Eurasian Resources Group (ERG) has signed a settlement with the Democratic Republic of Congo’s state-owned miner Gécamines to resolve a dispute over the Swanmines copper and cobalt project.
Join our WhatsApp channel for more news insights
The agreement, finalised during the state visit of DRC President Félix-Antoine Tshisekedi Tshilombo to Kazakhstan, paves the way for renewed cooperation on the stalled venture.
The settlement was reached between ERG subsidiaries Africo Resources (DRC) SARL and La Société d’Exploitation des Gisements de Kalukundi SAS (Swanmines), alongside Gécamines.
It brings an end to claims that had been referred to arbitral tribunals under the International Chamber of Commerce in Paris.
The new framework increases Gécamines’ participation in the project and commits both parties to advancing development in the interest of stakeholders and local communities.
Shukhrat Ibragimov, ERG’s Chief Executive Officer and Chairman, said the agreement reflects a new chapter of collaboration.
“We are pleased to have reached common ground with Gécamines and to now move forward together in a spirit of renewed cooperation to develop the project,” he said.
ALSO READ: Eurasian Resources wins 2024 TXF award for $150m African copper deal
“We welcome the enhanced bilateral relationship between Kazakhstan and the DRC, including in the metals and mining sector, where both countries have a unique position and very strong potential,” Ibragimov said.
The announcement coincided with a meeting in Astana between Kazakh President Kassym-Jomart Tokayev and Tshisekedi.
Tokayev hailed the DRC leader’s first state visit as “carrying great significance,” saying it would strengthen ties between Central Asia and Africa.
Tshisekedi said the trip was an opportunity to “strengthen ties and cooperation not only between our countries but also more broadly between the African region and Central Asia.”
ERG, headquartered in Luxembourg, is one of the world’s largest producers of cobalt and copper and has invested more than USD 9 billion in the DRC since 2009.
The group employs over 4,300 people in the country and has paid around USD 1.5 billion in taxes and royalties to the Congolese state over the past three years.