Conrad's Congo Club / Mining stocks in the DRC

[littledavesab]

Whow you guys have been busy on this thread. Thanks/Congratulations !

 

May I ask do you have a special relationship with DRC ex work or whatever or is it just that you see an opportunity?

 

 

[vssmnn]

Whow you guys have been busy on this thread. Thanks/Congratulations !

 

May I ask do you have a special relationship with DRC ex work or whatever or is it just that you see an opportunity?

 

My first contact with DRC-Mining because Moto Goldmines was one of my first "commodity-holdership" 4 years ago.

Since that time, I was often in DRC equities.

[littledavesab]

Thanks Conrad. nice grin by the way

[vssmnn]

Cinq chantiers : Emile Bongeli impressionné par les avantages directs et indirects du projet Moto Goldmines en Rdc

Kinshasa, 19/12/2008

 

http://www.digitalcongo.net/article/55483

 

Five sites: Emile Bongeli impressed by the direct and indirect benefits of the project in the DRC Moto Goldmines

Kinshasa, 19/12/2008 / Politics

Deputy Prime Minister for National Reconstruction, Professor Emile Bongeli Yeikelo there Ato became aware of these benefits during the day of the Eastern Province, the second fair of cultural unity and peace (Kercun), held at the studio Mama, Angebi, the National Radio Television (RTNC).

 

The project Moto Goldmines in the Democratic Republic of Congo, which some tax precursor of the five sites in the Eastern Province, is a project that began there nearly three years, to believe the General Manager of the mining company Congolese law Borgakin Mining, Engineering Watum Louis.

 

It is said to a project whose research exploration and feasibility study are already finished and awaits the conclusion of the revisiting of contracts because among the contracts that are revisited.

 

Deputy Prime Minister Emile Bongeli who visited the booth of the mining firm Borgakim this fair has promised government support to this project in the near future will enhance the country on the international economic scene. He was very satisfied with the benefits offered by the project Moto Goldmines.

 

For a little history, it should be remembered that the draft Moto Goldmines is a partnership between Borgakin, the subsidiary of Moto in Congo / Kinshasa, and the Office of Mines d'Or de Kilomoto). Located in the DRC since February 2003, Moto is a company registered in Canada and listed on the London Stock Exchange. That is to say that this is a Canadian public company listing with the Toronto Stock Exchange (Canada) and the London Stock Exchange (UK).

 

The project Moto Goldmines has completed the feasibility study in December 2007. The construction and launch of production will occur as soon as all contractual agreements will be resolved.

 

It is 560 km north-east of Kisangani is that the Moto project, around the town of Watsa, in the Eastern Province. To date, the project has already done and is being carried out: exploration work including drilling considerable approximately 330,000 meters, a feasibility study undertaken by consultants of international repute.

 

The activities to date and that the feasibility study were able to identify about 21 million ounces of gold (or approximately 650 tonnes of gold).

 

The Moto project to develop a number of infrastructure which will support the project include the rehabilitation of the road-Doko Aru-Watsa, rehabilitation of roads and infrastructure, construction of a hydroelectric plant to to provide 20 MW, construction of an airstrip that can accommodate jumbo jets.

 

Besides the basic infrastructure directly linked to production, such as the treatment plant, offices etc ... Moto has invested in the training of women and others.

 

The construction of prefabricated houses materials for workers is also one of its missions.

 

In order to provide workers and people adequate health care, Moto Goldmines built in durable materials hosting a clinic and a clinic in the near future, a maternity ward.

 

Below are the economic benefits of direct and indirect project Moto Goldmines

 

The direct involvement of the state financial flows generated by the development of the project will run from the way here: a direct 30% Dilutable not in the draft, dividends from the project through OKIMO, royalties, up 2.5% on all gold produced., annual rent paid to OKIMO on improving the draft consolidated production and taxes on profits generated by projects, as well as the flow of money generated by indirect taxes (VAT, import taxes, payroll taxes and social charges, etc..) On goods and services.

 

In terms of indirect benefits, the project Moto Goldmines will also create substantial economic benefits for the state, province and the local community by:

An increase in the rate of employment and wage levels;

An economic and commercial activity strengthened in the region, due to the increase in improved infrastructure and increased employment and consumption, and a basic skill and knowledge enhanced by the participation of staff local training and development.

 

It should also be pointed out that after several years of despair, life has returned to normal Doko in the territory of Watsa, district of Haut-Uele and Aru in the Ituri district in Orientale Province. The driving force behind this recovery, is none other than Borgakim Mining, which has undertaken work to gold prospecting in partnership with the owner of the concession, the Kilo Moto (OKIMO).

 

Much ink and saliva had sunk in his time on this partnership. Everyone from his perception, but often without living the realities of the work done on ground. That is that the whole world that gives reason for saving the firm for the reconstruction of the Congolese nation, with its projects "giants".

 

A doubt, there is no development without roads. And in the mining sector, road infrastructure remains an imperative for not only the evacuation of products, but also to carry equipment for the operation. Taking into account this setting, without waiting for it begins production, Moto Goldmines Ltd had already put his hand in your pocket for the rehabilitation of infrastructure required to support the development of its project in the DRC.

 

In this context, Moto Goldmines / Borgakim Mining began rehabilitation work on the road Aru-Doko-Watsa on a stretch of 180 km at a cost estimated at 8 million U.S. dollars. You must be Moto Goldmines Ltd to do so especially since the company Borgakim Mining had not yet begun to produce. The official start of work had been given a Sunday April 8 2007 in Aru by the governor of Orientale province Médard Autsai Asenga.

 

And that day, the joy was visible on the faces of all inhabitants of Aru who saw the rehabilitation of this axis supported a resumption of economic activities. Because, make the 180 km between Aru and Watsa had become a journey of fighting. With Moto Godlmines / Borgakim Mining, this will be easy row in the past.

Being an actor in the country's development and contribute to its international influence, these are the principles that have always guided the work of Moto Goldmines.

 

Returning to the Fair national unity to say that the boss of Borgakim hoped that similar initiatives are recurring was that once a year. He loved the district

[vssmnn]

Congo completes mining review, but majors quit talks

Sat 20 Dec 2008, 14:44 GMT

[-] Text [+]

KINSHASA (Reuters) - Democratic Republic of Congo has completed a much-delayed review of 61 mining contracts and majors including Freeport-McMoRan have walked away from renegotiation talks, the Deputy Mines Minister said on Saturday.

 

"The review is over for everyone but six companies, those that walked away from talks," Victor Kasongo told Reuters.

 

First Quantum, Banro, AngloGold Ashanti, Gold Fields and Mwana Africa were the other companies to quit talks, he said.

 

The mineral-rich central African nation began the review process early last year, aiming to overhaul 61 deals most of which were agreed during the chaos of a 1998-2003 war.

 

The review was initially due to be completed within six months, but contract renegotiations between state miners and their private partners have dragged on for months.

 

Last month, Congo's central bank governor cited the lagging process, along with weakening global demand for metals and a worsening armed conflict in the eastern borderlands, as responsible for an acute mining sector slowdown.

 

Kasongo said the process will now be extended an additional 45 days to allow the six companies to return to the negotiating table for direct talks with government ministers.

 

"We are now worried about the remaining six contracts. It's a huge chunk of our resources," Kasongo said.

 

"We want them to sit at the table and finish this thing. It's not the intention of the government to cancel them."

[vssmnn]

someone is playing with tricky cards?

 

http://www.mineweb.net/mineweb/view/minewe...4&sn=Detail

 

Strangest of all, perhaps, is the case of Banro, the gold developer, which has told Mineweb that the company does not have a contractual relationship with a state-owned mining company in the DRC and was not even among the 61 companies that were part of the mining contract review process. The Company has a Mining Convention with the government of the DRC.

 

"The only issue we have been contacted about" said Martin Jones, the company's spokesman, " is an issue regarding surface taxes related to our Mining Convention, an issue that is clearly spelled out in Banro's favour in our Mining Convention. These talks were progressing in good faith and at no time did the Company quit the talks or indicate that it would do so."

[vssmnn]

 

 

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DRC's licence conditions will make operations unviable

 

London 23 December 2008 12:23

 

The Democratic Republic of Congo (DRC) government is damaging the future of its mining industry by refusing to renegotiate “unreasonable” stipulations set out in its mining licence reviews, a very senior source at a mining company that operates in the country told MB. “The government has already done the damage, with small mining companies halting production and other larger mines may just do the same,” the source added. “The bigger companies will only be messed around for so long.” The government is standing firm on several conditions that...

http://www.metalbulletin.com/Article.aspx?ArticleID=2073378

 

“The irony is the government has prevented companies from showing interest in the area because the mining review has taken so long,” RBC mining analyst Cailey Barker told MB (MB Dec 22).

 

The finals results of the contract review will not be made public until all contracts are fully settled.

[vssmnn]

Foreign investors leave DRC's Katanga in large numbers

 

http://www.africanmanager.com/site_eng/det...hp?art_id=12525

 

The effects of the global financial crisis are being felt on a daily basis in Katanga, in the southern mining province of the Democr a tic Republic of Congo (DRC), where several foreign investors have been abandonin g their activities for the past few weeks, taking their equipment with them, UN r a dio Okapi reported Monday.

 

According to Okapi, the mass exodus was noticed at the Kasumbalesa border post, where residents saw the mining equipment being taken away.

 

"Yellow mining equipment have been leaving the country for about three weeks," o ne Kasumbalesa resident said.

 

Even officials are concerned about the repatriation of the equipment, which mean s investors are leaving.

 

Provincial governor Moise Katumbi, on an inspection mission on the Kasumbalesa r oad, intercepted some truck drivers carrying heavy plant.

 

In Lubumbashi, people are divided over the right attitude to deal with the situa tion.

 

Some think that the government should demand its rights.

 

"They (the investors) should at least meet certain conditions vis-a-vis the Stat e", one resident said.

 

"They cannot work in conditions where they can make no profit," another resident replied.

 

Opinion is equally divided at the Katanga Customs and Excise Board (OFIDA), some saying that the repatriation of equipment should be subjected to tax, while oth e rs are opposed to the idea.

 

According mining experts, the international financial crisis, especially the dra stic fall in metal prices, was the cause of the mass exodus of investors from Ka t anga, where many mining companies have already closed down.

[jerpy]

Foreign investors leave DRC's Katanga in large numbers

 

http://www.africanmanager.com/site_eng/det...hp?art_id=12525

 

Been watching all this going on in the DRC, looks like the big boys taking a longer term view, because they can and it's peanut money for them.

 

"Under a deal quietly announced on Christmas Eve, Glencore extended $265m (£182m) in convertible debt to Katanga Mining. This will keep the company afloat for the first half of the new year and could lead to Glencore taking control."

 

"Katanga has until February 9 to sign up other backers. If it does not, Glencore will be issued new shares, giving it a total holding of 83.7%, handing it control of the group".

 

http://business.timesonline.co.uk/tol/busi...icle5404038.ece

[vssmnn]

AngloGold Ashanti Ltd. (ANG SJ): Africa’s biggest bullion producer and Gold Fields Ltd. (GFI SJ), the continent’s second biggest miner of the metal, said they were in talks with the government of the Democratic Republic of Congo over the central African country’s proposal to rewrite mining licenses in favor of the state.

http://www.bloomberg.com/apps/news?pid=new...id=a95_RDoS55zg

[vssmnn]

because Loncor:

 

Loncor announces closing of acquisition

Friday November 28, 4:43 pm ET

 

TORONTO, Nov. 28 /CNW/ - Loncor Resources Inc., (formerly Nevada Bob's International Inc.) (the "Company") ("TSXV" - "NBI.U") is pleased to announce that it has completed its previously announced acquisition (the "Acquisition") of 100% of the outstanding shares of Loncor Resources Inc. (referred to herein as "Old Loncor" prior to the Amalgamation (as defined below)) from Arnold T. Kondrat, a director and officer of the Company, in exchange for 3,000,000 common shares of the Company, each such common share valued at US$0.17, for an aggregate purchase price of US$510,000. Immediately after the closing of the Acquisition, Old Loncor amalgamated (the "Amalgamation") with Nevada Bob's International Inc. (the Company as it was named prior to the Amalgamation) and the Company changed its name to "Loncor Resources Inc.". Pursuant to the Amalgamation, all of the shares of Old Loncor were cancelled and the shareholders of the Company and their respective holdings remain the same.

 

ADVERTISEMENT

As a result of the completion of the Acquisition, the Company is now the holder of a 100% interest in Loncor Resources Congo SPRL, which controls four exploration permits in the Bas Congo Province of the Democratic Republic of Congo (the "DRC") and 46 exploration permits in North Kivu in the DRC

 

http://www.banro.com/s/Directors.asp

 

= Arnold T. Kondrat

 

 

http://www.benilubero.com/index.php?option...6&Itemid=66

 

Loncor R.C. Canada réhabilite l’Hôpital de Manguredjipa

30-05-2008

L’hôpital de Manguredjipa construit pendant la colonisation belge vient d’être réhabilité par une société Canadienne « Loncor Ressources Congo ». La population du secteur Bapere se réjouit de cette réalisation qui n’est certes pas un cadeau de Loncor Canada mais un fruit de divers contrats, léonins ou pas, signés par le gouvernement de Gizenga avec plusieurs firmes internationales.

 

some pics...

[vssmnn]

China eyes developed mine assets

Published: January 5 2009

http://www.ft.com/cms/s/0/a5529b92-db4c-11...0077b07658.html

[vssmnn]

Jan 07, 2009 08:15 ET

Moto Announces Successful Completion of DRC Mining Review

http://www.marketwire.com/press-release/Mo...MGL-935273.html

 

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Central African to Restart Congo Copper, Cobalt Output in April

http://www.bloomberg.com/apps/news?pid=206...mp;refer=africa

[littledavesab]

China eyes developed mine assets

Published: January 5 2009

http://www.ft.com/cms/s/0/a5529b92-db4c-11...0077b07658.html

 

Hey CV Thanks for posting that - its good to know

[vssmnn]

El Nino Ventures Reports High Grade Drill Results On The Kasala Project In The DRC

 

--------------------------------------------------------------------------------

 

 

• Numerous intercepts with widths from 50 metres to 91 metres of mineralization

• High grade intercepts: 7 metres @ 7.07% Cu (Hole MDB-DD-019)

10 metres @ 6.07% Cu (Hole MDB-DD-011B)

11 metres @ 3.68% Cu (Hole MDB-027)

21 metres @ 2.42% Cu (Hole MDB-026)

• IP program indicates extension of Kasala Main Zone to the south east

 

January 12, 2009 Vancouver, BC -- El Niño Ventures Inc. ("ELN" and the "Company") (TSX.V: ELN; Frankfurt: E7Q) is pleased to announce the drilling results from its Kasala Project (P.R. 5214) in the Democratic Republic of Congo ("DRC"). These results confirm the presence of significant mineralization within the Kasala Main Zone with the potential for expansion based on our recently completed Induced Polarization ("IP") Survey. The Company has a 70 percent interest in this project with an option to earn up to 90 percent on terms to be negotiated and the Company holds title to this property through one of its Congolese subsidiaries.

 

http://www.elninoventures.com/s/NewsReleas...a-Project-In-...

 

 

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Simberi Copper/Cobalt Reratification of Joint Venture With Gecamines

 

 

TORONTO, ONTARIO, Jan 12, 2009 (MARKET WIRE via COMTEX News Network) --

 

Simberi Mining Corporation ("Simberi"), (TSX VENTURE: SAU) announces that Generale des Carrieres et des Mines ("Gecamines") and Simberi's wholly owned subsidiary PTM Minerals (Cayman) ("PTM") have signed a Memorandum of Understanding ("MOU") based on their 1997 agreement that will be the basis to establish a joint venture Kakanda Mining Development ("KMD") to exploit the Kakanda tailings deposit. This MOU is in accordance with the government of the Democratic Republic of the Congo ("DRC") Mining Revisitation Program.

 

The MOU signed on Thursday December 18, 2008 will allow PTM to be KMD's major shareholder with between 51% and 70%. The final holding will be confirmed after the updating of the feasibility study that is expected to be completed within six (6) months following the signing of this MOU. The New Feasibility Study will also incorporate the additional tailings deposited on the site since the original feasibility study completed in 1997.

 

The Board of KMD will have five members, three appointed by PTM and two appointed by Gecamines. KMD will be the joint venture entity for overview management of KMD's development and operation of the Kakanda project.

 

Accordingly, PTM and Gecamines will sign after January 12, 2009 the "Reviewed Accord" that is replacing the "1996 Preliminary Accord" to comply with all the Government's regulations. Once the "Reviewed Accord" is signed, PTM receive in full title and rights to the Kakanda tailings and will pay to Gecamines the "Pas de Porte" (Signing Bonus). This payment is based on the tonnes of contained copper in the tailings and is anticipated to be US$30.00 per tonne of copper. Gecamines will also retain a royalty between 1.5% and 2.5% of net revenues.

 

Gecamines will allow PTM to include all additional tailings produced from the Kakanda Concentrator to extend the operating life of the project. The technical feasibility and economic viability of the existing tailings was confirmed by the existing Feasibility Study presented to Gecamines in 1997. Subsequently, Simberi had an independent NI 43-101 report review the feasibility and upgrade the resource estimate in early 2007. This report confirmed the results of the original feasibility.

 

The hard rock resources that were to be developed after the tailings had been mined are not included in this MOU but are the subject of continuing discussion with Gecamines to complete a mutually agreeable arrangement for the development and exploitation of those resources.

 

The provisions of this MOU and the original 1997 agreement will be integrated into the merged JV document that will set out the final terms of the KMD joint venture. Both Gecamines and PTM have agreed to maintain dialogue on the availability of other properties that may contain additional resources as the project progresses.

 

The Mining Revisitation Program was set up to review all the foreign mining licenses in the DRC and to assure compliance with all State laws and regulations. The Revisitation Commission carried out the governmental decision of 20 April 2007 concerning 60 mining contracts between the Congolese state-owned companies and private enterprises. The Commission had to audit the contracts and assess their impact on the DRC's public companies and on national development. It was also mandated to formulate recommendations for an eventual revision of the contracts and to repair imbalances.

 

The Commission, composed of a team of senior advisors from the relevant DRC Ministries as well as witnesses from civil society, undertook the review as a dedicated exercise designed to maximize the benefits of the country's natural resources for its people, and at the same time to ensure the sustainable participation of the mining companies and their investors, while creating a stable and regulated environment for the DRC mining sector.

 

Mike Newbury, President and CEO of Simberi stated: "We very pleased with this MOU; it updates our previous agreement with Gecamines and forms a proper frame work for both parties to work co-operatively to develop the Kakanda project. It addresses all outstanding matters affecting our original joint venture as well as the requirements of the Mining Revisitation Program. We look forward to a continuing working relationship with Gecamines to proceed in a timely manner on the project".

[expocongodotcom]

Very nice list, unfortunately there were some companies missing and links that did not work.

There is a better list on http://expocongo.com/DRCongo/Nation/Econom...rocarbures.aspx. I am giving the address because it will regularly be updated.

 

There is also a page with the values of the big projects announced and undertaken in the DRC.

http://expocongo.com/Nouvelles/Projets.aspx.

 

Cheers!

[vssmnn]

Very nice list, unfortunately there were some companies missing and links that did not work.

There is a better list on http://expocongo.com/DRCongo/Nation/Econom...rocarbures.aspx. I am giving the address because it will regularly be updated.

 

There is also a page with the values of the big projects announced and undertaken in the DRC.

http://expocongo.com/Nouvelles/Projets.aspx.

 

Cheers!

 

 

look here for (the most of) all:

 

http://www.dyor.de/congoclub-main.html

[vssmnn]

Take me to 
the DRC

 

By: Jonathan Faurie

Published on 16th January 2009

 

Diversified global group of consulting engineers and scientists SRK Consulting has identified the Democratic Republic of Congo (DRC) as a key expansion area for the company........

http://www.miningweekly.com/article.php?a_id=147465

 

 

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MINING IN AFRICA

Sparkling diamond future in Africa

Africa-focused diamond producer BRC Diamondcore has announced diamond exploration plans in the Democratic Republic of Congo (DRC).

 

BRC Diamondcore president and CEO Mike de Wit is positive there are tremendous opportunities for diamond exploration in the DRC. Although mining operations have yet to begin, BRC Diamondcore will continue with the exploration stage.....

http://www.miningweekly.com/article.php?a_id=148943

[vssmnn]

Moto Goldmines Increases Mineral Resources Estimates

 

Last update: 8:22 a.m. EST Jan. 21, 2009

LONDON, Jan 21, 2009 (Dow Jones Commodities News via Comtex) -- Edited Press Release

Moto Goldmines Limited announced Wednesday new global resource for its Moto Gold Project the Moto Gold Project resources have been increased to 11.3 Moz indicated plus 11.2 Moz inferred mineral resources.

Central to the revision is a 126% increase in the tonnage and a 60% increase in the contained gold for Indicated Mineral Resources within the high intensity alteration zone (ACSA) of the Sessenge Deeps lodes which is the subject of current underground feasibility work, it said.

This result continues to demonstrate the robust nature of previous Mineral Resource estimates and confirms the high conversion rates historically seen with infill drilling, it said.

In line with Moto's strategy to reconfigure the project, diamond drilling activities from mid 2007 to mid 2008 solely targeted the Sessenge Deeps lodes which were assessed to have significant potential for mining using high productivity underground methods, it said.

The drill results contained within this release form the basis for this Resource update. Results of drilling for the period mid to end 2008 targeting different orebodies within the KCD system will be the subject of a separate press release.

The drilling program was designed to provide better edge definition for lode interpretation and aimed to convert Inferred Mineral Resources to Indicated Mineral Resources. Moto considers this to be essential to provide sound technical evaluation of the underground mining potential.

Cube Consulting Pty Ltd (Cube) was commissioned to undertake the independent revision of the Projects's Mineral Resources using additional drilling information acquired during the period from mid December 2007 to July 2008. The revised Mineral Resources form the basis of the Project's Optimization Study, it said.

Since the previous Mineral Resource update in February 2008, Cube has expanded the scope of interpretation and estimation practice to include discrete modelling of the low grade, low intensity alteration halo encompassing the higher grade core alteration which was the subject of previously published Mineral Resource estimates. This enhancement will aid underground mine planning activities of the Optimization Study. The Sessenge Deeps drilling program also yielded a significant number of additional intersections in the upper areas of the KCD deposit as a result of the stacked nature of the deposit's mineralized lodes.

On the basis of statistical analysis of geological data, Cube has redefined the local recoverable Mineral Resource using a modelling methodology adopting a lower interpretative cut-off grade of 0.15g/t Au (previous Mineral Resource estimates used 0.5 g/t).

As a result, all the Project's deposits containing Indicated Mineral Resources were revised using this methodology, it said.

(END) Dow Jones Newswires

01-21-09 0822ET

[vssmnn]

Anvil Reaches Agreement with Gécamines and the DRC Government for the Kinsevere and the Dikulushi Properties

http://www.newswire.ca/en/releases/archive...9/21/c9293.html

[vssmnn]

Moto Goldmines Congo Proj Shows Further Growth Potential

LONDON, Jan 22, 2009

http://www.marketwatch.com/news/story/dj-m...&dist=msr_2

[vssmnn]

DR Congo state reduces mining tax from 28% to 1%

Kinshasa - 09/01/2009

http://www.afriquejet.com/news/africa-news...9010919219.html

 

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[vssmnn]

CAPITAL RAISING

Gold companies still able to raise capital from the markets

http://www.mineweb.com/mineweb/view/minewe...4&sn=Detail

Investor appetite for gold stocks could enable Red Back to consolidate Mineral Deposits, Oromin and Axmin, but it could be eyeing other targets, such as Moto Goldmines, which this week finally cleared the mining contract "revisitation" in the Democratic Republic of the Congo. This is risky ground, even by African standards, but Moto Goldmines currently sits on a resource of around 20m ounces of gold.

[vssmnn]

COMPANY RELEASES

RBCCM equity research: Moto Goldmines Limited

Monday , 26 Jan 2009

Unleash the Gold Beast

Underperform

Speculative Risk

Event

Initiation of coverage with an Underperform, Speculative Risk rating and a 12-month target price of C$2.00/sh.

 

Investment Opinion

Moto Goldmines is a TSX/AIM-listed emerging gold producer operating in the DRC. The Company's principal asset is the 70% owned Moto gold project, which is undergoing a revised feasibility study. RBC Capital Markets anticipates production commencing in 2012, increasing to a rate of 400,000 oz/a at a cash cost of $340/oz.

http://www.mineweb.com/mineweb/view/minewe...4&sn=Detail

[vssmnn]

Currently International Barytex is undergoing the sale of its interest in the Shituru Copper Project in the Democratic Republic of Congo

International Barytex Resources Ltd. (the "Company") and other shareholders (the “Minority ECCH Shareholders”) of East China Capital Holdings Ltd. (“ECCH”) have entered into an agreement with Touch Lucky Investments Ltd. (“TLIL”) for the sale of a 100% interest in ECCH. ECCH is a partially owned subsidiary of the Company and holds a 75% interest in the Shituru Copper project located at Likasi in the Democratic Republic of Congo (“DRC”)(the “Agreement”). TLIL is a company incorporated under the Laws of the British Virgin Islands. This Agreement is an arm’s length transaction.

http://www.barytex.com