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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