KINSHASA (Reuters) – Congolese prosecutors are investigating a 200-million-euro ($222 million) line of credit issued to state mining company Gecamines by a company owned by Israeli billionaire Dan Gertler, who is under U.S. sanctions, Gecamines said on Monday.Continue reading “Congo prosecutors probe Israeli billionaire’s loan to state mining company”
Billionaire Dan Gertler’s Fleurette Group said it loaned Gecamines $196 million so the Democratic Republic of Congo’s state-owned mining company could take over what it called its “flagship” copper project last year.
Gecamines used the funds to take full control of the untapped Deziwa and Ecaille C mining concessions, Fleurette said yesterday in an e-mailed response to questions. The areas contain an estimated 4.85 million metric tons of copper and 401,900 tons of cobalt reserves, placing them among Congo’s biggest metal Continue reading “Billionaire Gertler Loaned Gecamines $196 Million for Congo Mine”
KINSHASA — Prime Minister Augustin Matata Ponyo of the Democratic Republic of Congo on Friday condemned as “disproportionate” a decision by the International Monetary Fund to halt cooperation over a contentious mining contract.
The IMF on Tuesday announced that it was interrupting a loan facility worth $561 million (435 million euros) because the Continue reading “DR Congo PM upset at IMF move to halt funding”
Gecamines, Democratic Republic of Congo’s state-owned copper miner, will build a 500-megawatt coal-fired plant to help mining companies address electricity shortages, Chief Executive Officer Ahmed Kalej Nkand said. Continue reading “Congo’s Gecamines Plans 500 Megawatt Coal-Fired Plant”