Jinchuan International (02362) announced that the company joined Muso through its non-wholly-owned subsidiary Ruashi SAS...
According to the Zhitong Finance App, Jinchuan International (02362) announced that the company holds 100% interest in the Musonoi project through its non-wholly-owned subsidiary Ruashi SAS.
The mining license expires on April 3, 2024. According to the 2018 Mining Law (which includes) issuing and renewing mining licenses in the Democratic Republic of the Congo (DRC)), after each mining license is renewed, in addition to the existing shares (if any) of companies that already hold mining licenses, the DRC (DRC) government will also be entitled to an additional 5% of the shares in the company.
Ruashi SAS is in the process of applying for a renewal of the mining license. According to the latest information available to the company, the Minister of Mining of the Democratic Republic of the Congo (DRC) has issued an administrative decree to renew the mining license for 15 years, ending April 3, 2039, with Ruashi SAS as the beneficiary.
In order to implement the renewal process, Ruashi Holdings and Ruashi SAS are cooperating with relevant departments of the Democratic Republic of the Congo (DRC) government to transfer 5% of Ruashi SAS shares held by Ruashi Holdings to the Democratic Republic of the Congo (DRC) government free of charge in order to comply with the 2018 Mining Law.
It is expected that the free transfer of 5% of Ruashi SAS shares held by Ruashi Holdings to the Democratic Republic of the Congo (DRC) government will be implemented on or before June 30, 2024. The certificate for renewal of the mining license will be issued by CAMI after the sale is completed.