Gecamines presses on with 'audit mission' in bid to raise expansion funds

Dec 15, 2011 | 11:08 AM |

The Democratic Republic of Congo (DRC’s) state-owned mining company Gecamines will use an audit of its joint ventures as one means to raise money to restructure and pay for its plans to ramp up copper production, ceo Kalej Nkand told Metal Bulletin.


“This audit is part of the actions held by Gecamines in the restructuring process and is related to the fundraising to finance the plan to boost the production,” he said.


Gecamines is targeting output of 35,000 tonnes of copper in 2012, compared with around 18,500 tonnes in 2010, ramping up to 100,000 tonnes by 2015.


The entire plan relies on finding a formula to re-capitalise the company and retire its debt.


Management believes that auditing joint ventures provides a window for Gecamines to raise capital.....

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