The CEO of Eurasian Resources Group (ERG) revealed on Monday that the mining company intends to sell its assets in Mozambique as a reform measure to reduce costs at the cobalt and chrome producer.

"The market is very, very bad and depressed. I think it's going to stay that way for the next two to three years," Nicolas Treand told Bloomberg TV in an interview at the Mining Indaba in Cape Town, South Africa.

However, the priority for the ERG is, according to Treand, to review its licenses in the Democratic Republic of Congo due to the high costs of maintaining them.

The DRC is in an armed conflict with the M23 group, supported by Rwandan troops. Nicolas Treand expects the conflict to last longer, but does not believe that ERG operations will be affected. "We're a long way away."

The mining company is also looking at projects in South Africa and Zimbabwe as part of the revamp, Treand said.