In February 2015, Glencore´s joint venture with Dan Gertler´s Fleurette Group, Mutanda Mining, acquired a further concession for copper and cobalt mining in the Democratic Republic of Congo. The state mining company Gécamines held 30% of the Kawama concession, while Dino Steel International held the rest. They received $10 million and $20 million respectively for their shares.
The Government passed a rule in 2011 to increase the transparency of mining deals. In contrast to this rule as well as the provisions of the International Monetary Fund (IMF), Gécamines failed to make the sale of its shares public.1
More information is here:
- Reuters (2015): Congo broke transparency rules with mine sale to Glencore unit: IMF; 26 June (accessed 29.06.2015) [↩]