DRC president replaces Gecamines board chair and CEO

The Democratic Republic of Congo’s president has replaced the board chair and chief executive of state miner Gecamines, the government said on Monday, a major shake-up at a time when negotiations with Washington over a minerals deal take shape.

Deogratias Ngele Masudi, a senior state official, will take over as the new chair, and Baraka Kabemba will become the chief executive, according to an official statement read on state television.

Former Gecamines chair Guy Robert Lukama has been appointed CEO of the Kilo Moto Gold Mining Company, taking over leadership of one of Congo’s oldest state-run gold producers, the statement said. No new appointment was announced for ex CEO Placide Nkala Basadilua.

It was not immediately clear whether the reshuffle had anything to do with the talks, where Congo wants to convince the United States to unlock more Western investments into its vast minerals sector under a minerals cooperation pact tied to security guarantees.

Masudi and Kabemba were not immediately available for comment.

Reuters previously reported that Kinshasa had submitted a shortlist of assets, including manganese, copper, cobalt, gold, lithium and hydrocarbon projects, for US investors to consider, marking the most concrete step in the partnership.

The list also includes assets of Dubai-based miner Chemaf, the financially distressed copper cobalt producer that US-backed Virtus Minerals has agreed to acquire for about $30 million while assuming its large debt burden.

Gecamines owns the lease to Chemaf’s mines, and any bid for control of the company cannot proceed without its approval.

Masudi, a former justice minister, previously served as director general of Gecamines, which holds most of Congo’s mineral licences and leases them to investors.

SOURCE: Reuters