CNPAV Reveals $1.36 Billion Loss in DRC’s Mutanda Mining Assets
DRC Loses Over $1.3 Billion in Mutanda Mining Deals, CNPAV Calls for Transparency
Based on official data and independent financial analyses, the coalition “Congo is Not for Sale” (CNPAV) revealed on Friday that the Democratic Republic of Congo (DRC) has lost substantial resources due to undervaluation and the opaque sale of Gécamines’ assets in the Mutanda Mining (MUMI) project.
In its report titled “Cobalt at a Discounted Price, Corruption at Full Price,” presented during a conference at Sylikin Village in Kinshasa, CNPAV documented the losses and irregularities in detail:
“In 2017, the U.S. Treasury sanctioned Dan Gertler for transactions that caused the DRC to lose more than $1.36 billion between 2010 and 2012. Independent valuations by Deutsche Bank, Liberum Capital, Nomura, and BMO Capital Markets confirmed that the value of Gécamines’ shares in Mutanda Mining far exceeded the amounts paid to Gertler-affiliated companies.
The Swiss justice system also identified serious failings involving Glencore and its partnership with Dan Gertler, highlighting systemic corruption risks in these transactions.”
Controversy Over Royalty Transfers
Responding to a recent note from the Ventora Group questioning the rigor of CNPAV’s analysis, the coalition emphasized a crucial, often overlooked fact: the transfer of Gécamines’ royalties to Rowny Assets, a company linked to Dan Gertler.
“These royalties, set at 2.5% of Mutanda Mining’s turnover, were transferred without a public tender, prior authorization, or fair compensation. This deprived the state of a stable and strategic income meant to support national development. Ventora’s omission of this fact reflects an attempt to avoid addressing a legally and politically sensitive issue,” CNPAV stated.
The coalition stressed that the core issue is opacity, not debate:
“Instead of engaging with the substance of the matter, some stakeholders are diverting attention with personal attacks and unfounded accusations. The real problem lies in the absence of a public tender, the failure to publish contracts, and the irregular transfer of strategic revenues, such as Gécamines’ royalties.”
Call for Independent Evaluation
CNPAV is urging Congolese authorities and regulatory bodies to conduct an independent and public assessment of Gécamines’ asset sales in Mutanda Mining.
“We call on the Congolese authorities and supervisory institutions to ensure a transparent, independent evaluation of the sale of Gécamines’ assets in Mutanda Mining,” said Ismaël Tutu, CNPAV member.
The coalition reiterated its willingness to engage in constructive dialogue focused on the public interest and defended the rigor and credibility of its analyses based on up-to-date financial data and reputable sources.
Mission and Advocacy
The “Congo is Not for Sale” coalition continues to focus on economic losses for the DRC, lack of transparency in resource transactions, and irregular transfer of state revenues.
Its mission is to ensure that the country’s wealth benefits the Congolese people by documenting, denouncing, and proposing reforms for better natural resource governance.
The conference also announced the second edition of the Kanyaka Prize for Integrity Against Corruption in the DRC, highlighting ongoing efforts to promote transparency and accountability.
