Lubumbashi, July 1, 2024 – GECAMINES SA learned on June 27, through the press, of the announcement of an agreement to sell CHEMAF RESOURCES LIMITED (CRL) and its subsidiaries, including certain rights to assets belonging to GECAMINES.
On June 28, the very next day, an extraordinary Board of Directors meeting of GECAMINES SA was held, noted and condemned – unanimously – the manifest violation of the agreements linking GECAMINES SA and CHEMAF SA, a subsidiary of CRL, as well as the fait accompli strategy.
On the instructions of its Board of Directors, GECAMINES SA wishes to reiterate that CHEMAF SA is merely a lessee of the assets in question. As both lessee and owner, GECAMINES SA has a right to prior notification and, more fundamentally, a right of approval in the event of any change of direct or indirect control.
This right of approval is also discretionary and GECAMINES SA is entitled to reject the proposed transaction if it is not in its interest.
In fact, at its meeting of June 28 mentioned above, the Board of Directors of GECAMINES SA rejected – unanimously – the operation as presented by the media and the press release from CRL.
GECAMINES SA intends to continue the examination of the numerous, repeated and notified breaches for several months now, which may be held against CHEMAF SA, as well as the consequences to be drawn regarding the maintenance of these leases.
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Contact Gécamines
COMMUNICATIONS UNIT
M. AKONKWA BWIZA
Telephone: +243 813 010 404
Email: akonkwa.bwiza@gecamines.cd
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