Skip to content
Subscriber Only
Business
Economics

Randgold Moves to Cut Ties With Dan Gertler After U.S. Sanctions

  • Firm says it can’t continue with joint development of project
  • CEO Bristow also railed against changes to Congo mining code
Explosives detonate on the floor of the open pit at the Kibali gold mine, operated by Randgold Resources Ltd., in Kibali, Democratic Republic of Congo.
Explosives detonate on the floor of the open pit at the Kibali gold mine, operated by Randgold Resources Ltd., in Kibali, Democratic Republic of Congo.Photographer: Simon Dawson

Randgold Resources Ltd. moved to cut ties with Israeli billionaire Dan Gertler, its partner in a gold project in the Democratic Republic of Congo and who has been sanctioned by the U.S. over alleged corruption.

Randgold has told Gertler’s Fleurette Group that it can’t continue with the joint development of the Moku-Beverendi project in Congo’s northeast, Chief Executive Officer Mark Bristow said. Randgold, which in 2016 agreed to fund and conduct exploration at the project, is awaiting a response from Fleurette.