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.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.