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Arabica Robusta

CorpWatch : Congo Copper Mine Deals Questioned - 0 views

www.corpwatch.org/article.php

africa development international news mncs intervention exploitation copper extractive industries

shared by Arabica Robusta on 05 Aug 12 - No Cached
  • Eurasian Natural Resources Corporation (ENRC), a global mining company that got its start in Kazakhstan, has won a new $101.5 million license to dig for copper at the Frontier mine in the Democratic Republic of Congo. The company has been criticized by Global Witness for its purchases of rights from offshore companies connected to Dan Gertler, a controversial Israeli diamond merchant.
  • Per-capita income in the Congo is under $300 a year and experts at the Carter Centre, which was founded by former US president Jimmy Carter, say there is a reason. "In a mining sector defined by irregularities and mismanagement, large industrial mining projects can earn huge profits for investors and government officials,” Sam Jones, associate director of the centre's human rights program, told the Guardian. “(L)ittle revenue finds its way back into desperately impoverished Congolese communities for schools, healthcare, or other social services.”
  • First Quantum, a Canadian company, acquired the rights to mine for copper at Frontier in 2001 but was forced to turn it over to Sodimco, a state owned company in 2010 by the Congolese government. The licences were then sold to Fortune Ahead, a Hong Kong shell company. Meanwhile First Quantum filed multiple legal claims demanding $4 billion in compensation for Frontier and other assets nationalized by the Congolese government.
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  • But exactly who paid whom how much for mining rights in the Congo is up for debate. “ENRC’s purchase of its stake in Kolwezi was structured through a deal between itself and at least seven companies registered in the British Virgin Islands, all connected to Dan Gertler,” states a Global Witness fact sheet. “When ENRC bought the remaining 50 per cent stake in SMKK, it purchased it from another British Virgin Islands company linked to Mr Gertler. Even ENRC’s acquisition of CAMEC involved sale purchase agreements with several offshore companies linked to Dan Gertler which held shares in CAMEC.”
  • Gertler, an Israeli diamond merchant, has been doing business in Congo for over a decade, working first with Laurent-Désiré Kabila, the former president of the Congo, and now with his son, Joseph Kabila, the current president.
  • Arabica Robusta on 05 Aug 12
     
    "Eurasian Natural Resources Corporation (ENRC), a global mining company that got its start in Kazakhstan, has won a new $101.5 million license to dig for copper at the Frontier mine in the Democratic Republic of Congo. The company has been criticized by Global Witness for its purchases of rights from offshore companies connected to Dan Gertler, a controversial Israeli diamond merchant. "
Arabica Robusta

Gecamines Didn't Tell Government of KCC Gertler Deal - Bloomberg - 0 views

www.bloomberg.com/...nment-of-kcc-gertler-deal.html

africa development international news governance industry extractive drcongo

shared by Arabica Robusta on 21 Oct 13 - No Cached
  • Gecamines, the Democratic Republic of Congo’s state-owned mining company, didn’t tell the Mines Ministry of a possible sale of its stake in Kamoto Copper Co. to billionaire Dan Gertler, according to a letter from the mines minister.
  • Gecamines has faced criticism from the International Monetary Fund and advocacy groups including London-based Global Witness for selling its assets in a non-transparent process.
  • Gertler, an Israeli who is close friends with Congo’s President Joseph Kabila and has invested in the country for more than 15 years, is worth $3 billion, according to the Bloomberg Billionaire’s Index.
Arabica Robusta

MEET DAN THE MAN, KING OF THE CONGO - 0 views

www.allthingspass.com/...0February%202008%20%5B1%5D.htm

africa development international governance industry world corporate exploitation gertler

shared by Arabica Robusta on 30 Nov 13 - No Cached
  • While there has been a lot of Western media fanfare over the Kabila governments’ supposed “independent” review of mining contracts, little substantive change can be expected.[64]Structural factors exploit the Congolese people and lands and benefit white businessmen, arms dealers, bankers, and their embraceable black agents. Big business benefits from perception management articles well-placed in media to give the impression that the international system is just, that there are watchdogs, checks and balances.
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