DRC stares at $3.7b loss in skewed mining deals

MONDAY MAY 24 2021

Minerals.
A worker drives a fork-lift past a machine pouring a mixture of copper and cobalt in a bag at the STL (Société pour le traitement du terril de Lubumbashi) processing plant in Lubumbashi. PHOTO | AFP

Summary

  • Kinshasa has already lost out on nearly $2 billion in revenue by selling mining and oil assets to an Israeli billionaire, according to a coalition of Congolese and international organisations.

By The EastAfrican

Democratic Republic of Congo leader Félix Tshisekedi is seeking a review of some mining contracts with foreign companies as a lobby warns that the country will potentially lose at least $3.7 billion in skewed mining and oil deals with controversial Israeli billionaire Dan Gertler.

Kinshasa has already lost out on nearly $2 billion in revenue by selling mining and oil assets to Mr Gertler, according to a coalition of Congolese and international organisations, which has urged the government to review the deals.

Companies owned by Mr Gertler, who is under US sanctions for alleged corruption in Congo, stand to gain $1.76 billion in the next 20 years from copper and cobalt projects in the country, said the lobby, Congo Is Not For Sale.

Mr Gertler, a close friend of former Congolese president Joseph Kabila, denies any wrongdoing. He has never been charged with a crime.

“The coalition calls on Congolese authorities to end their silence on this matter and take urgent measures to ensure that Congo’s mineral wealth benefits the DRC Treasury and its people,” the group said in a report.

The lobby wants President Tshisekedi to “take the bold step of ordering a thorough and credible investigation into all mining deals involving Mr Gertler”.

SOURCE: https://www.theeastafrican.co.ke/tea/news/rest-of-africa/drc-stares-at-loss-in-skewed-deals-3411968

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s