HomeBase MetalsFirst Quantum says DRC cannot sell the company's assets

First Quantum says DRC cannot sell the company’s assets

Part of First
Quantum’s Kolwezi
copper tailings
Vancouver, Canada — MININGREVIEW.COM — 28 October 2010 – Canadian-based exploration, development and mining company First Quantum Minerals Limited has contradicted statements made by Democratic Republic of Congo (DRC) officials claiming that an international court had given the country the go-ahead to sell First Quantum assets to settle a US$12 billion (R81.6 billion) damages claim.

The central African government claimed on Tuesday that it had won the right to sell First Quantum’s assets, after the Paris-based International Court of Arbitration had rejected the miner’s bid to fully protect its Congolese projects.

“Reported statements suggesting that the DRC has won the case or now has a right to transfer the Kolwezi assets are completely without foundation,” First Quantum insisted.

First Quantum sought international arbitration last year after the DRC government had closed its US$750 million (R5.1 billion) Kolwezi copper tailings project.

In March, a DRC court ordered First Quantum subsidiaries Kingamyambo Musonoi Tailings and Congo Minerals Development to pay DRC state miner Gecamines and mining regulatory agency CAMI US$12 billion (R81.6 billion) as compensation for losses suffered due to the improper awarding of mining licences.