Mining

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

Friday, 28 September 2018 20:04
DRC : Sokimo to "assert its rights" should Randgold transfer Kibali mine to Barrick

(Ecofin Agency) - 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

 
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