DRC : IGF opposes Gécamines over mega-bonuses worth €40m – Africa Intelligence

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Paris law firm Asafo & Co should receive $9m in additional fees for its role advising Congolese state-owned mining company Gécamines in its negotiations with China Molybdenum Co (CMOC).
Breaking news published on 24/10/23 at 16:01 GMT – According to a document that Africa Intelligence has seen, state auditors suspect 30 Gecamines managers of embezzlement.
The state-owned company had revenue of around $1bn in 2022, even though its own production has been on the wane for years. Gécamines’ directors are exploring new avenues to revive the mining of “strategic” minerals.
As it struggles to balance its books despite record revenues last year, Kinshasa is looking to the mining sector to help it improve its finances. The government is using every means at its disposal, including a tax on exceptional profits and an increase in Chinese companies’ royalty payments.
The state miner’s new chairman and general managers appointed by Kinshasa to give Gécamines a new lease of life were all in the good books of the firm’s all-powerful former boss Albert Yuma Mulimbi. They also each worked at one time for private mining firms operating in DRC, such as AngloGold and Glencore.
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