sharing in governance of extractive industries
Dow Jones reported that First Quantum Minerals Limited has sued Eurasian Natural Resources Corporation for $2 billion over a disputed purchase of a copper mine, according to Sunday Times. The suit is the first public airing of a long-running despite in which First Quantum Minerals Limited alleges Eurasian Natural Resources Corporation bought the Kolwezi cobalt mine in the Democratic Republic of Congo for less than its value after it was repossessed by the government last year, the newspaper says. First Quantum Minerals Limited alleges that Eurasian Natural Resources Corporation colluded with the Congo government to buy the mine for $175 million after it was sold to British Virgin Island holding companies owned by Israeli tycoon Dan Gertler for $60 million. The filing says that Eurasian Natural Resources Corporation had plotted with Congo's government for months to seize the mine and provided financing of the sale through a $400 million shareholder loan provided as part of its takeover of Kolwezi, the newspaper reports.
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