ASA Resources Group and MIBA SA shareholder dispute

ASA Resources Group, a 20% minority shareholder in the state-controlled diamond mining company MIBA SA, has entered a legal dispute with the Democratic Republic of the Congo regarding a recapitalization process.

The conflict involves a planned capital increase totaling approximately 137.54 billion Congolese francs (nearly $60.7 million). ASA Resources Group argues that the state has proceeded with a new recapitalization process following a May 2026 meeting without fulfilling mandatory preconditions. These required steps include a general audit of MIBA, a full inventory of assets, the appointment of an independent firm to conduct these tasks, and improvements to corporate governance and the company’s recovery plan.

ASA Resources Group claims the current procedure is “unthinking and disordered” and threatens to dilute its shareholding and strip it of preferential rights. To protect its stake, the company has petitioned the Kinshasa-Gombe Commercial Court to overturn resolutions from the May extraordinary general meeting and suspend the planned capital increase. The legal dispute now threatens the broader $70 million revival plan for the mining company.