Gecamines Proposes Acquisition of ERG’s DRC Assets
Gecamines, the state miner of Congo, has made a concrete offer to acquire select copper and cobalt assets from Eurasian Resources Group (ERG) in the country.
This move aims to regain control over projects previously owned by partners and bolster reserves in metals crucial for the green transition.
According to Robert Lukama, Chairman of Gecamines, the mining unit is targeting three of ERG’s assets in Congo and has the necessary funding to support the purchase.
While the specific projects or mines were not disclosed, ERG’s assets in the region include Frontier Mine, Comide, Metalkol, Boss Mining, and others.
Despite ERG’s ownership dispute with the Kazakh government, Gecamines remains committed to expanding its role in the production and supply of critical minerals. Lukama emphasized that their offer is unconditional, focusing on creating value and reclaiming undeveloped assets.
The proposal from Gecamines comes amidst negotiations between ERG and Congolese authorities to lift the suspension on its Boss Mining operations, halted last year due to environmental concerns.
Gecamines, holding a 49% stake in Boss Mining, sees the halt in production as detrimental to both parties’ revenues, urging for a swift resolution.
