MIBA revival plan threatened by ASA Resources shareholder dispute

A legal dispute between the Democratic Republic of the Congo and minority shareholder ASA Resources Group is threatening a $70 million revival plan for the state-controlled diamond mining company, MIBA.

ASA Resources Group has petitioned the Kinshasa-Gombe Commercial Court to overturn resolutions from a May 2026 extraordinary general meeting and suspend the planned capital increase. The minority shareholder, which holds a 20% stake, argues that certain prerequisites must be met before proceeding. These conditions include a comprehensive audit of MIBA, an inventory of assets, the appointment of an independent firm to conduct such work, and improvements to corporate governance.

The dispute centers on a capital increase totaling approximately 137.54 billion Congolese francs (nearly $60.7 million). To maintain its 20% stake and avoid dilution, ASA Resources Group has been asked to contribute roughly 27.5 billion Congolese francs, or about $12 million. The company maintains that previous agreements required the state to provide funding for the revival while ensuring specific transparency and governance measures were implemented first.