In a press release dated September 24, 2018, Barrick Gold Corporation and Randgold Resources Limited announced to the stock market the merger of their respective companies.
Article 276 bis paragraph 2 of the Mining Code, as amended and completed to date, states “Any change in the shareholding of a company incorporated under Congolese law or under foreign law, having control of an associated subsidiary or shareholder in a company holding a business license and resulting in the acquisition of control of the controlled subsidiary company, is also subject to the prior approval of the State. The operation announced by Barrick and Randgolg, whose realization will result in the takeover of the controlled subsidiary, in this case the company Kibali GoldMines, must obtain the prior approval of the Congolese state.
Otherwise, it will not produce effects in the Democratic Republic of Congo.
The State therefore remits this obligation to the parties to the proposed transaction.
