Kinsevere – Arbitration Procedure Update (News Release)
MMG Limited has initiated arbitration proceedings against La Générale des Carrières et des Mines S.A. (GECAMINES) in front of the International Chamber of Commerce (ICC). The company announced its submission to ICC on Friday, October 21, 2022. The action follows previous updates concerning incidents on its Sokoroshe Il and Nambulwa mining concessions in the Democratic Republic of the Congo (DRC):
MMG holds existing mining contracts with Gécamines, both for Sokoroshe II and Nambulwa, registered with the official mining register. Sokoroshe II and Nambulwa were occupied by the armed forces and third parties with whom Gécamines signed new research contracts despite MMG’s existing legal interest.
MMG continued to formally ask Gécamines to withdraw the new contracts and withdraw the armed forces and thirds of the mining concessions. Together, the two mining contracts are essential for the future of the Kinsevere Expansion Project (KEP) and have an impact on the future success of the Kinsevere mine. Since a third party in Sokoroshe He has begun pre-decapping work and the risk that a similar activity could begin in Nambulwa, MMG is taking measures to defend its legal rights against these actions.
