Eurasian Resources Group Notes Historic Milestone in Kazakhstan-DRC Relations and Signing of Settlement Agreement with Gécamines
In the context of the landmark meeting in Astana between Kazakh President Mr Kassym-Jomart Tokayev and Congolese President Mr Félix-Antoine Tshisekedi Tshilombo, Eurasian Resources Group (ERG), a leading diversified natural resources group headquartered in Luxembourg, is pleased to announce that its subsidiaries, Africo Resources (DRC) SARL (Africo) and La Société d’Exploitation des Gisements de Kalukundi SAS (Swanmines), have entered into a settlement agreement (the Settlement Agreement) with La Générale des Carrières et des Mines SA (Gécamines) concerning the Swanmines mining project in the Democratic Republic of the Congo (the Swanmines Project).
The Settlement Agreement aims to resolve claims between the parties referred to arbitral tribunals constituted under the auspices of the International Chamber of Commerce (ICC) in Paris. The Settlement Agreement further establishes a framework for advancing the Swanmines Project on a cooperative basis, increases Gécamines’ participation in the project, and reflects the parties’ shared commitment to focus on the successful development of the project in the interest of all stakeholders, including local communities.
Shukhrat Ibragimov, Chief Executive Officer and Chairman of the Board of Directors of ERG, commented: “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. 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. The meeting between the Presidents of the two countries should provide additional impetus to ERG to implementing its strategy in the DRC based on effective collaboration with our stakeholders and the regulatory support from the Congolese State.”
ERG is a leading diversified natural resources group and is among the largest producers of cobalt and copper in Africa. A long-term investor, employer, and responsible partner to local communities, ERG has played, over many years, and continues to play, a vital role in developing the mining sector of the Democratic Republic of the Congo, contributing to infrastructure, skills transfer, and sustainable development. Since 2009, ERG has invested more than US$ 9 billion in the Democratic Republic of the Congo. The Group employs, directly and indirectly, over 4,300 people in the country and, in the last three years alone, has paid around US$1.5 billion in taxes and royalties to the Congolese State.
Shukhrat Ibragimov added: “Kazakhstan is one of the most attractive investment destinations in Asia and it has just announced the launch of the new investment cycle, aiming to boost the development of high-tech sectors. In this vein, the official visit of the President of the DRC, which is placed at the heart of many global supply chains for critical minerals, can bring many beneficial opportunities for investors and open additional inroads for successful cooperation between the businesses representing each of the countries. One of the keystones of Kazakhstan economy and a long-running strategic investor in the mining sector in Africa, ERG is uniquely positioned in this regard. Originally we have become the first Kazakhstani company to establish operations in the DRC and as the countries embark on a new era of mutually beneficial cooperation we are committed to supporting our partners both in Kazakhstan and in the DRC on this inspiring and very ambitious journey.”
