ERG, Gécamines Settle Swanmines Dispute, End ICC Arbitration

Eurasian Resources Group (ERG) and Democratic Republic of Congo (DRC) state miner Gécamines signed a transactional agreement resolving disputes over the Swanmines project, ERG said. The deal, executed between ERG affiliates Africo Resources and Swanmines, ends arbitration before the International Chamber of Commerce in Paris and was reached on the sidelines of President Félix-Antoine Tshisekedi’s state visit to Kazakhstan.

ERG Chairman and CEO Shukhrat Ibragimov said the accord paves the way for closer cooperation on Swanmines, including increased participation by Gécamines. ERG added that the agreement aligns with momentum from Tshisekedi’s talks with Kazakh President Kassym-Jomart Tokayev.

ERG, headquartered in Luxembourg, has operated in the DRC since 2009 and says it has invested more than $9 billion in the country. Over the past three years, the group reports paying nearly $1.5 billion in taxes and royalties and supporting more than 4,300 direct and indirect jobs.

The company is a major producer of cobalt and copper, minerals central to energy-transition supply chains. ERG indicated that the Kazakhstan visit could unlock additional business links between the two countries.

Further details on development timelines and capital commitments for Swanmines were not disclosed.