Mining

DRC : Sokimo to "assert its rights" should Randgold transfer Kibali mine to Barrick

Friday, 28 September 2018 20:04

Congo’s public mining company Sokimo warned Randgold Resources that it would "assert its rights" if the latter transfers its shares in Kibali gold mine in the framework of the merger announced this week.

Indeed, Barrick concluded a merger agreement with Randgold to create the largest gold production company in the world.

“Sokimo […] will assert its rights in that umpteenth operation which is another illustration of control transfer deals between large global groups, conceived and structured to impose themselves, without any prior discussion, in the countries from which the resources that make up their wealth are extracted”,  the company that owns 10% stakes in Kibali mine said in a statement received by Ecofin Agency.

Let’s remind that a right was asserted against Freeport McMoRan by Gécamines, another of Congo’s mining companies in 2016 when the American company announced the sale of Tenke Fungurume copper mine stake to China Molybdenum. At the time, Gécamines received $100 million before dropping the case.  

It is also worth reminding that this year, Congolese authorities and various mining companies clashed on a mining code revision that increases the fees and cancels a 10-year stability clause.

Louis-Nino Kansoun

On the same topic
Renewables reach 49% of global electricity capacity in 2026 Record growth led by solar and wind additions Expansion concentrated in major economies,...
Mulilo to invest $884 million in South Africa energy projects Funding will add 716 MW via solar plants and storage Projects aim to improve power...
Côte d’Ivoire grants four new gold exploration permits Licenses aim to attract investment amid rising exploration interest Country targets 100 tons...
Chevron has taken a final investment decision on the Aseng Gas Monetisation project. The project targets 550 billion cubic feet of gas with an...
Most Read
01

A $147M Novastar Ventures fund backed by major Japanese firms offers co-investment rights int...

Mitsubishi, Toyota Buy Options on Africa's Next Startups
02

Efforts to reinforce health systems are gaining pace across Africa, with this week’s developments fo...

Weekly Health Update | ECOWAS Launches Health Reform; Africa Expands Emergency Capacity
03

Coca-Cola will invest $1.03 billion in South Africa by 2030 to expand capacity and distributi...

Coca-Cola Plans $1 Billion Investment in South Africa After Nigeria Push
04

Operator explores renewable energy partnership with Italy’s Ascot Energy Move aims to stabilize p...

Ethio Telecom Turns to Green Power to Secure Network Expansion
05

ECOWAS and IMF sign cooperation framework to strengthen policy alignment West Africa’s grow...

ECOWAS and IMF Set New Framework to Align Policies Across West Africa
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.