https://en.sputniknews.africa/20240221/local-leaders-should-have-greater-control-in-drc-state-run-miner-gecamines-director-says-1065186127.html
Local Leaders Should Have Greater Control in DRC State-Run Miner Gecamines, Director Says
Local Leaders Should Have Greater Control in DRC State-Run Miner Gecamines, Director Says
Sputnik Africa
Gecamines is one of the largest mining companies in Africa and the largest in the Democratic Republic of the Congo, home to the world's largest cobalt deposit... 21.02.2024, Sputnik Africa
2024-02-21T12:00+0100
2024-02-21T12:00+0100
2024-02-21T12:22+0100
sub-saharan africa
democratic republic of the congo (drc)
central africa
felix tshisekedi
china
minerals
industry
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DR Congo mining company Gecamines is advocating for increased representation of local executives on joint venture boards to assert greater control over its mineral resources, the company chairman Guy Robert Lukama told the media.Lukama also stressed the importance of board representation to oversee community development initiatives, adherence to local procurement regulations, and the training of Congolese personnel.The director also raised concerns about the debt management of some mining projects, suggesting a lack of oversight that could compromise Gecamines' returns.The director also commented on last year's deal with China's CMOC Group, which saw Gecamines start trading copper and cobalt projects with partners including Glencore and Zijin Mining.Lukama emphasized the need for a reassessment of existing terms to ensure mutual benefit. He underscored the importance of investors meeting their obligations and delivering tangible benefits to local communities.In late January, the Democratic Republic of the Congo signed a new $7 billion mining road financing agreement with China, updating an agreement signed in April 2008.DRC President Felix Tshisekedi said that the original agreement had brought little benefit to his country and that less than a third of the $3 billion earmarked for infrastructure projects had actually been paid.According to S&P Global Ratings, the DRC accounts for more than 75% of global cobalt production and the majority of reserves, with China owning 17 of the country's 35 cobalt-containing mining operations.
https://en.sputniknews.africa/20240128/new-mine-road-financing-deal-reached-between-drc-and-china-worth-7-billion-1064818313.html
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democratic republic of the congo (drc), central africa, felix tshisekedi, china, minerals, industry
democratic republic of the congo (drc), central africa, felix tshisekedi, china, minerals, industry
Local Leaders Should Have Greater Control in DRC State-Run Miner Gecamines, Director Says
12:00 21.02.2024 (Updated: 12:22 21.02.2024) Gecamines is one of the largest mining companies in Africa and the largest in the Democratic Republic of the Congo, home to the world's largest cobalt deposit and some of the world's largest copper deposits.
DR Congo mining company Gecamines is advocating for increased representation of local executives on joint venture boards to assert greater control over its mineral resources, the company chairman Guy Robert Lukama told the media.
"We want to repair a certain stage of mistakes that were made when they asked us to give most of our best assets to third parties just to attract foreign direct investment," he explained.
Lukama also stressed the importance of board representation to oversee community development initiatives, adherence to local procurement regulations, and the training of Congolese personnel.
The director also raised concerns about the debt management of some mining projects, suggesting a lack of oversight that could compromise Gecamines' returns.
"We can no longer accept this level of debt while people don't put capital into the assets," he said. "We are not sleeping partners in our own country. We should be part of the governance."
The director also commented on last year's
deal with China's CMOC Group, which saw Gecamines start trading copper and cobalt projects with partners including Glencore and Zijin Mining.
Lukama emphasized the need for a reassessment of existing terms to ensure mutual benefit. He underscored the importance of investors meeting their obligations and delivering tangible benefits to local communities.
In late January, the Democratic Republic of the Congo signed a new $7 billion mining road financing agreement with China, updating an agreement signed in April 2008.
DRC President
Felix Tshisekedi said that the original agreement had brought little benefit to his country and that less than a third of the $3 billion earmarked for infrastructure projects had actually been paid.
According to S&P Global Ratings, the DRC accounts for more than 75% of global cobalt production and the majority of reserves, with China owning 17 of the country's 35 cobalt-containing mining operations.
