DR Congo | - Part 3

Dispute at Congo Cobalt Mine Heads to Court, Halts Supply

DR CONGO (Capital Markets in Africa) – An attempt by Congo’s Gecamines to profit from the boom in battery metals has backfired, leaving the state-owned miner facing two international court actions and halting cobalt production at a key mine. Gecamines blocked its 16-year partner GTL’s access to the cobalt site in the south eastern Congolese town of Lubumbashi in March to make way for a new investor, as prices for the metal soared. The attempt to switch…

Glencore’s Trouble in Congo Claim Its Highest Profile Victim

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Two weeks after the Paradise Papers leak brought a wave of scrutiny over Glencore’s dealings in the Democratic Republic of Congo, the company is facing another scandal. The issues stem from Katanga Mining Ltd., a Congolese copper producer owned by Glencore. The African company restated financial statements and is under investigation by Canadian regulators for its corporate governance and accounting practices. In a major sign of how toxic the problem…

Congo’s Electoral Body Says Vote Schedule Depends on Funding

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo’s international partners must provide urgent financial support for the country’s electoral process so that delayed polls can take place next December, the head of the electoral authority said. “What I will advise our partners is either they want to finance it and we kick this off, or they don’t want to finance it,” Independent Electoral Commission President Corneille Nangaa said in an interview Tuesday…

Congo Opposition Parties Reject Plan for Presidential Vote

Posted on by The Editorial Team

KINSHASA (Capital Markets in Africa) – Opposition parties in the Democratic Republic of Congo presented a united front to reject plans for elections in December 2018 and insisted that President Joseph Kabila step down before the end of the year. Three large opposition groups issued identical statements on Tuesday denouncing a schedule published Nov. 5 by the Independent Electoral Commission that sets presidential and parliamentary polls for Dec. 23, 2018. The Rassemblement, an opposition coalition, along with…

Congo Plans to Hold Presidential Elections in December 2018

Posted on by The Editorial Team

KINSHSA (Capital Markets in Africa) – The Democratic Republic of Congo will hold delayed presidential elections on December 23, 2018, the electoral commission said, a year later than opponents of President Joseph Kabila have demanded. National and provincial parliamentary polls will take place on the same date, Independent Electoral Commission Rapporteur Jean-Pierre Kalamba told reporters Sunday in the capital, Kinshasa. A series of other votes including senatorial, gubernatorial and mayoral ballots will be held from March 2019 to…

Glencore’s Big Electric Car Bet Carries Plenty of Risk

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo has been presented as a Glencore Plc trump card, but that’s not to say this particular mining play is without risk. On Monday, journalists delving into the so-called Paradise Papers shed more light on Glencore’s activities in the mineral-rich African country, including a loan it made in 2009 to an entity affiliated with controversial Israeli billionaire Dan Gertler. For reasons of brevity, I won’t…

Congo Ruling Party Rebuffs U.S. Elections Call, Backs 2019 Vote

Posted on by The Editorial Team

KINSHASA (Capital Markets in Africa) – The head of the Democratic Republic of Congo’s ruling party said he supports a program under which elections will be held in April 2019 at the earliest, in an apparent rejection of a U.S. government demand that the delayed vote take place next year. The secretary-general of the People’s Party for Reconstruction and Democracy, Henri Mova Sakanyi, told members he backs the timeline given by the electoral commission, according to…

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