Congo to Buy Out UAE Partner in Gold Venture as Shipments Slump
- Government close to finalizing deal with UAE’s Primera Group
- Venture has de-facto monopoly on artisanal gold exports: UN
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Democratic Republic of Congo is finalizing a deal to take full control of a gold-export joint venture from its Emirati partner, after shipments slumped.
Congo started Primera Gold DRC SA in January 2023 with Abu Dhabi-registered Primera Group Ltd. in a bid to crack down on the gold smuggling that fuels conflicts in the country’s eastern provinces. The partnership sold 5 tons of hand-mined gold, worth about $300 million, in its first year of operation, but sales have since plunged despite more ambitious goals for 2024.