Ventora Development Rejects CNPAV Report on Mutanda Mining Transactions

Ventora Development, a company linked to Israeli businessman Dan Gertler, has rejected a recent report by Congolese NGO coalition Le Congo n’est pas à vendre (CNPAV), which alleges significant financial losses to the Congolese state and Gécamines related to the Mutanda Mining project. The report, published July 31 and titled “Le cobalt à prix cassé, la corruption à plein tarif,” accuses Gertler-affiliated entities—Samref, Rowny Asset, and Biko Invest—of benefiting from opaque transactions between 2007 and 2015 at the expense of public assets.

CNPAV claims Gécamines received only $250 million from the sale of stakes in Mutanda and Kansuki, while private actors reportedly earned close to $2 billion through the resale of those assets. The report argues that these transactions undermined public revenues and lacked transparency.

In a statement issued August 1, Ventora called the report methodologically flawed and factually inaccurate. The company criticized CNPAV for selective data use, failing to consult key stakeholders, and relying heavily on its own prior publications instead of independent sources. Ventora emphasized the omission of a 2010 BNP Paribas valuation commissioned by Gécamines, which, it said, supported the pricing and legitimacy of the transactions in question.

Ventora defended the Mutanda Mining project as a major contributor to the Congolese economy, citing several billion dollars invested in infrastructure and production, over a billion dollars in tax contributions, and the creation of thousands of direct and indirect jobs. The company also claimed the project was instrumental in positioning the DRC as the world’s top cobalt producer and a key supplier to the global energy transition.

The statement concluded by expressing regret that CNPAV did not respond to inquiries regarding the report’s methodology, thereby limiting opportunities for verification or constructive dialogue. No public response from CNPAV was available at the time of writing.