Gerald Group Warns Against Unauthorized Tenders of Copper Cathodes and Zinc Ingots by Soremi SA

Overview of Unauthorized Tenders by Soremi SA

Gerald Group, a prominent player in the global non-ferrous and precious metals market, is sounding the alarm over unauthorized tenders issued by Soremi SA, a mining firm based in the Republic of the Congo. These tenders, which surfaced on June 6, 2025, involve offers for approximately 10,000 metric tons of copper cathodes and 40,000 metric tons of zinc ingots. Given the legal context surrounding Soremi SA, these tenders are deemed illegal and could lead to significant repercussions for any potential buyers.

Soremi SA and Its Operators

The Soremi Mine, strategically located in the Boko Yanga metallurgical corridor, is operated by Société de Recherche et d'Exploitation Minière (Soremi SA). This local entity is under the ownership of Soremi Investments Ltd. (SIL), registered in the British Virgin Islands (BVI). Recently, the Gerald Group acquired 100% of SIL, putting it in control of the operation. However, this change has not been recognized by China National Gold Group (CNG), which has continued to act as if it retains control over Soremi SA, ignoring multiple binding court orders from jurisdictions including Hong Kong and the BVI.

Legal Context and Court Orders

Several court rulings have established Gerald Group's rightful ownership of a 65% interest in SIL, previously held by CNG. Notable among these rulings are orders issued by the BVI courts on April 25, 2023, and December 20, 2023, as well as Hong Kong's court orders on February 24, 2025, and March 21, 2025. Furthermore, a provisional order from Hong Kong dated April 9, 2025, explicitly prohibits CNG and its associates from engaging with Soremi SA for the sale of zinc ingots or exploiting its assets in any manner.

This situation has raised serious concerns, particularly as CNG—completely controlled by the state-owned China National Gold Group Corporation (CNGG)—has reportedly spent tens of millions in legal costs to resist compliance with the aforementioned court rulings. Such actions have severely impacted Soremi SA's financial health, presenting an unprecedented scenario of a state-owned enterprise actively disobeying judicial mandates from multiple jurisdictions.

The Unauthorized Tenders

The recent tenders for copper and zinc have been officially flagged as unauthorized by Gerald Group. It emphasizes that any transactions conducted under these tenders violate legal orders and may expose buyers to significant liabilities and other penalties. Gerald Group holds a preferential right for all of Soremi SA's production and has chosen to purchase the entirety of this output directly, reinforcing its legal standing.

The company warns potential buyers to tread carefully, as engaging in these tenders could have dire consequences, including litigation pursued to the fullest extent of national and international laws. Gerald Group has made it clear that it will leverage all legal rights and resources available against any entities conspiring with CNG or Soremi SA, including those participating in the tender process.

Future Actions

Gerald Group is currently working diligently to enforce the court judgments to restore proper governance at Soremi SA and protect its assets. The process of ensuring compliance with these legal rulings and gradually sidelining the unlawful control exerted by CNG is paramount for the company.

About Gerald Group

Founded in 1962 in the United States, Gerald Group is a leading commodity trading firm with a focus on non-ferrous, ferrous, and precious metals. It provides tailored services and solutions to optimize logistics, transportation, and delivery across the global value chain, from mines and smelters to industrial clients and end users. The Group undertakes specific investments, hedging activities, trading operations, and structured financing, with a robust network including trading desks in Stamford, Geneva, Shanghai, and Dubai, supported by specialized teams and global infrastructure.

In conclusion, the developments surrounding Soremi SA and its recent tenders warrant close scrutiny as they unfold. Gerald Group's proactive approach in safeguarding its rights reinforces the importance of maintaining legal integrity within the mining and metals industry.