Kazakh mining giant Eurasian Resources Group (ERG) said on Thursday it had signed a settlement with the Democratic Republic of Congo’s state-owned miner Gecamines in a dispute over the Swanmines copper and cobalt mining project.
The dispute had led to the development of some copper and cobalt deposits in Congo being suspended.
The settlement was reached during a visit to Kazakhstan by Congolese President Felix Tshisekedi.
The agreement establishes a framework for promoting the Swanmines project and expands Gecamines’ participation, ERG said.
The dispute arose in 2023 and was taken to the arbitration court of the International Chamber of Commerce (ICC) in Paris.
The ERG statement did not provide any information on how the Swanmines project will develop in the future or what Gecamines’ expanded participation will entail.
ERG says it has invested more than $9 billion in projects in Congo since 2009.
(By Mariya Gordeeva and Robert Harvey; Editing by Kevin Liffey)
