LONDON, July 21, 2025 /PRNewswire/ -- In the context of a long running dispute between Global Mining Development L.P., a 100% subsidiary of Gerald Group ("Global") and China National Gold Hong Kong Limited ("CNG"), a 100% owned subsidiary of China National Gold Group, a Chinese State-owned enterprise, concerning the ownership of Soremi Investment Limited ("SIL"), which owns the Soremi mine, the BVI Court issued robust judgements on 16 July 2025, that determined:
(i) The share register of SIL should be amended to reflect Global as the 100% owner of the Soremi Mine;
(ii) CNG was in contempt of the BVI Court's orders to disclose its assets and to return over USD100 million of SIL's assets that it had unlawfully transferred to bank accounts in China;
(iii) Global was successful on all fronts and the BVI Court ordered CNG to pay a record fine of USD2.5 million.
Following the robust judgements and with the full backing of Gerald Group, Global now anticipates taking full control of SIL and the Soremi Mine and dedicating its efforts to making the Soremi mine a success.
Background
The Soremi mine is a polymetallic copper-lead-zinc mine located in the Republic of Congo.
Global was the original owner of SIL and sold 65% of its shares to CNG in 2013. In March 2020, CNG attempted a sale of its 65% stake, and offered Global a contractual right to repurchase ("RoFR") the 65% shareholding ("Shares") it originally sold to CNG, which Global exercised and a binding agreement was formed. Subsequently CNG refused to transfer the Shares, and in 2020 Global referred the dispute to arbitration under the rules of the Hong Kong International Arbitration Court ("HKIAC"). Following a lengthy hearing, the HKIAC Tribunal issued two awards ("Awards") in 2023, recognizing Global had validly exercised its RoFR and confirming Global as the rightful 100% shareholder of SIL, requiring CNG to transfer the Shares.
CNG embarked on a multi-jurisdictional campaign aimed at obstructing and delaying enforcement of the Awards. In March 2024, Global obtained an injunction from the BVI Court ("Injunction") which required CNG to provide full disclosure of its assets and procure the return of USD100 million of SIL's assets that CNG unlawfully transferred to bank accounts in China.
CNG's numerous challenges to the Awards failed and the Hong Kong and BVI Courts issued final and binding orders requiring CNG to transfer the Shares. However, CNG refused to comply and Global was forced to apply to the BVI Court for rectification of the share register to record Global as the 100% owner of SIL, and for orders against CNG for contempt of court for failure to comply with the Injunction. The BVI Court was critical of the unequivocal breach of its orders and issued a record high fine for the contempt. Contempt is a criminal action in the BVI.
About Gerald Group
Founded in 1962 in the United States, Gerald Group is a leading commodity trader specialising in non-ferrous, ferrous and precious metals including critical minerals. With an integrated network including trading desks in Stamford, Geneva, Shanghai and Dubai, supported by global infrastructure across subsidiaries, joint ventures, affiliates and strategic partnerships, Gerald Group offers tailored services, global coverage and solutions across the global metals value chain from the mine or smelter to industrial customers and end-users. Led by Executive Chairman and CEO, Craig Dean, Gerald Group has transformed its flagship iron ore mining asset, Marampa Mines into a leading iron ore producer in Africa. Gerald Group's approach to investment focuses on long-term partnerships and actively engages stakeholders to enhance its assets.
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