DRC copper and cobalt temporarily seized due to legal claim against Gécamines and Societe Monoka

About 200 trucks carrying copper and cobalt from mines in the Democratic Republic of Congo (DRC) were impounded at the Zambian border earlier this week due to a legal dispute involving Gécamines, sources said.

The move followed the granting of a writ by the High Court of Zambia allowing two plaintiffs, Dimitrios Monokandilos and International Investment & Financing Ltd (IIFL), to recover damages totalling $16.9 million, plus costs and interest, from Gécamines and another company, Societe Monoka. The court order, seen by Metal Bulletin, empowers the sheriff of the Zambian judiciary to act on behalf of Monokandilos and IIFL in the recovery of $16.9 million in damages from the goods and chattels of Gécamines and Societe Monoka, plus costs and interest calculated from March 7 1996 to the date of recovery using current bank lending rates.  The writ states that the damages may be recovered through the seizure of material originating from Gécamines’ assets, which are mainly copper and cobalt mines. If the terms of the writ were to be enforced, the damages would recoverable from a total of 29 joint ventures – in which Gécamines holds or has...

Published

Mark Burton

Fleur Ritzema

September 25, 2015

09:54 GMT

London