KEY POINTS
- Swanmines dispute settled between ERG and Gécamines.
- Gécamines gains a bigger stake in the project.
- Deal highlights stronger Congo-Kazakhstan mining ties.
Eurasian Resources Group struck a settlement with Democratic Republic of Congo’s state miner Gécamines, resolving a years-long dispute over the stalled Swanmines copper and cobalt project.
The deal, finalized during President Félix-Antoine Tshisekedi’s state visit to Kazakhstan, ends arbitration proceedings and opens the door for renewed cooperation on one of Congo’s key mining assets.
Gécamines gains more in Swanmines project
The new framework increases Gécamines’ stake in Swanmines, giving the state miner a greater role in shaping the project’s future. ERG subsidiaries Africo Resources (DRC) SARL and La Société d’Exploitation des Gisements de Kalukundi SAS (Swanmines) were party to the agreement alongside Gécamines.
By closing out claims before the International Chamber of Commerce in Paris, the companies cleared the path for development that supporters say will benefit stakeholders and local communities.
ERG hails renewed cooperation with Congo
ERG Chief Executive Officer Shukhrat Ibragimov called the deal a “new chapter of collaboration,” saying both sides are aligned in moving the project forward. He also welcomed growing ties between Kazakhstan and the DRC, noting both countries’ strong positions in metals and mining.
ERG, headquartered in Luxembourg, is one of the world’s top cobalt and copper producers. Since 2009, it has invested more than $9 billion in Congo, employing over 4,300 people and paying about $1.5 billion in taxes and royalties over the past three years.
Swanmines deal signals stronger global ties
The signing also coincided with Tshisekedi’s first state visit to Kazakhstan, where he met President Kassym-Jomart Tokayev in Astana. Tokayev described the trip as “carrying great significance,” saying it would strengthen links between Central Asia and Africa.
Tshisekedi called it an opportunity to build partnerships not only between Congo and Kazakhstan but also across Africa and Central Asia.
