KINSHASA, May 26 – Jinchuan Group International Resources said an independent investigation found that nearly $145 million was misused at its copper and cobalt operations in the Democratic Republic of Congo through fake supplier deals, fabricated invoices and unauthorized cash payments.
The probe focused on the Ruashi Mine, where former local employees allegedly took advantage of weak internal controls between 2019 and 2024, according to a filing by the Hong Kong-listed mining company.
Investigators identified $137.4 million in payments made to 12 suppliers linked to what the company described as an alleged misappropriation scheme. Another $7.1 million was traced to payments made to a former employee’s personal bank account.
The investigation also reviewed $66.8 million in spending tied to “government-related affairs” in Congo, including payments made through a third-party intermediary hired to negotiate tax penalties and claims with local authorities.
Jinchuan said investigators found no evidence that company employees instructed the intermediary to make illegal payments to government officials. The company also said there was no indication that senior management at the Hong Kong-listed unit was directly involved in the misconduct.
The company said the suspect payments had previously been recorded as operating and mining expenses but would now be reclassified as “other losses.” It added that the accounting adjustment would not materially change previously reported profit figures.
Jinchuan’s shares have been suspended from trading since March after delays in releasing its financial results.
The company said it has reported the matter to prosecutors in Congo, suspended or dismissed employees linked to the case and stopped dealing with several suppliers connected to the investigation.
