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SOURCE Gecamines Sarl
KINSHASA, Democratic Republic of the Congo, October 18, 2013 /PRNewswire/ --
Following recent media coverage regarding Gécamines Sarl and KCC, Gécamines makes the following comments.
Gécamines confirms that a competitive bidding process has been organized for the sale its 20% minority shares in KCC. The process is ongoing and at this stage Gécamines may or may not sell the stake. Any decision would take into account several factors, including the terms and price offered. Gécamines will provide further information when the process is complete.
The process is consistent with Gécamines' Strategic Development Plan 2012-2016 with the main objective of repositioning the company as a world-leading copper producer, by focusing on core strategic assets in which the company has majority shares. Through the acquisition throughout 2013 of Deziwa, Kalumines and Mutoshi, Gecamines has increased by 8 million tons of contained copper its exploitable reserves, well in advance on the plan. The company's priority today is therefore to raise funds for the financing of the new infrastructures and new plants in order to accelerate new production expected to reach 100,000 tons of copper in 2016.
Mr. Albert Yuma Mulimbi, Chairman of the Board of Gécamines Sarl commented "The decision taken by Gécamines Sarl's board to initiate this process is consistent with our Strategic Development Plans and raising the funding required to implement such plans. Any decision related to the completion of such process would depend on the value and terms achieved. The implementation of the company strategy as approved by the State as shareholder, including the potential sale of assets, is constantly discussed with and reported to the shareholder".
Gécamines Sarl (The Générale des Carrières et des Mines) is a commercial and industrial Congolese-registered company. Its primary operation is the exploration, research and exploitation of mineral deposits, the treatment of mineral substances extracted from those deposits, the processing of products derived from the treatment process, and the commercialization and sale of both the raw and treated mineral substances, as well as the sale of finished products.
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