DRC’s efforts to tackle the illicit gold trade, a source of funding for regional conflicts, led to the establishment of Primera Gold DRC SA in partnership with Primera Group Ltd., based in Abu Dhabi. While the joint venture initially saw success, with an impressive sale of 5 tons of gold valued at $300 million in its inaugural year, subsequent shipments dwindled, prompting DRC to pursue full control of the venture.
This move signifies a strategic shift in DRC’s approach to managing its valuable mineral resources independently, amidst concerns over the preferential terms granted to Primera Gold, which UN experts suggested inadvertently facilitated a monopoly on legal gold exports, failing to effectively curb smuggling.
By finalizing the takeover, DRC aims to assert greater control over its gold exports and address transparency concerns surrounding the provenance of the precious metal. The conclusion of this partnership marks a pivotal moment in DRC’s relationship with the UAE, signaling a shift in focus towards managing its resources autonomously. Meanwhile, Primera Group, retaining its focus on the region’s mineral wealth, will redirect its efforts towards refining other valuable minerals like tungsten, tin, and tantalum. Despite challenges and accusations, Primera Group remains committed to developing ventures in eastern Congo, aligning with DRC’s vision for sustainable mineral resource management and economic development in the region.
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