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DRC rejects contract revisions

Victor Kasongo,
DRC deputy mines
Kinshasa, DRC — MININGREVIEW.COM — 17 April 2009 – The government of the Democratic Republic of Congo (DRC) has rejected contract revisions proposed by six of the biggest mining firms in the country, which will inevitably lead to a further delay in the process of finalising its mining contracts with foreign companies.
Confirming this new development here, deputy mines minister Victor Kasongo told Reuters that this latest extension of the much-delayed contract review would be for six months.

Reuters reports that of an initial 61 contracts evaluated during the review – which was launched in early 2007 – only six remained unresolved. They included major deals with Freeport-MacMoRan Cpper & Gold Incorporated, AngloGold Ashanti Limited, First Quantum Minerals Limited, Banro Corporation, Gold Fields Limited, and Mwana Africa plc.

“The outcome of the negotiations to date is far removed from the terms of reference, therefore they have been rejected by the government,” said Kasongo. “In six months’ time they have to come with acceptable proposals,” he insisted.