While many Congolese were meditating on June 30, 2024, on the sixty-fourth anniversary of the DRC’s accession to independence, it was a well-chosen moment for Gecamines’ thirsty partners CHEMAF and TRAFIGURA to publicly announce the sale of the much-vaunted Mutoshi and the presumed purchaser Norin Mining Limited without informing its majority shareholder, Gecamines SA, which holds discretionary power.
This sale of the flagship Mutoshi project follows the collapse in the price of cobalt, which has led to difficulties in carrying out other cobalt projects.
Thus, for long periods, CHEMAF had been looking for buyers to free its creditors.
In a press release dated July 1, 2024, GECAMINES (Générale des carrières et des mines), a Congolese state company, issued a severe warning and blocked the sale of Chemical of Africa limited (chemaf).
It should be noted that the average person and especially mining players know that without the veto right of this Congolese state company, no market would be possible in favor of CHEMAF Resources Ltd and its subsidiaries because they are in lease.
For the record, GECAMINES had been talking about shortcomings related to the said operation for a long time.
Joseph Kazadi
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