The Democratic Republic of Congo, one of the biggest producers of copper and cobalt in the world, has announced a major iron ore initiative named MIFOR (Mines de Fer de la Grande Orientale), aiming to diversify its mining sector.

The project targets a remote deposit estimated at 20 billion tons with an average grade of 60%. 

A $28.9 billion first phase will fund critical infrastructure, including a heavy railway and Congo River transport to the Banana deep-water port. Initial output is planned at 50 million tons annually, scalable to 300 million tons.

The project marks a strategic shift in the country's mining focus and has already drawn institutional investor interest.