glencore buys dr congo mine shares from israeli magnate
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

In the Mutanda mine and 10.25 percent stake

Glencore buys DR Congo mine shares from Israeli magnate

Arab Today, arab today

Arab Today, arab today Glencore buys DR Congo mine shares from Israeli magnate

Glencore will assume full control of the Mutanda mine
Geneva - Arab Today

Mining giant Glencore said Monday it had struck a deal worth nearly $1 billion to purchase shares of two mines in the Democratic Republic of Congo from a controversial Israeli magnate.

Switzerland-based Glencore said it will pay Israeli billionaire Dan Gertler's Fleurette group $960 million (905 million euros) for Fleurette's 31 percent share in the Mutanda mine and 10.25 percent stake in the Katanga mine. 

Glencore, widely regarded as a maverick in the global commodities sector, will assume full control of the Mutanda mine and 86 percent of Katanga once the deal for the cobalt and copper assets is finalised. 

The partnership between Glencore and Gertler in DR Congo has been closely watched, following allegations that the Fleurette chief paid bribes during his dealings in the country. 

Watchdog Global Witness has described Gertler as a close friend of Congolese President Joseph Kabila and accused him of involvement in a series of shady deals in the country, where corruption has been endemic for decades. 

"This deal raises yet more serious questions for Glencore over its decade-long business partnership with Gertler," Global Witness said in a statement on Monday. 

Gertler was reported to have befriended Kabila's father Laurent, who toppled long-serving dictator Mobutu Sese Seko in 1997, turning his ties to the family into mining riches. 

Joseph Kabila took power following his father's assassination in 2001. 

Global Witness blasted Gertler, saying he was "cashing in on assets acquired in dubious circumstances" while deeply impoverished DR Congo "gets nothing from this huge deal".

Fleurette hit back at the suggestion, saying in a statement announcing the deal that the mining projects have generated some $3 billion in tax revenues for DR Congo's government. 

"Fleurette has helped build a true DRC mining champion in Mutanda and shown how long-term commitment and huge investment can create significant value for the DRC people and all stakeholders," it said.

According to the Bloomberg news agency, Glencore may have been anxious to end its partnership with Gertler to protect itself from the political uncertainty shaking the Kabila regime. 

The Congolese president is facing unprecedented pressure to stand down after his second and final term expired in December.

As political tensions soared, he struck a power-sharing deal with the opposition on New Year's Eve that provides for elections late this year.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

glencore buys dr congo mine shares from israeli magnate glencore buys dr congo mine shares from israeli magnate

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

glencore buys dr congo mine shares from israeli magnate glencore buys dr congo mine shares from israeli magnate

 



GMT 16:16 2014 Wednesday ,10 September

Samirah Ibrahim receives Saudi cultural attaché

GMT 09:32 2017 Sunday ,24 September

China confirms will limit oil exports to North Korea

GMT 19:56 2016 Saturday ,17 September

Typhoon Meranti death toll rises to 28

GMT 09:40 2018 Monday ,01 January

OIC Summit opens in Kazakhstan

GMT 06:37 2015 Monday ,07 December

Iran film directors protest colleague's jail term

GMT 18:37 2017 Friday ,25 August

Mental health issues should be prioritized

GMT 04:39 2017 Thursday ,31 August

Trump vows to right 'self-destructive' tax code

GMT 05:29 2017 Tuesday ,22 August

Celebrations across India on 71st Independence Day

GMT 10:54 2017 Wednesday ,11 October

Child obesity grows tenfold since 1975

GMT 02:31 2016 Tuesday ,06 December

Dubai Women Establishment delegation participates
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday