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Examples
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That deal saw ENRC announcing the $175m acquisition of exploration rights to a Kolwezi copper mine shortly after the Congo government repossessed it from First Quantum, another London-listed miner.
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That deal saw ENRC announcing the $175m acquisition of exploration rights to a Kolwezi copper mine shortly after the Congo government repossessed it from First Quantum, another London-listed miner.
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The process has dragged on for several years, culminating in the seizure of Kolwezi and Frontier, in which First Quantum has invested around $1 billion to date.
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Of particular concern was the DRC's decision in September to suspend First Quantum Minerals 'title to the KMT copper and cobalt concession in Kolwezi, in which the World Bank's International Finance Corporation is also an investor.
Relief For Congo 2010
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A procedural hearing will set out the timetable for the international arbitration over Kolwezi next week, Mr. Newall said.
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Canada-listed First Quantum alleged in a statement Wednesday that its legal title to the Kolwezi tailings project in Congo was revoked illegally last year in a move that was "orchestrated by certain interests within the government of Congo and third parties at First Quantum's expense."
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The Kolwezi asset is still under arbitration and First Quantum continues to allege that this asset was illegally seized from it and then awarded to Dan Gertler's investment vehicle.
Miners and merger moves lift FTSE 100 but ENRC misses out 2010
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The rights to Kolwezi have since been acquired by subsidiaries of ENRC.
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The key asset involved is a 70% shareholding in a copper project in Kolwezi, but the ownership of the stake is in dispute.
Miners and merger moves lift FTSE 100 but ENRC misses out 2010
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Kolwezi isn't the only Congolese copper asset in dispute.
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