Congo replaces Gecamines as leader amid mineral talks with US

The government announced on Monday that the president of the Democratic Republic of Congo has replaced Gecamines' chief executive and?board?chair. This is a major shakeup at a time of negotiations with Washington regarding a mineral deal. According to a statement read out on state television, Deogratias Ngele Masudi will be the new chairperson and Baraka Kabemba the chief executive.

The statement stated that former Gecamines chairman Guy Robert Lukama was appointed CEO of the Kilo-Moto Gold Mining Company. He will now be leading one of Congo’s oldest state-run producers of gold. No new appointment has been announced for former CEO Placide Basadilua.

The reshuffle was not immediately apparent if it had anything to do the talks where Congo is trying to convince the United States that they should unlock more Western investment into their vast mineral sector.

Minerals cooperation pact

Security guarantees are tied to the contract.

Masudi and Kabemba did not respond to requests for immediate comment.

CONGO SUBMITS ASSET LIST TO WASHINGTON

?previously

Kinshasa submitted a list of assets, including gold, manganese and copper-cobalt projects, for U.S. Investors to consider. This was the most concrete step taken in the partnership.

The list also includes the assets of Dubai-based miner Chemaf. This financially distressed copper and cobalt producer has been acquired by U.S.-backed Virtus minerals for a price of?about 30 million dollars, with Virtus Minerals taking on its heavy debt load.

Gecamines is the owner of the lease to Chemaf’s mines, and no bidder for control can proceed without its consent.

Masudi,?a former Justice Minister,?served previously as the director general of Gecamines?which?holds most of Congo’s mineral licenses?and?lease them to investors?.

(source: Reuters)