World DRC publishes mining contracts requested by the IMF

07:05  01 november  2020
07:05  01 november  2020 Source:   rfi.fr

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The International Monetary Fund said Tuesday the government of the Democratic Republic of Congo needed to be fully transparent with its mining contracts in order to access any new aid programme. The comments by the IMF 's representative in Kinshasa, Philippe Egoume, was the latest

This included contracts between state mining companies and mining majors BHP Billiton, Freeport McRoRan Copper & Gold Inc., and diamond giant Interest in the DRC ’s once mighty mining sector – which has a tenth of the world’s copper reserves and a third of its cobalt – has boomed since the 2006

L’Initiative pour la transparence des industries extractives pointe des défauts dans les contrats miniers publiés par les autorités et exigés par le FMI (image d'illustration) © AFP / Phil Moore The Extractive Industries Transparency Initiative points to flaws in mining contracts published by the authorities and required by the IMF (illustrative image)

The various memoranda of understanding and mining contracts required by the International Monetary Fund have been published. They both concern companies, Sokimo and Miba. These contracts were signed under the chairmanship of Felix Tshisekedi, their publication was a prerequisite for opening negotiations with a view to signing a three-year plan with the IMF. What do these contracts say?

We are talking about four contracts or memoranda of understanding. There are three with Sokimo, the Société minière de Kilo-Moto, which mines gold in Ituri, and one with Miba, the company which mines diamonds in the Kasai. A working group of the Extractive Industries Transparency Initiative looked at the first three in mid-September and identified common flaws.

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The DRC government had commissioned the review of the 60-odd mining contracts entered into between foreign companies and State mining firms during the It also recommended the cancellation of some contracts awarded to smaller, unlisted companies operating in the violent east of the country.

No respect for tendering procedures or the procurement law. The partners chosen are not fulfilling their obligations, particularly financial ones vis-à-vis Congolese state companies. No doubt because they have neither the financial nor the technical capacities. Which is also a violation of the mining code.

The signatories of these contracts, AJ Resources, Pianeta Mining and A§M International Developpement et Investment, could obtain shares in joint ventures or on very promising exploitation permits. Another weakness noted: there are no feasibility studies to certify the resources. This does not allow us to know with precision what the Congolese state could aspire to.

Note that other contracts have been published on the EITI (Extractive Industries Transparency Initiative) website, in particular a loan contract of 200 million euros between Gecamines, the state mining company and Fleurette, the company of Joseph Kabila's friend Dan Gertler, a contract signed two months before the Israeli businessman was placed under sanctions by the United States.

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usr: 1
This is interesting!