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Vol 6 (AAC) No 6

Published 1st April 2013


Congo-Kinshasa

Fametal, SOKIMO and Ituri’s gold

Despite its troubles with the Congolese authorities last year, the Chinese group Fametal has now established a dominant position in Ituri’s gold belt. In March, Fametal President Wang Bin finalised an agreement with Michel Makaba, the Chief Executive of the Société minière de Kilo-Moto (SOKIMO), officials in Orientale Province told Africa-Asia Confidential. Last year, Ituri officials had accused Fametal, which is listed on the Shanghai Gold Exchange and a subsidiary of CRAA International Trade, of illegal exploitation, paying taxes late and withholding production statistics.

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