Civil society groups tell Congo to reject AJN Resources deal
JOHANNESBURG - Civil society groups on Thursday called on the President and Prime Minister to deny Canada-listed junior miner AJN Resources approval for it to buy five projects from Democratic Republic of Congo's State-owned gold company.
The deal awaits approval from the president and prime minister, Cabinet meeting minutes showed last week, after the Congolese minister who oversees the country's state-owned enterprises, gave it his accord.
Under the draft deal announced in early February, AJN Resources' Congo unit would acquire stakes of between 30% and 35% in five gold projects from Société Minière de Kilo-Moto (Sokimo) in exchange for a 60% stake in AJN.
AJN Resources has previously said the agreement would help SOKIMO gain access to international markets.
Five civil society groups under the banner "Le Congo n'est pas a vendre" (Congo is not for sale) said AJN is a junior company that lacks the financial clout and expertise necessary to revive Sokimo.
The company's June 1 financial statement showed it made a $2.1-million loss in the nine months to April 30.
AJN Resources CEO Klaus Eckhof did not immediately reply to a request for comment.
The February draft deal also set out AJN's purchase of Sokimo's 10% stake in the Kibali gold mine, which Barrick Gold operates. Barrick moved to block that purchase, causing AJN to scrap that part of the deal in early March.
AJN plans to acquire from Sokimo its 30% stakes in Zani-Kodo, Nizi, and Kibali South, and 35% stakes in Giro Goldfields and Wanga (Tendao).
Comments
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation