At a ceremony in Kinshasa, the Government of the Democratic Republic of the Congo has formally signed a settlement agreement giving Toronto-based Banro (YBE-V) a 100% interest in the Twangiza, Kamituga, Lugushwa and Namoya gold deposits under a revived thirty-year mining convention.
Under the agreement, the DRC retains 100% of the tin assets.
Simon Tuma-Waku Bawangamio, the Minister of Mines and Hydrocarbons said,” The message we wish to send out to the international mining and investment community is clear; the DRC values and encourages foreign investment in order to rebuild its economy.”
The land was originally expropriated in July 1998, because of what the DRC called “irregularities” involving the dates on which certain ministerial orders were issued, though Banro has always insisted it complied with the law.
In September 2001, Banro filed for judgment of default against the DRC for US$400 million, roughly what the properties are thought to be worth.
The concessions’ four known deposits host a total proven and probable gold resource said to exceed 12 million oz.
Be the first to comment on "DRC inks formal settlement with Banro"