• Eurasian Resources Group (ERG) and Gécamines signed a settlement to end their dispute over the Swanmines copper-cobalt project in the DRC.

• The agreement lacks clarity on financing, timelines, and the promised stronger role for Gécamines.

• ERG is restructuring its African operations, raising uncertainties for its Congolese assets.

Eurasian Resources Group (ERG), the Kazakhstan-backed miner, signed a settlement with Gécamines, the Democratic Republic of Congo’s state-owned mining company, on September 11. The deal, announced during President Félix Tshisekedi’s visit to Kazakhstan, aims to resolve a long-standing dispute over the Swanmines copper and cobalt project.

#RDC_MINES | Son Excellence @LouisWKabamba, Ministre des Mines, a eu l’honneur d’accompagner Son Excellence Félix Tshisekedi dans sa première visite d’Etat au #Kazakhstan .

Au cours de cette mission historique, un Mémorandum de coopération dans les domaines des mines et de la… pic.twitter.com/1h4xBNUpiE

— Ministère des Mines - RDC (@MinMinesRDC) September 10, 2025

“The settlement agreement aims to resolve disputes submitted to arbitral tribunals under the International Chamber of Commerce (ICC) in Paris. It also sets a framework to promote Swanmines on a cooperative basis, strengthens Gécamines’ participation in the project, and reflects the parties’ commitment to focus on successful development in the interest of all stakeholders, including local communities,” ERG said in a statement.

Swanmines, initially 75% owned by ERG and 25% by Gécamines, has faced delays since 2023. Gécamines accused ERG of slow progress and demanded the project’s mining permit be revoked, calling the site “undeveloped.” ERG rejected the accusations in arbitration proceedings before the ICC.

While the new deal sets the stage for an amicable settlement, details remain scarce. ERG has not clarified how Gécamines’ role will be expanded, nor has it disclosed financing terms or a development timeline. The original plan envisioned a mine producing 16,400 tons of copper and 3,400 tons of cobalt annually.

The settlement comes as ERG restructures its African portfolio. In February, Nicolas Treand, head of ERG Africa, told Bloomberg the company aimed to cut production costs by reassessing assets in the DRC, South Africa, and Zimbabwe. Few details have since emerged, making it difficult to gauge the impact on Swanmines.

In the DRC, ERG is also advancing the $800 million Comide hydrometallurgical copper-cobalt plant, while operating the Frontier and Metalkol projects. Its Boss Mining unit has been suspended since 2023 due to environmental violations.

Beyond Swanmines, Gécamines expressed interest in 2024 in acquiring additional ERG assets in the country, submitting a formal offer.

This article was initially published in French by Aurel Sèdjro Houenou
Adapted in English by Ange Jason Quenum