RE: Is Andrew Bell lying about the $420m Glencore claim?26 Apr 2025 10:28
Foggie, I wasn't going to respond to this but I might as well, even though it will fall on deaf ears.
The background is that the Musonoi licence is situated between two Glencore licences. Musonoi started to be exploited in the 1930's, there were three pits which eventually were merged into the Musonoi super-pit: look it up.
Production stopped in the 1970s when the grade dropped. Musonoi was partially back-filled to prevent artisanal mining: they knew there was still material there.
Glencore took the up the two adjoining licences KOV and T17. At the time, they couldn't get Musonoi and later there was a moratorium.
It was obvious that the logical buyer was Glencore, I said so at the time.
RRR was putting together a JORC, had access to the Gecamines core shed and was organising the cores to procure the JORC when suddenly access was stopped, with no explanation. Time went by with no explanations.
Then RRR was made aware of a case in the Lubumbashi Commercial Court where VUP was suing jointly Glencore and Gecamines for $15m, being the unpaid consideration for the sale of the JV assets to Glencore. RRR intervened, asserted the JV ownership and won: it proved they were JV assets and it was awarded costs and damages against VUP.
So the story was that Glencore had guaranteed to VUP the $15m to be paid by Gecamines: that was the basis of their case. So VUP had sold to Gecamines for $20m the JV assets, who immediately sold to Glencore and Glencore guaranteed to VUP the $20m.
So this was the ultimate back door deal. Why do you think that Gecamines, VUP and Glencore would any public information relating to the transaction? AB reckons that not all of the consideration went to Gecamines but that in total it was $420mil. Until this is finally sorted AB isn't going to fully public.
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