BVI Court Confirms Gerald Group's Ownership of Soremi Mine Amid Dispute with CNG

British Virgin Islands Court Rules in Favor of Gerald Group

On July 16, 2025, a significant ruling was made by the British Virgin Islands (BVI) court concerning the long-standing legal battle over the Soremi Mine. This dispute involved Global Mining Development L.P., a wholly owned subsidiary of Gerald Group, and China National Gold Hong Kong Limited (CNG), a subsidiary of the publicly traded China National Gold Group. The court's judgment is a pivotal point that establishes clear ownership and accountability in this contentious case.

Ownership Confirmation

The BVI court mandated a crucial change to the share register of Soremi Investment Limited (SIL), the legal owner of the Soremi Mine, indicating that Global now holds 100% ownership. This ruling came after a series of legal exchanges where CNG was found in contempt of court for failing to comply with orders that required them to disclose their assets and return over $100 million that they had illegally transferred to banks in China. This ruling not only rectifies the ownership issue but also imposes a severe penalty on CNG, compelling them to pay a record fine of $2.5 million USD for their contemptuous actions.

Background of the Conflict

The Soremi Mine, located in the Republic of Congo, is noted for its diverse mineral resources that include copper, lead, and zinc. Originally, Global owned the majority of SIL, selling off 65% of its shares to CNG in 2013. However, in March 2020, CNG attempted to sell its 65% stake, simultaneously offering Global a contractual right of buyback. Following the exercise of this right by Global, a binding agreement was established.

Despite the established agreement, CNG refused to hand over the shares, prompting Global to take the matter to arbitration with the Hong Kong International Arbitration Centre (HKIAC). The tribunal's later findings in 2023 recognized Global's valid exercise of the buyback right, reaffirming their status as the legitimate 100% shareholder of SIL, and necessitated the transfer of shares back to Global.

CNG’s Legal Maneuvering

In a bid to delay enforcement of the tribunal’s ruling, CNG launched a multi-jurisdictional challenge, evading compliance with the findings. By March 2024, Global successfully secured an injunction from the BVI court, enforcing CNG to reveal its assets and return the significant sum of money that had been illicitly appropriated from SIL’s holdings. CNG's numerous appeals against the decisions proved futile, as the courts in both Hong Kong and the BVI issued final and enforceable orders requiring CNG to proceed with the transfer of shares.

The Final Ruling

Despite the mounting judicial pressure, CNG collaborated in delaying the process, leading Global to seek enforcement through the BVI court. Upon recognizing CNG’s blatant disregard for the court’s orders, the BVI court enforced a sharp reprimand, underscoring that contempt of court is a serious criminal offense in the jurisdiction. The court's firm stance highlights the legal expectations set upon corporate entities in matters of compliance and ethical standards.

The Future for Gerald Group and Global Mining

Following this significant victory and the support from Gerald Group, Global is expected to assert full control over SIL and focus on maximizing the mine’s potential. The Soremi Mine stands as a critical asset in the region’s mineral landscape, and under Global's stewardship, the mine is poised for successful development.

Gerald Group, established in 1962 and rooted in the United States, has cultivated a robust reputation as a key player in the global commodities market, dealing with non-ferrous, ferrous, and precious metals. The organization operates through a well-established network with trading offices spread across major financial hubs worldwide, including Stamford, Geneva, Shanghai, and Dubai. This recent court ruling is not just a win for legality and ethics but marks a hopeful new chapter for the operational future of the Soremi Mine and Gerald Group’s broader initiatives in responsible mining and investment.