A report by a global anti-corruption body describes the deal that was first signed in 2008 as ‘unconscionable’People fetch water outside a copper and cobalt mine run by Sicomines in Kolwezi, Democratic Republic of Congo on May 30 2015.
The report has no legal force but, if the draft’s main conclusions remain, it could bolster Congo’s push to secure more favourable terms from mining contracts with Chinese investors. The moves represent rare pushback by Congo, the world’s leading producer of the battery metal cobalt and Africa’s top copper miner, against the Chinese investors who control most of its mining industry.
Under the 2017 amendment, seen by Reuters, only 65% of Sicomines’ profits must initially go towards reimbursing the investments while 35% goes to shareholders.
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