Gerald Group Raises Alarm Over Unauthorized Copper and Zinc Tenders at Soremi SA

Gerald Group's Warning on Soremi SA Tenders



Introduction
On June 27, 2025, Gerald Group issued a stark warning about illegal tenders announced by Soremi SA for copper cathode and zinc ingots. The situation revolves around legal complexities involving ownership and control of Soremi SA, a mining operation in the Republic of the Congo. The tenders, issued on June 6, 2025, raised significant concerns due to their unauthorized nature, directly violating several court orders.

Understanding Soremi Mine and Its Operations


The Soremi Mine, situated in the strategic Boko Yanga metal corridor in the Republic of the Congo (RoC), is a key player in the production of crucial metal commodities, specifically copper cathodes and zinc ingots. Managed by Société de Recherche et d'Exploitation Minière (Soremi SA), the mine operates under the ownership of Soremi Investments Ltd. (SIL), a company registered in the British Virgin Islands (BVI).

Gerald Group holds a 100% equity stake in SIL, which has been under the control of a court-appointed Receiver due to legal disputes that have unfolded in both Hong Kong and the BVI. Several binding court orders have affirmed Gerald Group's rightful claim to the ownership of SIL, previously held by China National Gold Group Hong Kong Ltd (CNG). These orders include dates from April to March 2025, clearly establishing Gerald Group's entitlement.

Court Rulings and Compliance Issues


China National Gold Group (CNG), a subsidiary of the Chinese state-owned China National Gold Group Corporation (CNGG), has consistently ignored the binding rulings of multiple courts. Despite clear evidence and several legal decisions that appeal for compliance, CNG continues to operate Soremi SA without regard for these authoritative directives. This persistent defiance, as reported, is unprecedented for a state-owned enterprise, raising serious concerns about legality, governance, and corporate ethics.

The Unauthorised Tenders


In an alarming development, Soremi SA issued tenders inviting potential buyers to purchase about 10,000 metric tons of copper cathodes and approximately 40,000 metric tons of zinc ingots. Gerald Group has clarified that these tenders are entirely unauthorized and thus illegal, as they violate their exclusive right of first refusal on all of Soremi SA's production. Gerald Group intends to exercise this right fully, asserting its control over the mine’s outputs.

The company has categorically warned all potential buyers that engaging in any transactions linked to these tenders would expose them to legal actions, potentially leading to significant financial damages and penalties due to the infringement of multiple court orders.

Gerald Group's Response and Future Actions


Gerald Group has promised to pursue every available legal remedy to reclaim full control of Soremi SA and restore legal governance. This includes holding accountable CNG and its representatives who are involved in the illegal activities, thereby ensuring that the rightful operations of Soremi SA are reinstated.

Conclusion


As the situation unfolds, it remains imperative for all parties, particularly potential buyers, to recognize the legal implications tied to unauthorized tenders at Soremi SA. Gerald Group's warning serves not just as a notice but as a protective measure aimed at safeguarding the assets of Soremi SA while upholding the sanctity of legal frameworks in international mining operations. The developments in this case could set a significant precedent for corporate governance, compliance, and regulatory oversight in the mining sector.

About Gerald Group
Founded in 1962, Gerald Group is a prominent commodity trader specializing in a diverse range of metals. With its operations spanning global markets, Gerald Group provides comprehensive services that include logistics, transportation, and financial solutions, effectively managing the entire metals value chain. The company operates globally with established trading desks in major cities, supported by an extensive infrastructure.

Topics Business Technology)

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