Ownership structure

Congo Mineral Developments was established in June 1998 to develop the Kolwezi Tailings Project. Originally, CMD was owned 50% by Adastra and 50% by Anglo. CMD was financed to US$12 million to work on the feasibility study, complete renegotiations with the DRC Government and Gécamines the state owned mining company, with respect to the projects' ownership and economics. In July 2002 AMZ purchased Anglo's 50% interest in CMD for a total consideration of US$3.5 million.

In June 2003 a final agreement was reached with the signature of Heads of Terms between CMD and Gécamines, giving CMD an 82.5% shareholding in KMT, Gécamines 12.5% and the DRC Government 5%. In addition, CMD is to pay Gécamines stage payments totalling US$15 million.

In October 2005 the Industrial Development Corporation (IDC) and the International Finance Corporation (IFC) executed their options for 10% and 7.5% respectively in KMT. KMT is now owned by CMD (65%), Gecamines (12.5%), the government of the DRC (5%), the IDC (10%) and the IFC (7.5%).

Ownership chart

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