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Vol 51 No 11

Published 28th May 2010


Congo-Kinshasa

More muddles in the mines

It seems impossible to keep politicians, and suspect characters, away from Congo’s rich mineral resources

The review of Congo-Kinshasa’s contested mining contracts was completed months ago but the business is still clogged in the mire of decision-making. One victim is Kingamyambo Musonoi Tailings in Katanga, a project intended to produce more than 100,000 tonnes of copper and 20,000 tn. of cobalt from mining residue. KMT was supposed to start up within a year but is running at least a year late. First Quantum Minerals has invested almost US$600 million in the scheme; FQM, a joint venture listed in Toronto, Canada, holds 65% of KMT. Its partners are South Africa’s Industrial Development Corporation (10%), the World Bank’s International Finance Corporation (7.5%), local parastatal Générale des Carrières et des Mines (Gécamines, 12.5%) and the state (5%).

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