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Vol 51 No 11

Published 28th May 2010


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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