Court Orders Reversal in Ownership Dispute Over Soremi Mine Between Gerald Group and CNG

Court Orders Reversal in Ownership Dispute Over Soremi Mine



In a significant development in the ongoing legal battle concerning the Soremi Mine owned by Soremi Investment Limited (SIL), the British Virgin Islands (BVI) Court issued decisive rulings that reaffirmed Gerald Group as the legitimate owner. The court's decision, delivered on July 16, 2025, marked a pivotal moment in a multifaceted dispute involving Global Mining Development L.P., a wholly owned subsidiary of Gerald Group, and China National Gold Hong Kong Limited (CNG), a subsidiary of the state-owned China National Gold Group.

Overview of the Dispute



The Soremi Mine, located in the Republic of Congo, is recognized for its polymetallic copper-lead-zinc deposits. Gerald Group originally owned SIL and, in 2013, sold 65% of its shares to CNG. However, the situation escalated when CNG attempted to sell its stake, prompting Global to exercise a right of first refusal (RoFR). Although a binding agreement was formed, CNG's refusal to return the shares activated the need for arbitration at the Hong Kong International Arbitration Court (HKIAC).

In 2023, the HKIAC Tribunal ruled in favor of Global, firmly establishing its ownership claim and directing CNG to transfer the shares. Yet, the struggle did not end there, as CNG resorted to a series of legal maneuvers aimed at delaying the enforcement of the tribunal's decision.

In a bid to enforce compliance, Global petitioned the BVI Court for an injunction requiring CNG to reveal its assets and return over USD 100 million belonging to SIL, money that had been illicitly transferred to accounts in China. Despite the court's orders, CNG's non-compliance necessitated further action from Global.

Court Rulings and Consequences



The July 16 ruling was pivotal; the BVI Court mandated that the share register of SIL be amended to reflect Global as the 100% owner of the Soremi Mine. Additionally, CNG was found in contempt for not adhering to previous court orders, leading to a staggering fine of USD 2.5 million—an unprecedented penalty in such cases.

The BVI Court did not take lightly the blatant breach of its authority by CNG, and its rulings have significant implications not only for the parties involved but also for the broader mining and investment community. With the court's backing and the ruling in their favor, Global Mining Development is now poised to take full control of SIL and the Soremi Mine, paving the way for future operational success.

Gerald Group: A Brief Overview



Established in 1962, Gerald Group is a prominent commodity trader focusing on a spectrum of metals, ranging from precious to non-ferrous categories. Boasting an integrated network across multiple global locations, including Stamford, Geneva, Shanghai, and Dubai, its operations span the entirety of the metals value chain. The group, spearheaded by Executive Chairman and CEO Craig Dean, has markedly transformed its flagship iron ore mining asset, the Marampa Mines, into a leading producer in Africa. Gerald Group’s investment philosophy centers on fostering long-term partnerships, in which stakeholder engagement plays a crucial role in asset enhancement.

As Global prepares to assume full operational control, the resolution of this dispute not only illustrates the complexities involved in cross-border mining operations but also serves as a cautionary tale about the perils of non-compliance with judicial instructions in international business.

With this victory, Global's ambitions to develop the Soremi mine into a successful venture now seem more achievable, promising a detailed examination of the future of mining investments in such intricate legal landscapes.

Topics General Business)

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