Category: Environment Social Governance (ESG)

Chinese group CMOC has hit back at what it called “savage overcharging” by Congolese state-owned mining company Gécamines, which is seeking compensation for increased copper and cobalt reserves at its Tenke Fungurume mine in the country. . Congo suspects CMOC of having underestimated the mine’s reserves to reduce the amount of royalties it pays to Gécamines, which owns 20% of Tenke Fungurume Mining (TFM). CMOC, formerly known as China Molybdenum, denies doing so. The dispute between the two shareholders began in August 2021 when CMOC announced plans to invest $2.5 billion… Read More Here

Police searched Canada’s Ivanhoe Mines’ (TSX: IVN) Vancouver office seeking information on $2.7 million in bank transfers from Ivanhoe to a Swiss bank account in connection with contracts for its Congolese mining operations, The Globe and Mail reported Thursday. Ivanhoe said it cooperated with the search in November 2021 and that no charges have been laid against the company or its directors or employees. The RCMP obtained the search warrant after saying it had reasonable grounds to believe that Ivanhoe violated Canada’s Criminal Code and Corruption of Foreign Public Officials Act between… Read More Here

A new investigative report published this Thursday, December 15 by The Sentry entitled “Hijacking the system: How a Canadian mining giant played the law in the DRC” indexes Ivanhoe Mines. This organization alleges that Ivanhoe received illegal insider trading advantages; and that in a separate case, Canadian police are looking for evidence of corruption. The investigation focuses on Ivanhoe’s control of a potentially very rich deposit in the Central African copper belt. Information reviewed by The Sentry reveals that the multibillion-dollar company, led by American-born founder Robert Friedland, arranged to sell potentially lucrative… Read More Here