Tremalt Limited was a mining company incorporated in the British Virgin Islands[1] which owned assets in the Democratic Republic of the Congo (DRC). It was the vehicle for a highly criticized deal in 2001 in which it bought copper assets at far below their estimated value in return for a private agreement to pay a share of profits to the DRC and Zimbabwe governments. Allegedly some of the payments were made in the form of military equipment. The company made few investments in its assets, several of which the DRC government took back. In 2006 it was sold for about $60m.
KMC acquisition, 2001
In January 2001 the Kababancola Mining Company (KMC) was established as a copper and cobalt mining partnership for a 25-year term. Tremalt, initially controlled by John Bredenkamp, held 80% of KMC while Gecamines held 20% A network of private holding companies and trusts registered in the Isle of Man and the British Virgin Islands concealed the true owners of Tremalt.[2] KMC gained the rights to mines, facilities and concentrators at Kambove and Kakanda. KMC made relatively low investment in these properties, continuing to operate the already-functioning Kamoya Mine but not opening the others. In March 2002 the DRC authorities took back control of the Kambove concentrator from Tremalt following a complaint by the manager of KMC against Gecamines at the International Centre for the Settlement of Investment Disputes.