Dismiss Notice
You are browsing this site as a guest. It takes 2 minutes to CREATE AN ACCOUNT and less than 1 minute to LOGIN

Grand Corruption in Congo

Discussion in 'International Forum' started by Invisible, Dec 16, 2008.

  1. Invisible

    Invisible Admin Staff Member

    #1
    Dec 16, 2008
    Joined: Feb 11, 2006
    Messages: 9,095
    Likes Received: 140
    Trophy Points: 160
    Setback for Ondoko's Plans

    The Congolese businessman Richard Ondoko has been working for years to become an essential player in the Central African Republic's mines. But for the moment, he is still a solo operator. We looked into the matter.

    Hydro Finance Ltd, a company based in the Seychelles, was set up by Ondoko in 2005.

    That same year, it worked as a consultant to UraMin Inc of South Africa to help it develop its portfolio of uranium exploration permits in Africa, notably in the Central African Republic at Bakouma. UraMin was bought in a hurry by Areva during summer 2007 when a mine at Cigar Lake in Canada partly owned by the French firm was flooded and could not begin production. (At the time it was imperative for Areva to secure another source of uranium urgently so as to validate a contract to sell two EPRs to China.) Hydro Finance also most importantly promised to build a hydroelectric power station at Kembé, 700 km east of Bangui following an agreement signed with the government in 2006. The power station, with capacity of 60 MW, was originally supposed to supply energy to UraMin/Areva and Axmin/Aurafrique's future mines. But the authorities recently moved to reformat Aurafrique's permit, triggering in part a collapse in the share price of Axmin, its parent company, and the suspension of its gold mining project at Passandro. As to UraMin/Areva, negotiations continue and no agreement has been found with Hydro Finance. Contacted to give its position, Areva did not respond.

    But Richard Ondoko is undeterred. The businessman, who is close to both president François Bozizé and to his nephew, the minister for mines Sylvain N'doutingai, also holds uranium permits in the country. Uranio AG, a company registered in Basle, Switzerland and controlled by Lana International, another entity set up by Ondoko, is in fact the operator of mining concessions at Bakouma North and Ndenguiro, next to UraMin's concessions. According to reports recently published by the consulting firm SRK, the blocs in question are thought to contain at least twice the reserves that UraMin has. The Chinese firm CGNPC recently bought 49% of UraMin. Last week, Uranio AG initialed a preliminary agreement with Hydro Finance for the supply of 30 MW, in view of supplying Ondoko's future uranate mine at Bakouma.


    Need we say more?
     
  2. MwalimuZawadi

    MwalimuZawadi JF-Expert Member

    #2
    Dec 16, 2008
    Joined: Sep 1, 2007
    Messages: 643
    Likes Received: 1
    Trophy Points: 0
    Mkuu Invisible
    Hii drama ngumu kuielewa, ngoja niisome tena na tena. Nachora michoro kwanza duh!
     
  3. Invisible

    Invisible Admin Staff Member

    #3
    Dec 16, 2008
    Joined: Feb 11, 2006
    Messages: 9,095
    Likes Received: 140
    Trophy Points: 160
    Mimi ni mjumbe, ujumbe natumaini unafika kunakohitajika. It hurts to read em words but that's what's up!
     
  4. Mwali

    Mwali JF-Expert Member

    #4
    Jan 13, 2012
    Joined: Nov 9, 2011
    Messages: 7,032
    Likes Received: 18
    Trophy Points: 0
    Areva temporarily suspends Bakouma uranium mine project - in wake of Fukushima disaster: The French Areva group officially suspended the uranium mining project in Central Africa for one to two years due to the repercussions of the Fukushima disaster. The project is not cancelled; Areva waits for the uranium market price to rise again, the current price being US$ 52 per lb U3O8, while it had been above US$ 68 per lb U3O8 before the Fukushima disaster. A peculiarity of the Bakouma deposit is the great difficulty to extract the uranium. (Marchés tropicaux et méditerranéens Oct. 31, 2011; AFP Nov. 2, 2011)
    Uranium activists arrested for one week: On Sep. 16, 2011, six environmental activists were arrested on their way from the Central African capital Bangui to Bakouma, where they wanted to hold a workshop on the environmental hazards of uranium mining. The activists, among them one from Belgium, were held in Bangui under military surveillance, without being informed about the reason for their detention. On Sep. 22, the six were released through mediation of the honorary consul nominee of Belgium in CAR. (De Morgen Sep. 23, 2011)
    Source
     
Loading...