THE Democratic Republic of the Congo has dissolved the joint venture between state-owned cobalt producer Gecamines and Billy Rautenbach’s Ridgepointe Overseas Developments known as Central Mining Group, according to a March 14 decree from the ministry of mines. Concessions held by the joint venture — which include roughly half Gecamines’ annual output of 4000 tons — will revert back to Gecamines. Stephanie du Toit, CMG’s spokeswoman said, “CMG believes this situation is nothing more than an unfortunate misunderstanding tht will be remedied without delay.”
Zimbabwean-born Billy Rautenbach who heads CMG was not available for comment.