with global ESG standards, such as the International Finance Corporation (IFC), International Council on Mining and Metals (ICMM) and Global Industry Standard on Tailings Management (GISTM), and integrating local content requirements, Rawbank set a precedent for structuring deals that meet both investor expectations and domestic development goals.Impact of Rawbank’s investment de-risking Rawbank played a leading role in financing the Kamoa- Kakula copper project in the DRC, helping arrange a $400 million syndicated loan with partners ABSA, Africa Finance Corporation (AFC) and First Bank DRC.37 The deal met international standards while embedding ESG and local content requirements, including repatriation of 60% of revenues to the DRC.38 Challenge39 High capital requirements: Large-scale projects require significant upfront capital and local financial institutions in SAR countries usually do not have the required capital to enable this. Complex regulations: Mining is a highly regulated industry and arranging financing requires managing legal and operational complexities, which can deter many financiers, particularly those from outside the region. Risk perception: Factors such as political instability, infrastructural challenges, regulatory uncertainties and price volatility of critical minerals, all increase the inherent risks in such projects. Lack of precedent: There are few examples of syndicated loans led by local banks, and this deal required innovative structuring and collaboration between diverse stakeholders. Solution Leadership in the syndicated loan: Rawbank pioneered the structuring of the syndicated loan, bringing other banks such as FirstBank DRC and ABSA Bank on board to mobilize blended capital.40 ESG considerations: Rawbank ensured that financing aligned with international standards on ESG, such as those of the IFC, ICMM and GISTM, as well as sustainable mining practices and compliance with DRC’s mining laws.41 Renewable source of energy: The project reduced its carbon emissions by arranging 150 megawatts (MW) of clean hydroelectric power from Mwadingusha and Inga II.42 Localization of content: Rawbank took the initiative to bring local suppliers such as Pacific Logistics into the project, which helped ensure compliance with Article 108 of DRC’s mining code, which mandates in-country processing of minerals, requires partial Congolese ownership of processing firms and restricts mining subcontracting to Congolese companies.43 Innovative financing tools: Platforms such as Rawbank online and SIOP were used to automate transactions and provide tailored solutions for working capital, equipment finance and trade finance.44 Impact45 Copper production: The funds raised by Rawbank for the expansion of the Kamoa-Kakula copper project make it the third largest copper mine in the world, with a 600,000-tonne annual capacity (they produced 437,000 tonnes in 2024),46 approximately 20% of the DRC’s 3.3 million tonnes produced. Renewable energy installation: The integration of renewable power into the project is a key example of how mineral development can serve as a platform for broader energy transition goals. The project installed 178 MW of hydroelectric power capacity connected to the national grid, helping advance the energy transition. Flagship case: Moving forward, this deal helps set a precedent for other financial institutions in Africa, as other local banks can also lead complex syndicated structures, helping to ensure greater availability of funds to the mining sector. Securing Minerals for the Energy Transition: Finance for Southern Africa 19

Securing Minerals for the Energy Transition 2025