Mining Licenses Lawsuit

Gecamines awarded $2 million settlement.

Mining Licenses

London, England: (Mar-04-08) Central African Mining & Exploration Co. PLC (CAMEC) has been embroiled in a legal battle with Gecamines, the state owned mining company of the Democratic Republic of the Congo (DRC) and Prairie International Ltd. on issues relating to CAMEC's licenses in the DRC. Officials on both sides stated that the parties had reached a settlement, resolving the mining dispute. CAMEC spokespersons said that the tripartite agreement with Gecamines includes Gecamines' approval of the creation of a proposed joint venture company by CAMEC unit Boss Mining SPRL and Prairie that will own, operate and develop Mukondo Mountain and four other mining concession areas. Additionally, under the terms of the deal, CAMEC has also agreed that the joint venture company will make a payment of $2 million to Gecamines, and the state owned company will increase its effective interest in the joint venture company to 30%. [HEMSCOTT: MINING DISPUTE]

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